budgeting as a process

Budgeting as a process

Hello Ashley, you have made a resourceful post, and I congratulate you. As budgeting a process it requires careful consideration since a minor mistake renders an organization unable to realize is goals. As you have stated in your post, a nonprofit organization needs to make a budget without errors since it will use the budget to source for funding and donations. While making budgetary projections, an organization or budgeting committee in non-profit organizations must closely have in mind the running programs and those that they are planning to roll out to have high accountability.

Because budgeting is a planning tool that steers an organization towards the set objectives, most organizations have adopted budgeting software to boost accuracy and fineness of budgets. Apart from Budgeting Maestro that has been widely adopted other software including Planguru, Prophix, and Gide which provide useful information while budgeting has made it easier for decision making in any organization.

References

Messer, R. (2017). Budgets and other lies: Evidence of bias in financial planning. Business Horizons60(4), 447-453.

Bryson, J. M. (2018). Strategic planning for public and nonprofit organizations: A guide to strengthening and sustaining organizational achievement. John Wiley & Sons.

 

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