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tations are still using the budgeting process in order to effectively manage different activities in an organization. Another limitation that is faced by the organizations regarding the budgeting process in an organization is that it is a fixed format that a firm needs to follow, the budgeted statements are restricted and the management needs to achieve its target according to the budgeted targets.

An organization needs to overcome these limitations and try to enjoy as much benefits as possible. Management can overcome these limitations by designing flexible budgets according to which budgets can be altered and can adjust according to the changes in the economic or financial environment. Management in order to reduce the wastage of resources as criticized by the financial analysts can use corrective active actions and reduce the variances as much as possible so that an organization can achieve results closer to its targets. Today as budgeting process has evolved and enhanced therefore management can achieve specific targets by developing specific budgets for example sales budget, overhead budget, operational budget and etc. Thus now managers can use budgets to achieve specific targets and can alter budgets through making changes according to the changes occurring in the environment.

Beyond Budgeting Round Table was initiated 10 years ago and the main aim of the conference was to help the organizations to adapt to the changing environment and replace the budgeting technique. According to Fraser and Hope (2003) there is more important thing beyond the budgeting performed in an organization and thus performing budgeting is not the last point of planning and controlling in an organization. A conference was held where many financial managers gave their view that there are many beneficial planning tools other than budgeting in an organization. The conference as a result gave an alternative tool for evaluating the performance of an organization. The conference gave its result that there is a better measurement tool than budgeting, they concluded that there is a better model for management than budgeting and provided methods to implement the new method. The new method designed by the conference contributors is as following: design a framework regarding the principles and boundaries for the management to achieve the objectives, develop a performance evaluations and rewarding climate so that all employees achieve the target assigned to them. According to the new model, employees at either low level or at a higher level should be provided with the power of making timely decisions according to the need of the environment and as per the goals or objectives of the organization.

The conference regarding the beyond budgeting round table also emphasized that in order to achieve the results create the environment of accountability in the organization. It is important that the management should make their employees accountable to the results faced by the department or the organizations as a whole. In order to overcome the limitation of budgeting that it leads to unethical behavior it is important that provide one truth in the whole organization so that everybody is treated equally. Many participants in the conference gave their view that budgeting was more of a commanding tool provided to the managers and other leaders本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。