Respuesta :
To ensure they have enough time to create a thorough estimate before the fiscal year closes, businesses should start the yearly budgeting process three to four months before the start of their fiscal year. The nodal entity in charge of preparing the Budget is the department of economic affairs (DEA) under the finance ministry.
Beginning in August or September, or around six months before the presentation date, is when the budget-making process gets underway. One member of the accounting or finance team should not complete the annual budgeting process in secret. Instead, all company departments should participate in the discussion and offer their opinions, insights, and projections for the upcoming fiscal year.
One of the most crucial financial aspects of a business is creating an annual budget, but this step is frequently skipped. Planning a company's budget is a crucial task that is frequently overlooked by small and midsize businesses.
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