Budgeting is planning and control system

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Budgeting is a planning and control system. Discuss how budgeting contributes to these two functions of management.

Planning involves identifying the activities to be accomplished to achieve the organizations goals. Budgets act as the blueprints for these plans, and communicate the goals throughout the organization. The budget is the plan the organization should follow in order to reach its goals. At the end of the period, the budget can be used as a control instrument by measuring actual performance against the plan. This will allow management to identify problem areas and improve performance in the future.

Reference no: EM132198979

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