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The Financial Times Essential Guide to Budgeting and Forecasting by Nigel Wyatt

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1

What is the budget for?

The budget is the bane of corporate America. It never should have existed.

But the budgeting process at most companies has to be the most ineffective practice in management. It sucks the energy, time, fun and big dreams out of an organisation. … And yet … companies sink countless hours into writing budgets. What a waste.

Jack Welch, former CEO General Electric

Why do we need budgets? What is their role? Budgets can have many functions so first you must determine what the role of your budget is within your organisation. Then you can decide what the correct approach to building the budget or managing it should be.

Introduction

There is a popular view amongst many managers and even finance directors that budgets ...

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