Budgeting as a Way of Performance of the Development Strategy on the Example of JSC Konservsushprod
2020
Gudkova, O. | Ermakova, L.
The importance and relevance of financial planning and budgeting is increasing every year in the current economic environment. The welfare of the economic entity depends on well-established financial planning and budgeting. Financial planning is one of the main tools for regulating the activities of the business entity. Financial planning and subsequent monitoring of planned tasks allow providing senior management with accurate, complete and up-to-date information on the implementation of measures to achieve the development goals of the economic entity. Budgeting, as practice shows, plays an increasingly important role in the development of any enterprise and in obtaining the highest profits. Effective existence and development of the enterprise is impossible without financial planning of work and supervision of the financial plans of the economic entity. Budgeting reflects the results of planning and control in the form of separate financial data. Budgets develop a strategy for the effective development of an economic entity in a competitive and market-based economy, and it serves as an important tool for achieving its goals. Therefore, the article analyzed possible ways of forming the processes of budgeting and monitoring the activities of the company’s centers of responsibility, identified the components of the company’s targets, as well as the algorithm of introduction budgeting processes into the activities of a particular economic entity.
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