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A Discussion On The Various Types of Budgeting (Part 1)
Published by slang July 17th, 2006 in Budgeting, Managerial AccountingThere are many budgeting models. We have the following:
- Traditional budgeting;
- Zero Based budgeting;
- Output Based budgeting;
- Incremental Budgeting;
- Formula based budgeting;
- Program budgeting;
- Responsibility Centered Budgeting
Moving forward, there have been some who advocated WITHOUT budgeting as budgeting takes too much time and utilized too much manpower hence forecasting is a better answer.
However whatever budgeting model it is to be successful, we must design it around our own unique culture.
In my next forthcoming articles, I shall explain some of the contemporary budgeting model.
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There diffrent types of budgets, but the choice of budgeting model you chose for your company to be successful, must be designed around our own unique culture. Matthews Bantsijang