One of the most fundamental business skills every organization makes use of is the budget. More than just a system of cost control, strategic managers utilize the budgeting process as a effective way to add value to the operation of their businesses.

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The standard life-cycle of an organization's budget encompasses the following four phases:

1. Preparing the Budget - Utilizing your prior year budgets and current strategic goals, executives and managers create budgets at different business levels to achieve functional, operational, and corporate goals.

2. Budget Approval - Specifically for larger organizations or organizations that require regulatory approval, the approval process should be seamless and fit the structure of the organization.

3. Budget Execution - Regular monitoring is necessary for management to maintain a strong hold on the control measures indicated in the budgeting process.

4. Budget Review and Audit - Typically at the end of the year, management, with the help of external CPAs or internal auditors, will review the prior year budget and analyze the financial and operational decisions of the year to find important information for decisions to be made in the following year.

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Our firm specializes in working together with you to create additional value throughout the budget process. We can work with your business in any aspect of the budget life cycle. Typically, the most value is found when organizations work with our firm with the following two services: Budget Planning & Development & Budget Audit & Evaluation.

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PLEASE CONTACT US FOR MORE INFORMATION ON OUR BUDGET SERVICES.

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