Budgeting Beyond budgeting, two words that some believe hold the future to a company's financial strength and profitability. No longer is it necessary to implement a plan, make and sell business model. Instead, in today's current business environment it is much simpler to organizations to go beyond the traditional budgeting organization to one that goes beyond that budgeting process by providing the opportunity to respond much faster to the demands of

According to de With and Dijkman (2008), "Management control is the process by which managers influence other members of an organization to implement the organization's strategies. This process consists of four different phases-strategic planning, budgeting, measurement and reporting, and evaluation-each of which leads to the next phase" (27). Beyond the foregoing formal phases, management control also includes informal communications and interactions such as meetings and conversations (de With &

Budgeting as an Adequate Tool for Planning and Control in Organizations: A budget apart from being a coordinated and comprehensive financial plan for the resources and operations of a given future period is also intended to promote the managerial functions of control and planning. Over the years a budget has been perceived as a tool for forced planning as it constitutes the most important and basic management functions since other managerial

Budgeting and Financial Planning Distinctions between budgeting & financial planning. The difference between budgeting and financial planning The difference between budgeting and financial planning Budgeting and financial planning are often used interchangeably in the speech of laypersons, when they are talking about the economic outlook of organizations. They are, however, very different processes, although the two are interrelated. One analogy is that of someone trying to maneuver the organization like a rowboat over a

budgeting an adequate tool for planning and control in organizations and when should alternative approaches be considered? Is budgeting obsolete in the 21st century? Starting with the last question first, although budgeting does seem to have its problems with it, and although it fails to produce results, nonetheless studies find that the majority of managers still turn to budgeting as means of conducting their business unable to surrender the system. Criticisms

Budget Variance Managing budgets and keeping within those boundaries is a difficult task and requires a steadfast approach with practical strategy. Budget forecasts often are used as important guidelines that are used to keep organizations in line with their corporate strategy. Although this seems rather simple, it is not. The purpose of this essay is to discuss and highlight specific strategies that can be applied to assist in managing a budget