IMPORTANCE OF BUDGETING AND FORECASTING IN MANAGEMENT ACCOUNTING
Keywords:
management accounting, analysis, decision making, financial data, non-financial data, advanced analysis, tools, methods, organizational performance, sustainability accounting, social impact, environmental impact.Abstract
This article discusses the importance of budgeting and forecasting in management accounting. It provides an explanation of what budgeting and forecasting are and how they can help in planning, allocating resources, setting goals, monitoring progress, identifying risks and identifying opportunities. The paper also highlights some of the limitations and challenges associated with budgeting and forecasting, such as lack of flexibility, uncertainty and inconsistency, and suggests potential ways to address these challenges, such as adopting more flexible and dynamic processes, incorporating multiple perspectives. is offered. and data sources, regularly reviewing and revising budgets and forecasts, leveraging technology and data analytics, and fostering a culture of accountability. Finally, the article presents budgeting and forecasting in financial planning processes and literature reviews of researchers on this topic.
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