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5 of the most common budgeting pitfalls

Posted by Sinead Hayes on Apr 28, 2016, 11:00:00 AM

Keeping tight control of your budgets...here are some of the pitfalls to avoid

budgeting_pitfalls

Spending time preparing business budgets can be an arduous enough task - especially if it's something you do once a year. There is so much to consider and so many scenarios that need to be taken on board. I am not an accountant, so I can't claim to understand the in-depth-ness of this job and how many hours must go into producing the final budget for the year.

 

So, the reason for this blog post is that is seems a shame for the Financial Controller or Finance Manager to go to all these lengths to produce the budgets but then for internal practices and lack of authorisation processes to cause budgets to over-run. Keeping tight control of budgets is fine for smaller companies because it's easy to keep an eye on things, but what happens when companies starts to grow? It becomes more difficult and more critical to keep track of everything, particularly if some of the internal practices are not tightened up. 

 

This short e-book identifies some of the most common budgeting pitfalls that you may want to avoid.  

 

Your comments are more than welcome!

 

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Topics: Budgeting