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Authors
Dr Onomuhara Oke Godwin
DEPARTMENT OF ACCOUNTING
FACULTY OF SOCIAL AND MANAGEMENT SCIENCES
Igbinedion UNIVERSITY, Okada
AND
Dr ISEREMEIYA COMFORT
Department of Accounting , Ambrose Alli
University, Ekpoma, Edo state
Abstract
This study assessed the effects of budgetary control on the financial performance of selected manufacturing companies in Nigeria. A descriptive research design was used in this study.The specific objectives include to determine the effect the budgeting process (i.e. strategic goals and objectives, revenue generation, finance strategy and execution) on business firm performance, to evaluate the relationship between budgetary planning, implementation and control on business firm performance, to ascertain the challenges related with budgeting and budgetary control on business firm performance, to appraise the impact of budgetary control techniques on the working performance of employees in Guaranty trust Bank Plc. The period covers 2018– 2023. 171 responses selected were based on stratified sampling. Descriptive analysis was used to analyse the responses biographic data, while multiple regression was used to assess the responses. The result shows that budgetary process, budgetary planning, implementation, challenges experienced by managers during budgeting and budgetary control has a significance effect on business firm performance. The study concluded that the financial managers or their equivalent are involved in the budget setting process, the financial manager or the equivalent are sensitized on the budget control process, each department prepares a budget prior to the overall budget, all the stakeholders to the budget are involved, all departments are always involved in the budgeting process, approved budgets are shared with all departments and that, leadership and support is given to all the subordinates throughout the budget by managers.
Keywords– Budgeting, budgeting control, planning, organisation, budgeting process.
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