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  Essentials to Successful Budgeting

Introduction to Essentials to Successful Budgeting

Following circumstances are essential to a successful budgetary control system:

1. The first and chief essential of successful budgeting is the establishment of a satisfactory organisation system. Organisation contains a coordination of the work of groups, an intelligent grouping of tasks, the establishment of definite lines of authority and responsibility in the implementation of the work, and a process for enforcement of the responsibility hence assigned. Responsibility and authority must be noticeably described for all functions. That's why responsibility for off-budget performance can be particularly laid down. Primarily also, there would be problems in constructing the budgets if there is a confusion as concerning responsibility.

Furthermore, the budget function should separately be within the charge of a responsible person.

2. The historical truth must be made existing in such a manner so as to decide the relationships of costs and results and the competence of individual divisional and functional performance.  Furthermore, the information system must give the data in usable form to help in making sound management decisions.

3. Every executive must be made aware of the requirement and advantages of a budgetary control system so that essential co-operation flows in.

4. For the very effective budgeting, the best human engineering is required. If any plans are to be created, the departmental heads and slight executives should also participate. Several people want recognition and so those who are made responsible for execution of the plans must comprise a role in making them. Men must be dealt along with like human beings

5. Budget is a device to control costs by people; therefore human relations aspects are of paramount significance in dealing with the subject. No management tool can be employed to maximise effectiveness with no motivation.

6. One of the significant pre-requisites in successful budgeting is willingness on the part of each echelon of management to contribute in the preparation of a budget and to be judged against it. The budget has to be viewed, not as a pressure tool, but like a challenge, a goal, an objective, which can be surpassed and attained.

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