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Finance & Accounting
Pages 10 (2510 words)
Budgeting Table of Contents Table of Contents 2 Introduction 3 A Brief Overview of Budgeting 3 Possible Strategies to Overcome the Problems and Contribution to Improved Organizational Performance 8 Conclusion 11 References 13 Introduction Budgeting acts as a key facet in determining the financial success factor of any organization.
Initially, traditional budgeting acted as the only alternative for budgeting. But, in the recent phenomenon, budgeting has come up with several alternatives. It can be affirmed in this regard that traditional budgeting is often criticized as sufficient enough to support global companies in attaining their desired targets. In this regard, several budgeting processes, with new innovative ideas and broader perspectives, have been developed in order to deal with the changing business scenario (Finkler & et. al., 2008). With this concern, this paper intends to explain the problems along with the weaknesses of traditional budgeting and identifying possible strategies to overcome those problems or weaknesses. Moreover, the discussion in this paper would also emphasize the benefits that an organization can anticipate while making changes in the traditional budgeting procedure, applying the concept of ‘Beyond Budgeting’. A Brief Overview of Budgeting Budgeting is regarded as a process of making a financial plan, wherein efforts are made by the accountants or the business owners to meet the strategic goals of the organization facing minimum or no hindrances in terms of financial resource scarcity or misuse of financial resources. ...
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