Stages in Budgeting Process

927 WordsMar 11, 20114 Pages
STAGES IN BUDGETING PROCESS Budgeting is such an essential part for organization and it move through numbers of procedure. The process for the preparation of budget might be varied from one organization to another before it could be finally accepted. Here are some sort of important stages in budgeting process as follow: Stage 1: Establish who will take responsibility for the budget-setting process It is crucial part to ensure that the committee who responsible to the budget has real authority within the organization (e.g. the budget officer, functional heads). Stage 2: Communicate budget guidelines and policy to relevant managers The long-term plans and objectives of the business should be the foundation before drawing up the budgets.…show more content…
V. Start an automatic reminder procedure: Company should ensign invoices that due and send out reminders to the customer about the payment date through reasonable approach like email, post or telephone call to pursuit
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