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Accounting Best Practices, Fifth Edition by Steven M. Bragg Englewood, Colorado

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Implementation Issues for Budgeting Best Practices

With few exceptions, improvements to the budgeting system are easy to implement and can be done rapidly, with a minimum of fuss. The cost and duration are noted in Exhibit 5.1. The reason is that most changes are to the budgeting model and procedures, neither of which are under the control of anyone but the accounting department, and neither of which need, unlike humans, some explanation and cooperation. Accordingly, one can assume a rapid implementation process that can mostly be completed during the current budget cycle, resulting in immediate and rapid improvement in the entire process.

Exhibit 5.1. Summary of Budgeting Best Practices
 Best PracticeCostInstall Time
Budget Assumptions
5–1Link the budget to key business drivers

5–2Clearly define all assumptions

5–3Clearly define all capacity levels

5–4Establish project ranking ...

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