Modern approaches to budgeting: a comparative analysis

A dynamically changing market economy requires companies to change traditional budgeting methods. Classic annual budgeting is becoming irrelevant in conditions of high uncertainty. The pandemic and economic upheaval have only exposed the shortcomings of rigid budgets – many CFOs note that the time has come to seek alternatives that are more flexible. As a result, modern budgeting approaches have developed, allowing organizations to quickly adapt plans, manage resources more effectively, and maintain the alignment of finances with strategic goals.The purpose of this article is to examine these approaches, identify their advantages and limitations, examine their impact on strategy and implementation experience in companies (including Kazakhstan), and explore the role of digitalization in transforming the budgeting process.This article has high scientific and practical significance due to the fact, that some budgeting methods are insufficiently studied, and not reflected in modern research. Furthermore, the application of modern methods allows enterprises, particularly those in Kazakhstan, to choose ways to create effective cost accounting and control systems, where resource management errors can lead to a decrease in business competitiveness. Many Kazakhstani enterprises face challenges such as inefficient resource use and a lack of a systematic approach to planning. Under these circumstances, the implementation of effective budgeting methods becomes a key tool for informed management decision-making. This article addresses these challenges, highlighting its practical and theoretical significance. This research may be useful for companies seeking to optimize costs and improve financial discipline.

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