Budgeting is a key task within the yearly planning process. Typically after the multiyear and the program planning are completed, the budgeting process starts to work out the financial consequences. Financial targets for a specific timeframe and organizational units are set. Budgeting is a tool to delegate decisions. Plan measures are defined and are supported by various activities that are the responsibility of the business unit owner.
The process of budgeting even in midsize companies is cumbersome and almost not practical without IT support. This process is enterprise-wide and requires coordination across all functions. ...