Basic Conditions for the Successful Operation of Budgetary Control


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Basic Conditions for the Successful Operation of Budgetary Control

 

Realistic Budget: The quality of the budget is very important for the successful operation of budgetary control. If should be realistic and operationally feasible. Flexible budget is normally a good budget as it take into consideration the dynamics of the business. It must be based on what is attainable, must suit the organizational facilities and complexities and must be flexible to accommodate the changing environment of the business.

 

Qualitative and Timely Reporting : Variances must be analyzed, interpreted and reported in a manner which is easily understandable. Reporting must be on time and bring out significant areas/points and be precise, simple and meaningful. Time is the essence of reporting and maintenance of time schedule enhances the value of reporting and leads to correction of many adverse events/trends which otherwise would have taken a heavy toll.

 

Management’s Attitude: The management must have a positive attitude towards budgetary control. Any scheme of control is a discipline and regulation. Management must have faith and confidence in the scheme. Management must take keen interest in the scheme of budgetary control and render whole-hearted support and cooperation in making this a success.


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