Number of Annual Budget Iterations

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KPI Benchmarks : Number of Annual Budget Iterations

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KPI Details : Number of Annual Budget Iterations

Number of Annual Budget Iterations measures both the accuracy of the budget production process and the efficiency of the budget approval process. A higher than average value for this metric may be attributed to several factors: highly manual (and thus prone to error) generation of the necessary information to produce a budget (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 (e.g., miscommunications between C-Suite executives and budgeting staff members over the company’s goals, disagreements over which products/services need development, poor employment forecasting, etc.). A high number of budget iterations can prolong the budget production cycle time and reduce the company’s ability to strategically allocate their assets across the organization in a timely and efficient manner.

KPI Best Practices : Number of Annual Budget Iterations

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