Explain budget procedure with the help of flow chart. Write 2 benefit of budget procedure.

Budget procedure is an essential part of the managerial planning function in any organization. It is the process through which an organization forecasts its revenues and expenditures over a specific period, allocates resources efficiently, and monitors financial performance. In the context of Introduction to Management, budget procedure helps managers in planning, coordinating, and controlling operations by setting financial targets and evaluating actual performance against these targets. It involves a series of steps which ensure that financial plans align with organizational goals and strategies.

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