![]() Budget accountability: The time at which top management will assess if the business is meeting its budgetary goals.This phase runs until the effectiveness of the budget lasts. Budget implementation: The time at which all concerned parties will act upon planned activities stated in the budget.Budget review and approval: The time at which top management will review and approve all lower-level budgets.Budget preparation: The time at which managers and heads create a budget for their department. ![]() The crucial periods for budget planning are as follows: Hence, you can create next year’s budget three months prior to the end of the current year. How long should budgets be prepared? When will it be implemented? The budget period can be any time before the next business year begins. The first thing to consider in the budget process is the budget period. ![]()
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