Preparing and monitoring budgets
To run any organisation, it is necessary to plan. We must say where we want to go and how we think we can best get there. There will be a financial dimension to nearly all the plans prepared by an organisation and most organisations will prepare annual budgets as part of their business planning activities.
Some organisations, however, are moving away from the traditional, detailed budgeting activity, arguing that the timescales involved in preparing budgets mean that they are often out of date before they are approved. To justify all the effort and resource that goes into financial planning, budgets really must ...
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