IMPROVING THE BUDGETING PROCESS OF ENTERPRISES IN CONDITIONS OF UNCERTAINTY
Abstract
The article is devoted to improving the budgeting process of enterprises in the conditions of an uncertain external environment. The purpose of the study was to systematize scientific publications on improving traditional budgeting, grouping directions for improving the budgeting process. The main research methods were logical and comparative analysis of scientific research on the genesis of budgeting. The importance of budgeting in managing the finances of a business entity is substantiated. Turbulent operating conditions of enterprises increase requirements for budgeting, accuracy in its implementation, compliance of budgets with the enterprise's goals, adequacy of the enterprise's response to new challenges. The disadvantages of using traditional budgeting in practice are noted. The need to improve the budgeting process in conditions of uncertainty is emphasized. Four directions for improving the budgeting process are identified: use of dynamic approaches; optimization of budgeting process parameters; the use of budgeting methods aimed at effective cost management; prioritization of information about cash flows and diversification of planned indicators. Dynamic approaches include flexible budgeting and scenario modeling. Optimizing the parameters of the budgeting process involves shortening the budget period and reducing the amount of budget indicators. Zero-based and business-process-based budgeting methods are methods aimed at effective cost management. The priority of planned information about cash flows and the expediency of using non-financial information in budgeting are substantiated. Improvement of the budgeting process should be integrated with strategic and operational management systems, in particular, financial management. Theoretical generalizations of directions for improvement of traditional budgeting are an attempt to isolate and structure important elements of the budget process in conditions of uncertainty. Further development of the principles and methodology of traditional budgeting in an uncertain environment is promising research.
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