THE IMPACT OF BUDGETING ON FINANCIAL PERFORMANCE
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THE IMPACT OF BUDGETING ON FINANCIAL PERFORMANCE
This study aims to: (1) analyze the relationship between budgeting practices and financial performance, (2) identify the budgeting techniques that most significantly influence financial outcomes, and (3) evaluate the effectiveness of budgeting in financial planning. A survey design was employed to gather quantitative data from financial managers and accountants. Using Taro Yamane's formula, a sample size of 380 participants from manufacturing firms in Lagos was determined, ensuring a representative and statistically significant sample. The manufacturing sector was chosen for its complex financial structures and significant budgeting needs. The reliability coefficient score of the survey instrument was 0.88, indicating high reliability. Findings reveal that rigorous budgeting practices are positively correlated with improved financial performance, highlighting enhanced cost control, better resource allocation, and increased financial predictability. The study recommends that firms adopt comprehensive budgeting practices, regularly review and adjust budgets, and invest in training for financial personnel to optimize financial performance.
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