A manager says the whole annual budgeting process is a waste of time. In digital age...

A manager says the whole annual budgeting process is a waste of time. In digital age it is real time reporting they matters. besides I know so many employees who regularly engage in padding the budget

Expert Solution

Answer:

Disagree with the Given statement

A Budget is a future plan of activity which helps the association in accomplishing its key targets and objectives. Budgeting provides a competitive edge to firm to accomplish its key or strategic plan.

Budgeting method is helpful to the firm because of following reasons :

It helps in setting up divisional and departmental responsibility and accountability
It helps in appropriate business planning and controlling and accomplishing key targets of the firm
It helps in accomplishing cost management through proper cost control and cost decrease
Budgets are considered as focuses against which performance is checked for year-end examinations and giving motivating forces. It helps in performance assessment of representatives and is a wellspring of inspiration to workers to accomplish division targets.
It helps the executives in dispensing resources in most proficiency path for instance : machine hours, work hours, and so forth .
It helps the executives in taking ideal and reliable decisions for instance: Price increase, capital investment, fiscal decisions , and so forth

ekkarill92 answered 2 years ago

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