The Budget (1922-2009)

Just how strong budgeting's grasp remains on business might be better revealed by the number of companies that have recently reported a broad-based system failure in the area of corporate budgeting and control processes, and yet these companies have so far refused to part with their budgets. A...

Full description

Saved in:
Bibliographic Details
Published in:Business Finance 2009-05, Vol.15 (4), p.12
Main Author: Sweeney, Jack
Format: Article
Language:English
Subjects:
Accounting
Budgeting
Budgets
Chief financial officers
Decentralization
Executives
Incentive plans
Internet
Management theory
Polls & surveys
Trends
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:Just how strong budgeting's grasp remains on business might be better revealed by the number of companies that have recently reported a broad-based system failure in the area of corporate budgeting and control processes, and yet these companies have so far refused to part with their budgets. A recent survey found that two out of three finance executives expected their 2009 budgets to be obsolete within the first 6 months of the year, while 28 percent of finance executives reported that their budgets were obsolete even before 2009 began. This widespread failure of budgetary controls, however, is only a subtext to a much larger management quandary.
ISSN:1521-4818
1529-0018