Budgeting and financial control

Budgeting and financial control

The budgeting is the production and financial planning of the company by drawing up the overall budget of the company. This is the basis of planning and management decisions. The budgeting allows you to make more effective management decisions, monitor material, labor and cash costs, assess the financial condition of the company, strengthen financial discipline, and coordinate the work of the company as a whole. Depending on the planning object, financial and non-financial goals of the company, for each organization its own specifics of budgeting is selected.

Budgeting and financial control
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  • Individual approach;
  • Highly qualified specialists;
  • Short deadlines;
  • Improvement of the results of the company's activity;
  • Permanent control of the business;
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The budgeting system includes five steps:

  1. The development of a model of the structure that allows you to control items of income and expenses;
  2. Determination of the general scheme for the formation of a consolidated company structure
  3. The formation of the accounting and financial policies of the company;
  4. Development of a planning regulation that defines planning procedures, monitoring and analysis of the reasons for budget defaults, current budget adjustments;
  5. Implementation of a budgeting system.

The main goal of the company's budget is to plan all indicators of financial and economic activity at the level that the company would like and could have achieved over a certain period of time. Particular attention should be paid to deviations from their intended goals and to make timely adjustments in order not to deviate from the main strategy of the company.

Budget execution control is mainly based on the analysis of deviations of actual indicators from planned ones. Analysis of deviations allows you to timely identify negative and positive factors that affect the financial results of the company.

The specialists of Ming You, LLC will assist to develop your company’s budget taking into account the specifics of the company’s activities, as well as take over the functions of monitoring and analyzing deviations of actual indicators from planned ones.