Jerry's Ice Cream knows that a good budget is the result of consulting with all levels of the company and having a well-rounded budget committee to prepare the master budget. As a planning document, it is essential that all levels of the company share in the creation of the master budget and are prepared to fully implement it.
Budgeting is vital to the planning and controlling phases of the management cycle. For a company that ends its fiscal year on December 31, the budgeting process may start as early as August. Read section 9.2 to learn more.