What is a budgetary control system and what are its main benefits?

Asked on 10.12.2018 in All Questions,   Economics.
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A budgetary control system is a system of management control in which planned income and spending is compared with the actual income and spending, this allows for a business to see if the planned actions are being followed and whether those plans need to be revised to improve profitability. Such a system is crucially important to a healthy business; it is a method of observing and regulating expenditure and income. It is an important tool for a business; it can control the flow of cash since a good system monitors cash inflow and would flag-up any probable shortfalls so that corrective action could be taken. Such...
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