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  Objectives of Budgeting

Introduction to Objectives of Budgeting

An efficient budgeting system plays an important role in the success of a business organization. The budgeting system has the following objectives that are of dominant significance in the overall effectiveness and efficiency of the business organization. These objectives are discussed as follow:

  • Planning:

Planning is essential for doing any work in a systematic manner. A well- prepared plan assists the organization to make use of the scarce resources in an efficient way and so achieving the predetermined targets becomes easy. A budget is all the time prepared for future period and it lays down targets considering several aspects such as purchase, manpower, planning production, sales etc. This automatically makes easy planning.

  • Co-ordination:

For accomplishing the set objectives, apart from planning, coordinated efforts are needed. Budgeting makes easy coordination in the sense that budgets cannot be prepared in isolation. For instance, when developing the production budget, the production manager will contain consult the sales manager for sales predict and purchase manager for the accessibility of the raw material. Production budget cannot be prepared in isolation. Likewise the purchase and sales budget and other functional budgets such as cash, capital expenditure, manpower planning etc cannot be prepared without referring other functions. Therefore the coordination is automatically facilitated.

  • Control:

Planning is looking forward when controlling is looking back. Preparation of budgets includes detailed planning about several activities such as sales, production, purchase, and other functions such as marketing, sales promotion, manpower planning. But planning alone is not enough. There should be a proper system of controlling that will make sure that the work is continuing according to the plan. Budgets give the basis for such type of controlling in the sense that the actual performance can be evaluated with the budgeted performance. Any deviation among the two can be found out and analyzed to determine the reasons behind the deviation so that essential corrective action can be taken to rectify similar. So budgeting helps hugely in controlling function.

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