Question

Make recommendations in regard to improvements in budgeting process.

Answer 1

Please find few of the recommendations which will improve the budgeting process are as follows:

1. keep budget flexible: budget can change as the scenarios changes.

2. Communicate early and often: communication is very important in budgeting process because it will lead to make sure that changes are implemented and taken care.

3. Clear about budget goals: Budgeting goals need to be clear with all the departments and parties involved.

4. Involve entire team: every one should be aware about the need of budget how it can be implemented.

5. Include various scenarios: It is one of the important steps in implementing budgeting process to take care of various scenarios e.g., best case, worst case and normal case.

6. Track your budget regularly because it will give the early sign of slippage.

7. Include profits and cash flow goals.

8. Use good software to develop the budget like excel or google docs.