Budgeting is often mistaken as merely predicting future profit and loss. However, its role extends far beyond that, offering multiple benefits that support an organization's strategic goals. The Multifaceted Role of Budgeting 1. Planning Budgeting aids in planning the human, physical, and financial resources needed to achieve organizational objectives. 2. Coordination By setting a structured plan, budgeting ensures that all resources work towards a common goal, creating synergy within the organization. 3. Control A well-defined budget helps identify deviations from the plan, allowing for timely corrective actions to keep operations on track. 4. Authorizing and Delegating Budgets help allocate resources effectively, empowering leaders and managers to make decisions that align with strategic goals. 5. Performance Evaluation By comparing actual results with the planned budget, organizations can assess the efficiency and effectiveness of their resource utilization. 6. Communication and...