For companies, budgeting and forecasting are among their most important activities. Unfortunately, very few are satisfied with the processes surrounding these two functions, according to a new study of large companies from accounting firm PricewaterhouseCoopers (PWC).

The study found that most (56%) of the 200 respondents–"C-level" executives, vice presidents or directors with deep knowledge of financial planning processes at companies with $2 billion in revenue and more–believe that too much of the time and money spent on budgeting and forecasting goes toward low-value activities, such as data collection and consolidation, approvals and report preparation. The processes are also not particularly automated with 70% of respondents still depending on spreadsheets to plan. Only 17% of those participating in the survey were satisfied with the current processes; of the remaining participants, 70% said they were somewhat satisfied with the financial planning process, while the remaining 13% said they were not satisfied.

And the biggest problem, it would seem, is a massive disconnect between budgeting and planning and actual performance and strategizing. Fewer than one in three felt that budgeting and forecasting was aligned with actual performance, and 52% said that creating tighter linkages between strategy and finance was a top priority.

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