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What are the restrictions of budget?
Restrictions of budget:
a. As budget is based onto estimates, which is, estimated sales, costs, business circumstances, many more. it may require periodic revisions since estimates may not emerge to be some percent accurate.
b. A budget may not work when the concept of budgeting is not sold correctly to various sections of the business. Merely the persons working in various sections can make an established budget, a success. Therefore, it must be a cooperative budgeting.
c. A budget cannot work till the wish to make this work is established into the minds of persons working within the various sections of a business concern.
How will you inform your managers and supervisors about budgets, reporting requirements and financial delegations? I just want to know
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