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The budgeting process is the process of careful work on all regulations and procedures for budget execution and control, which depends on motivation of the management and the qualification level of the staff responsible for budgeting.
Violation of the budget processing can mean failure of all enterprise plans, production and payment of salary and taxes.
The following requirements for the budget organization which are important for successful implementation and functioning of the budgeting system are settled:
- Should be a single document governing the whole budget process
- Budget committee should be formed
- Rigid financial discipline should be set
- priorities in financing should be settled
- Clear definition of authorities and responsibilities
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