Why Budgeting and Sound Financial Practices are Crucial

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(Beyond) Budgeting Knowledge Center

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Please register now to read all responses and to join this discussion yourself. It's easy and 100% free.     Log in (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   Please register now to read all responses and to join this discussion yourself. It's easy and 100% free.     Log in   Why Budgeting is Important Isaac Asante, Financial Consultant, Ghana, Member (...)     That's Simple - Its a Drug Sergey Baltin, Manager, Russian Federation, Member (...)     That's Simple - It's a Drug Tim Jones, Consultant, United States, Member (...)     Budgeting Still Relevant Benjamin Ogudoro Nkemakolam, Financial Consultant, Nigeria, Member (...)     Why Budgeting is Useful Dario Gragnani, Manager, Italy, Member (...)     Budgeting is Still Useful Andyson Mupeta, Student (MBA), Zambia, Member (...)

Special Interest Group Leader Interested? Sign up for free. (Beyond) Budgeting Summary Forum Weaknesses 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 Why Budgeting and Sound Financial Practices are Crucial Lump Sum Budgeting with a Cushion Best Practices

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