Why Budgeting and Sound Financial Practices are Crucial

			
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			              (Beyond) Budgeting > Forum > Why Budgeting and Sound Financial Practices are Crucial
			            
			              Why Budgeting and Sound Financial Practices are Crucial
Tim Jones, Consultant, United States, Member

Folks, all you have to do is look at the US debt and look at the fact that we have lived "beyond our means" for sometime now. You can't continue to operate without a plan for your money! It gets you in trouble as a household or as a country! The US is $16 trillion in debt!
Companies go bankrupt everyday because they operated on the assumption that a budget wouldn't work, was too time consuming, too much bureaucracy, etc.
It's time that we have professors in our universities that have experience in the real world and quit hiring these "financial philosophers" who operate on "theory" and have no idea what it is like to operate within limits, meet a payroll, develop realistic five-, and ten-year plans, etc.
We still have to operate according to sound business principles. Just because the airplane has been invented doesn't mean that gravity has somehow ceased to exist or apply to us! (...) Read more? Sign up for free
			            
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	                            (Beyond) Budgeting
	                          
	                                Summary
	                                ForumWeaknesses of Traditional Budgeting
Budgeting Must Be Flexible and Auditable
Financial Measure / Budgeting is no Longer Dominant
Budgeting for Guidance, not for Control
'Beyond' Budgeting -- Call it Whatever, It's Necessary
Add Rolling Quarterly Forecasts to Traditional Budgeting Process
Budgeting Has Become the End Instead of a Tool to an End
Budgeting is the Essence of Good Management
Budgets Should Facilitate Communication, Collaboration, Cooperation, and Coordination
Can we Use Beyond Budgeting in Entrepreneurial Companies?
What is a Budget? Definition
Budgeting in Uncertain Business Climate
Budgeting Must Be Integrated in Strategic Process
Rolling Forecast in Beyond Budgeting
Why Budgeting and Sound Financial Practices are Crucial
Lump Sum Budgeting with a Cushion

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