Budgeting companies

In 100 words or more reply to the statement below about budgeting

  • All budgets need to be driven off of the operational strategy of the company. Budgets are crucial for efficient operations. This paper mentions that many companies waste a lot of time preparing budgets while not really making great use of them for planning purposes throughout the year. This can be attributed to a lot of things, including the inefficiencies within the budget preparation process. For those utilizing spreadsheets for budgets, spreadsheets aren’t dynamic enough to allow for efficient use of budget information. Applications that operate as multidimensional models are much better as they allow for budget information to be stored in a way that can easily be queried should a manager want to run different scenarios on that data. Ultimately, the more efficient the budgeting process, the more useful the information is to management.
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