What are the Common Challenges in Budget Management?
Some common challenges in budget management include:
Unrealistic Projections: Overestimating income or underestimating expenses can lead to inaccurate budgets. Changing Market Conditions: Rapid changes in the market can affect budget accuracy. Internal Resistance: Employees or departments may resist budget cuts or changes. Insufficient Data: Lack of accurate financial data can hinder effective budgeting.