Centage, IOMA Announce Results of Budgeting Survey 2010

Centage Corporation provides Business Performance Management (BPM) solutions that enable organizations of all sizes to improve their budgeting capabilities.

Natick, MA, April 22, 2010 --(PR.com)-- Centage Corporation and The Institute of Management & Administration (IOMA) conducted a Budgeting Survey to examine difficulties faced by CFOs related to budgeting, planning, forecasting and reporting.

C-level finance executives at companies representing more than 20 industries, with annual revenues ranging from less than $10 million to more than $500 million, took part in the survey. Key budgeting issues including forecasting, variances and how meeting goals affects compensation was covered in this survey. The survey also focused on exploring methods that CFOs could use to benchmark their budgeting process, tools and attitudes.

The most significant observation was that many of the concerns, processes and procedures are consistent, regardless of company size. Where differences based on company size were found, the results were insightful. The following were some of the key findings of the Budgeting Survey 2010:

* The biggest pain point faced was dealing with other manages within the company.
* The second biggest hurdle was working with spreadsheets and other technology-driven tools.
* 75% of SMB/SME companies budgeted with spreadsheets alone or in combination with a GL/ERP system.
* On average, an annual budgeting cycle took 4-8 weeks.
* Most firms built-in an acceptable variance level of plus or minus 5-10%.
* 82% of the larger companies linked compensation and goal-achievement with 57% linking 20% of the total compensation to meeting operational goals.
* 85% of the executives at firms with annual revenue of $10 million and above view budgets as a cash flow management tool. This figure rises to 93% for companies smaller than $10 million.
* The most common Key Performance Indicators (KPIs) were Net Income/Loss, Gross Profit, Operating Expenses as a Percentage of Sales, and EBIT.

IOMA has been an independent source of exclusive business management information for experienced senior and middle management professionals for over 20 years. IOMA's products are created with two key goals: to help improve on-the-job efficiency and to enhance the financial performance of an organization.

About Centage: Centage Corporation provides Business Performance Management (BPM) solutions that enable organizations of all sizes to improve their budgeting, forecasting, consolidation and reporting capabilities.

Since 1996, the company has sold thousands of licenses of their premier financial solution, Budget Maestro® and Planning Maestro® worldwide, enabling managers at all levels to dramatically simplify their budgeting process and improve the accuracy and efficiency of their overall business planning process.

Centage Corporation
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