Budget Production Cycle Time (Annual)
This PDF report includes benchmarking data (in a visual, chart-based format), a comprehensive KPI definition, characteristics of high performers and technical details on measuring Budget Production Cycle Time (Annual). Purchase and download this easy-to-understand, presentation-ready report immediately to compare performance levels, set attainable performance targets, and push towards best-in-class performance for this KPI.
What is Budget Production Cycle Time (Annual)?
The number of months required to produce a budget, from the time when budget data collection gathering (i.e., historical company performance data, project proposals, account reconciliations, asset determinations, etc.) is initialized until when the budget is approved (typically by C-Suite executives).
Why should Budget Production Cycle Time (Annual) be measured?
Budget Production Cycle Time measures the overall efficiency of a company’s budget production processes. A higher than average value for this metric may be attributed to several factors: highly manual generation of necessary information (e.g., manual compiling of historical company performance data, manual account reconciliation report generation, etc.), inefficient documentation practices (e.g., poor document version control, nonstandardized filing systems, etc.), sub-par budgeting staff member training and performance, and poor budgetary line item approval policies. High budget production cycle times may, furthermore, reduce the company’s ability to keep track of (e.g., assets currently held by the company, money coming into the company, money going out of the company, etc.) and allocate their assets in such a manner as to ensure future growth. As such, this not only reduces the company’s ability to develop new products/services and determine how many employees they should have, but it also reduces the company’s ability to accurately measure how much they should or should not spend.
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