The Features of Budgeting in IT Companies

Abstract

Budgeting plays an important role in managing the finances of an IT company, as it allows you to plan and control costs, make informed financial decisions, and achieve your goals. The purpose of the study is to consider the features and problems faced by an IT company during budgeting, and to develop proposals for improving the budgeting process. The article draws attention to the consideration that budgeting is a tool for planning, control, optimization, forecasting, and ensuring financial stability. It is determined that budgeting can be an important tool for making strategic decisions, assessing risks and identifying opportunities for growth and development. The need to take into account the changing technological environment and rapid changes in the market when developing budgets is emphasized. Improvement includes operating with up-to-date and reliable data for the most accurate and reliable calculations and forecasts. To do this, it is proposed to analyze large amounts of data, which allows you to obtain more accurate information forecasts and predict changes in the market. It is also proposed to conduct customer analysis – this allows you to study the characteristics of demand for more accurate revenue forecasting and the development of marketing strategies to attract new customers. Regular analysis of performance indicators and updating budgets involves flexible budgeting, which includes adjusting and revising budgets as needed. Under current conditions of uncertainty, it is proposed to develop budgets from scratch, which will avoid the negative phenomena of previous periods and take into account the prospects associated with the current period. Aligning with the company’s development strategy and integrating the strategic plan with the budget process allows management and teams to work towards common goals and resources.

Keywords

• budget
• budgeting
• it companies