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Budgeting is one of those subjects we had quite stayed away from, but in business, it’s an utter requirement. To prepare a reasoned and thoughtful budget, an accountant must start with a broad-based critical analysis of the most recent actual performance and position of the business by the managers who are responsible for the results. Then the managers make a decision on precise and concrete goals for the coming year. It demands a fair amount of management time and energy. Budgets should be worth this time and effort. It’s one of the key components of a manager’s job.