Accounting departments have formalized the process of budgeting over the years, and during that time, the practice evolved into the annual budget process. This process is largely based on assumptions and predictions about future markets and expenditures. The effort to control operations through a framework of guessing what "might" happen has resulted in multiple perceived disadvantages. Learn about the criticisms that come from these perceived drawbacks of annual budgets and whether annual budgets should be eliminated.
Every year at this time we take a few minutes to reflect on the past year’s accounting. Were we efficient? Did we.