In todays business environment, contemporary budgeting software is necessary to support integrity and best budgeting practices. In budget meetings, the department heads study the budget targets and operational practicality of the plan goals. This gives department heads an opportunity to provide input and develop synergy between management and senior executives.
In a research paper, evaluate the key role budgets play in the strategic planning process. Be sure to address the following:
- Examine the budget as an effective management tool.
- Explain how you would formulate the budget as a best practice used to uphold the mission of an organization.
- Identify three commonly used budgeting software tools and interpret their possible use in your budgeting best practices.
- Summarize the role of budgeting software in ensuring the integrity of the budgeting process.