The Significance Of Budgeting
Skip to content
Program Studi Akuntansi | Fakultas Ekonomi dan Bisnis UMA
youtube
instagram
id Indonesian
en Englishid Indonesian
JURUSAN AKUNTANSI TERBAIK DI SUMUT
Call Support 061-822-5602
Email Support doc_akuntansi@uma.ac.id
Location Jl. Setia Budi NO.79 B, Medan
  • Home
  • PROFIL
    • Akreditasi
    • Fungsionaris
    • Struktur
    • Visi Misi
  • AKADEMIK
    • INFORMASI AKADEMIK
      • AKADEMIK ONLINE
      • E-LEARNING
      • JURNAL
      • LAPORAN AOC
    • JADWAL AKADEMIK
      • JADWAL KULIAH
      • JADWAL PRAKTIKUM
      • JADWAL UTS
      • JADWAL UAS
      • JADWAL SEMESTER ANTARA
      • JADWAL WISUDA
    • KALENDER AKADEMIK
    • KURIKULUM
      • Semester I
      • Semester II
      • Semester III
      • Semester IV
      • Semester V
      • Semester VI
      • Semester VII
      • Semester VIII
    • EKIVALENSI MATA KULIAH
    • DOSEN PENASEHAT AKADEMIK
  • AKTIVITAS PRODI
    • KEGIATAN PRODI
    • PRESTASI PRODI
  • MAHASISWA
    • BEASISWA
    • MAGANG
    • SISTEM INFORMASI
      • DATA MAHASISWA
      • BLOG MAHASISWA
      • JURNAL MAHASISWA
      • AOC
      • ELEARNING
      • APIK
      • KUOTA
      • OPAC
      • WEBMAIL
      • SIPRODI
      • ANDROID AKADEMIK UMA
      • ANDROID INFO UMA
    • Prestasi Mahasiswa
  • DOSEN
    • Data Dosen Prodi
    • BLOG DOSEN
    • Aktivitas Dosen
    • prestasi dosen
    • JURNAL DOSEN
    • AOC
    • RKTS
    • RPS
    • TKTD
    • ELEARNING
    • OPAC UMA
    • WEBMAIL
  • ARSIP
    • DOKUMEN PRODI
    • PENGUMUMAN
  • ALUMNI
    • TRACER STUDY
    • DATA ALUMNI
    • LAYANAN ALUMNI
    • AKTIVITAS ALUMNI
    • PRESTASI ALUMNI
  • LABORATORIUM
    • INFORMASI LABORATORIUM
    • APLIKASI LABORATORIUM
  • Hubungi Kami

The Significance Of Budgeting

Home > News > The Significance Of Budgeting

The Significance Of Budgeting

Posted on March 9, 2021March 10, 2021 by admin
0

The structural and economic strength of a business is directly related to its financial efficiency. Finance is the fundamental base of any business corporation that tends to establish strong infrastructure, enabling a company’s smart operations. Financial management owns intrinsic significance in providing a strong system to a company achieved through effective budgeting. The equitable allocation of all resources available to promote all departments’ smooth working harmoniously is known as budgeting.

Budgeting is the strongest part of financial management. It plays a vital role in the strategic planning of a company that ensures appropriate financial and operational activities to be performed efficiently to increase profits. As financial management has substantial significance, business owners are advised to hire financial experts who can deal with numerous contemporary budgeting techniques efficiently. Among contemporary budgeting techniques, bookkeeping is the most trusted, which allows the tracking of all transactions a company has made or plans to make. It makes the decision-making and future planning of an organization easier and more credible.

Moreover, bookkeeping allows an evaluation of all activities and tasks performed in a company. It identifies loopholes to be covered in the future to avoid any serious concerns that could damage the establishment. The following postulates shed light on how budgeting plays a significant role in strategic planning.

1. Formulation of Activities

To run a business corporation smoothly and maintain its balance, capturing the bigger picture of all activities and tasks performed under its flagship is necessary. Effective and efficient measures are required to administer all of these undertakings. Budgeting helps formulate all activities in a company on a single platform and measure how effective and efficient these tasks are performed when it comes to the company’s financial aspects. Identifying the loopholes present allows entrepreneurs to be careful and vigilant in the future through budgeting and accounting best practices.

2. Drawing of the Goal Map

For a company to achieve its aims, it is necessary to plan them during the initial steps. Here again, budgeting plays an important role in providing a monetary stance to the strategic plan drawn by a company, enlisting all of its goals to be accomplished in a particular period. Appropriate budgeting enables business owners to draw a goal map that provides all company targets and guidelines to hit them. In the case of inappropriate budgeting, a company might face big losses.

3. Makes Decision-Making Credible

To gain maximum profits at minimum cost, the opportunity cost of a company is to be reduced. Reduction of opportunity cost demands an eagle’s eye view, which can be apprehended through smart budgeting. A close view of all undertakings or tasks held in a company allows financial experts to identify apertures present, ultimately making future decision-making credible. Entrepreneurs or business owners, after keen observations, will tend to make better decisions when encountering previous mistakes, conclusively optimistically achieving their strategic plan.

Final Note

Strategic planning is a key component of a business’s success. All targets to be achieved and guidelines to attain them are planned under the flagship of strategic planning. Hence, it is to be planned intellectually. Budgeting plays a vital role in achieving this strategic plan as it acts as strong support in formulating and processing this plan to a successful end.

Budgeting has to be a top priority as the finances are the skeleton of business operations. Keeping a budget ensures that you are on top of accounts payable and receivable. It also lets the business owner understand where finances are going and what finances are needed. Budgeting also helps with funding, business planning, staffing, and obtaining loans or financial assistance. Whether you are strong in accounting or not, creating and keeping a budget should be a priority.

Source: https://www.completecontroller.com/

Tags: budget plays an important role, budgeting and accounting, contemporary budgeting techniques, drawing objective maps, effective and efficient, final notes, financial expert, formulation of activities, intrinsic meaning, making decision making credible, opportunity cost, planning strategic, structural and economic, the importance of budgeting

PENCARIAN

ARTIKEL TERBARU

  • Stan Pameran UMA Di Istana Maimun Di Kunjungi Ratusan Pelajar
  • metode siklus hidup pengembangan sistem dari tahap analisis
  • Tipe sistem infomrasi yang termasuk sebagai sistem pendukung manajemen
  • pengertian peran sistem informasi dalam bisnis
  • Daya kompeteitif dan strategi kompetitif

KALENDER

March 2021
S M T W T F S
 123456
78910111213
14151617181920
21222324252627
28293031  
« Feb   May »

KAITAN UMA

 

 

KAMPUS I
Jalan Kolam Nomor 1 Medan Estate / Jalan Gedung PBSI, Medan 20223
(061) 7360168, 7366878, 7364348. Call Canter : 0822-6777-1313, 0822-6777-1314, 0813-7095-7775
(061) 7368012
univ_medanarea@uma.ac.id
KAMPUS II
Jalan Sei Serayu Nomor 70 A / Jalan Setia Budi Nomor 79 B, Medan 20112
(061) 8225602, 8201994 HP : 0811 607 259
(061) 8226331
ekonomi@uma.ac.id

PENGUNJUNG WEBSITE

  • 0
  • 128
  • 62
  • 17,917
  • 71,088
  • 1,247,150
  • 551,770
Copyright 2016-2023 © by PDAI Universitas Medan Area