IMPROVING THE ENTERPRISE BUDGETING PROCESS ON BEYOND BUDGETING PRINCIPLES

Abstract

Today's market conditions require from the main subjects of the financial sphere more and more new approaches to the continuous conduct of their activities, first of all, improving the quality of services provided, ensuring the stability and stability of their business. However, given the constant scarcity of financial resources that the country can direct to the economic development of the state, special attention should be paid to improving the process of financial management. Therefore, today the activity of any business entity in conditions of constant competition, globalization of economic processes in combination with crisis shocks caused by external and internal factors requires significant optimization, which is possible through the organization and implementation of various mechanisms of financial management. One of the effective tools of this mechanism is the "budgeting" process. In combination with methods of forecasting, planning, analysis and control, budgeting is a key component of an effective financial management system that is adequate to modern market mechanism requirements and requires in-depth study. As this process rapidly gains momentum, research into the budgeting mechanism never stops, and theorists and practitioners are constantly proposing new approaches to improving it. However, despite the constant study of this mechanism, the implementation of the budgeting process in most enterprises has mixed opinions among scientists. The latter are based on the high complexity and difficulty of implementing the process in today's harsh realities, given the instability of the economy and the financial crisis. Therefore, among the latest practical examples proposed by scientists, the most common and relevant in use is the replacement of the budgeting process with a number of other models of management that are more volatile in today's environment, including: standard budgeting, resource management outside budgets, project management. These tools for financial management of enterprise resources are more modern and loyal methods that do not preclude the conduct of the budgeting process as a whole, but deal with its improvement and simplification of its management.