Journal of Economics and Social Sciences
Электронный научный журнал

Экономические науки
MODERN APPROACHES TO BUDGETING AS A METHOD OF FINANCIAL CONTROL
Subbotina K.E. 1, Anikina O.V. 3, Rahimov T.R. 2

1. National Research Tomsk Polytechnic University
2. Tomsk Polytechnic University
3. Tomsk Polytechnic University

Abstract:

The article treats of the need for the implementation of financial planning as a basic management tool in a competitive environment and present instability. Several definitions of the term "budgeting" from different perspectives are given. The goals and functions of budgeting, through which it exerts its economic substance, are described. Also there are described current budgeting models and their advantages and disadvantages. The key problems of the traditional budgeting are identified, and new tools and techniques to replace it are proposed. Hereinafter each proposed method, its specifics and principles are described in more detail. As a conclusion of the article, possible positive impact of new budgeting tools as a method of financial planning is described.

Keywords: Financial planning, budgeting, management tools, budgeting models, moving budgeting, balanced scorecard, managing for value, beyond budgeting round table.

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