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Advantages of Budgeting

Discover the several advantages of budgeting.

Advantages of Budgeting

Advantages: Define goals and objectives, Think about and plan for the future, Means of allocation resources, Uncover potential bottlenecks, Coordinate activities, Communicate plans

Budget Development Process

  • Ratcheting: Why shouldn’t I just use 10% more than last year for everything?
  • Zero-Based Budgets: Require managers to build budgets from the ground up each year rather than just adding a % increase to last year’s numbers
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Accounting for Today’s Dynamic World

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