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
KPI Calculation Instructions Number of Annual Budget Iterations?
KPI Formula :
Budgeting, Forecasting & Reporting
This workflow template illustrates the creation and administration of budgets across lines of business and functional units as well as the forecasting of future income and expenditures. Purc...
Type : Workflow Template
Process Participants : Senior Management, Financial Planning & Analysis, Business Units (I.e., individual lines of business)
Financial Close Cycle Time
The number of business days required to close the books and submit finalized financial reports to management and regulatory authorities at the end of the accounting period (monthly/quarterly...
KPI Type : Service
Formula : (Sum of Financial Close Cycle Time for Last 3 Months) / 3
KPI Benchmark Range : 4.1-10.7
Financial Close & Reporting (Monthly)
This workflow template illustrates the data collection, reconciliation and report generation related to the monthly Financial Close process. Purchase and download this template in PDF, Visio...
Type : Workflow Template
Process Participants : Business Units (i.e., individual lines of business), Staff Accountants, Financial Analysts, Financial Reporting Team Members