What is Budgetary Procedure?
Budgetary Procedure can be described as a process of preparing the annual budgets, estimating the expenditures and income, allocating funds to various sectors, etc. Budgetary Procedure is the procedure followed to prepare a budget. Budgetary Procedure involves a series of steps to be followed while preparing a budget. There are no rigid pre-defined steps that are to be followed, instead, organisations can determine the sequence as per their need.
Table of Content
- What is Budget?
- Steps in Budgetary Procedure
- 1. Setting Objectives and Goals
- 2. Gathering Information
- 3. Budget Preparation
- 4. Negotiation and Approval
- 5. Implementation
- 6. Monitoring and Control
- 7. Reporting
- 8. Budget Revisions
- 9. Evaluation and Feedback
- 10. Long-Term Planning