Budgeting in my organization is required to establish control over the funds and create effective financial strategy. For an effective budgeting process the financial structure of the enterprise includes a set of financial responsibility centers (FRC). For each of them, corresponding budgets are formed separately. The main duty FRC is to collect the costs of the planned period, distribute these costs by month, as well as provide data to Finance managers for analysis and strategy development.
The budgetary process includes: planning, control, evaluation and analysis. Stages of the budget process in the company:
Notably, after completion of the module units my financial knowledge and decision-making skills growing up through problem-solving, critical thinking, and an understanding of key financial facts and concepts. Strong financial knowledge and decision-making skills help me weigh options and make informed choices for my personal financial situations, such as deciding how and when to save and spend, comparing costs before a big purchase, and planning for retirement or other long-term savings.