22 Facts About Budgets from 1,113 Business Leaders

22 Facts About Budgets from 1,113 Business Leaders
Contents

Click here for the raw survey data. This survey was conducted in October 2020 by Kickstand Communications.

Of 638 budget owners

  1. 65% don't have a budget until after the budget period starts
  2. 59% started spending before their budget is approved
  3. 57% went over budget in the last period
  4. 50% went over budget by 40% or more
  5. 51% went over budget before they even had their budget
  6. 8 in 10 agreed that spend management is too challenging
  7. 94% track their spend in a separate system than finance  
  8. Only 28% reported their employees have access to physical or virtual corporate cards

Of 475 finance professionals 

  1. 7 in 10 believe their budget approval process takes too long
  2. 67% worry that delayed approvals prevent budget owners from staying on budget.
  3. 61% felt they did not have adequate visibility into departmental spend
  4. 3 in 4 believe corporate cards simplify expense management
  5. 62% report corporate cards are shared by multiple people at their company
  6. 75% believe shared corporate cards makes expense management harder
  7. 75% believe they spend too much time on administrative tasks

Of 1,113 business professionals like you

  1. 53% of all spend is disputed by either finance or budget owners
  2. 69% of finance teams feel like they are viewed as "bad cops" by budget owners
  3. 52% believe the relationship between finance and budget owners is broken
  4. 82% agree that real-time visibility into spend would improve the relationship between finance and other departments
  5. 80% believe real-time visibility into spend would help the company make better financial decisions
  6. 50% believe that investing in tools that provide better automation of or visibility into spend will accelerate company growth

 

Lola.com is the spend management solution that keeps you on budget.


About the Author: Sagar Velagala
Sagar is the Director of Growth at Lola.com. He has a deep appreciation for analytics, finance, and operations after coming up as an analyst at The Boston Beer Company, HubSpot, and Lola.com. He also has a thing for chocolate chip cookies.