Site Search

Course Navigation


Home| Course Catalog| Career Planning

FREE online courses on Refresher on Financial Planning - Chapter 5 - Ten Best Practices in Budgeting

 

Finally, here are some best practices that can transform budgeting into a value-added activity:

 

1.      Budgeting must be linked to strategic planning since strategic decisions usually have financial implications.

2.      Make budgeting procedures part of strategic planning. For example, strategic assessments should include historical trends, competitive analysis, and other procedures that might otherwise take place within the budgeting process.

3.      The Budgeting Process should minimize the time spent collecting and gathering data and spend more time generating information for strategic decision making.

4.      Get agreement on summary budgets before you spend time preparing detail budgets.

5.      Automate the collection and consolidation of budgets within the entire organization. Users should have access to budgeting systems for easy updating.

6.      Budgets need to accept changes quickly and easily. Budgeting should be a continuous process that encourages alternative thinking.

7.      Line item detail in budgets should be based on material thresholds and not rely on a system of general ledger accounts.

8.      Budgets should give lower level managers some form of fiscal control over what is going on.

9.      Leverage your financial systems by establishing a data warehouse that can be used for both financial reporting and budgeting.

10.  Multi-National Companies should have a budgeting system that can handle inter-company elimination's and foreign currency conversions.

 

 

Our Network Of Sites:
Apply 4 Admissions.com              | A2ZColleges.com  | OpenLearningWorld.com  | Totaram.com
Anatomy Colleges.com                | Anesthesiology Schools.com  | Architecture Colleges.com | Audiology Schools.com
Cardiology Colleges.com            | Computer Science Colleges.com| Computer Science Schools.com| Dermatology Schools.com
Epidemiology Schools.com         | Gastroenterology Schools.com  | Hematology Schools.com     | Immunology Schools.com
IT Colleges.com                | Kinesiology Schools.com  | Language Colleges.com  | Music Colleges.com
Nephrology Schools.com             | Neurology Schools.com  | Neurosurgery Schools.com | Obstetrics Schools.com
Oncology Schools.com    | Ophthalmology Schools.com | Orthopedics Schools.com       | Osteopathy Schools.com
Otolaryngology Schools.com| Pathology Schools.com  | Pediatrics Schools.com  | Physical Therapy Colleges.com
Plastic Surgery Schools.com| Podiatry Schools.com  | Psychiatry Schools.com   | Pulmonary Schools.com 
Radiology Schools.com| Sports Medicine Schools.com| Surgery Schools.com | Toxicology Schools.com
US Law Colleges.com| US Med Schools.com | US Dental Schools.com

About Us Terms of Use | Contact Us | Partner with Us | Press Release | Sitemap | Disclaimer | Privacy Policy


©1999-2011 OpenLearningWorld . com - All Rights Reserved