Many companies face budgetary challenges on a continual basis. Two critical aspects that businesses lack when budgeting are effective control practices and monitoring.

Budgeting is essential to businesses, but it is not that simple to implement:

• What are some challenges and weaknesses that a firm may find in the budgeting process?
• What are some examples of effective monitoring and control practices, and how do they help address budgetary challenges?
• Discuss the role of the budgeting committee and its responsibilities