Budget management allows strategic goals to be reached within the business with the help of cost optimisation and effective management of financial flows. Budgeting comprises planning, analysis, and budget performance at different levels, as well as managerial decision-making, based on the analysis carried out.
Under the assistance of NSA specialists, the introduction of budgeting includes developing budget management methodology for the company, which consists of the following stages:
- Outlining of aims, tasks, company strategies and business processes
- Creation of a financial structure for the firm and selection of a budgetary framework.
- Developing budget management tools taking into account budget type, process participants and data processing methods.
- Compilation of a list of economic indicators, which are calculated on the basis of the budget.
- Automation of the data collection process on budget performance
- Training company personnel to work with the new system
- System adjustments for the end of each budgeting period.