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Forecasts of receipts and expenditures are often wildly at variance with reality changes to accounting practices are sometimes made for cosmetic political purposes and certain distinctions, such as those between capital and current expenditures, are frequently blurred deliberately.

As a result, governmental budgeting is frequently of lower quality than is the norm in the private sector. The accountability of government, even in a well-developed democracy, is in reality considerably less acute, or certainly less clear, than that of companies to their shareholders or individuals to their various creditors.

#Budget planning process professional#

Individuals who fail to budget adequately are equally closely monitored by bank managers and credit agencies, and those with complicated affairs can draw upon skilled professional help. The total indebtedness of a company is monitored closely by its shareholders, who are also critical of future forecasts of profits and growth.

#Budget planning process series#

Commercial practice is governed by a series of well-defined rules, and firms are required to produce a balance sheet, a profit and loss account, and to monitor their cash flow carefully. Government versus private sector budgetingĪlthough the process of preparing and discussing a national budget has progressed considerably during the 20th century, it is in a number of senses still inferior to the way budgeting is carried out by private sector companies or indeed by individuals. The mechanics of this process, and the relative roles of the two parts of government, differ considerably among countries. The budgetary process is the means by which the executive and legislative branches together formulate a coherent set of taxing and spending proposals.

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