The Concept of Budgeting and Budgetary Control

The Concept of Budgeting and Budgetary Control

There is a consensus among authors in order to arrest the business of the future. An enterprise must have vision of where it wants to be in future and accordingly draw up a strategic business plane. This long term plan are further broken down into shorter period and this shorter period set out a detail step by step procedure by which to attain the business objective. The aim and result of the planning is profit, which is also a yardstick for jugging the management performance. Profit planning especially in the short term is carried out by the use of budget by A.W. Wilmore (1973) is of the opinion that budgeting is a service faction assisting management to fill full her function and that budget did replace management but are completely intertwine with the process of management [Read more…]