Planning covers all parts of the value chain in a commercial organization: procurement, production, sales. For comparability and identification of the significance of each factor in the creation process new value(materials, labor, information, etc.) it is carried out in cost terms. In foreign literature, planning based on monetary measures of costs and results is usually called budgeting.

Budgeting allows you to:

• - coordinate the activities of the unit within the company and subordinate it to the overall strategic goal;
• - specify the tasks assigned to the departments, and then analyze the state of affairs for the current period by comparing planned and actually achieved indicators;
• - implement a business management system based on deviations, similar to an automatic control system in technology;
• - find out who is responsible for the violation of the work schedule, exceeding the budget and who achieved savings, and create a system of incentives in the organization to achieve the short-term, medium-term and strategic goals of the company.

At the feasibility study stage, the project is considered as a mini-company that does not attract external financing. For it, for each year of the forecasting period, annual budgets should be developed that characterize the flow of funds.

Capital budget and operating budget

We will consider a conditional example of forecasting budgets for a net flow Money project.

Forecasting the flow of project funds is associated with a high degree of uncertainty, which grows as the forecast horizon expands. For the purpose of justifying investment decisions, the forecast interval is one year.

Below we will consider a conditional example of forecasting project budgets.

Preparing the project capital budget

In this course work an assumption has been made: the entire volume of capital expenditures in fixed and working capital is carried out in the zero planning interval. In the zero interval - the entire preparatory stage for launching the project.

The total capital expenditure budget includes the research and development budget (R&D budget) and the capital investment budget.

The R&D budget includes costs for research, development of new products or production technologies that constitute the goal and content of the investment project, which are summarized in the following groups:

• - meeting qualitatively new needs;
• - increasing the quality of meeting existing needs;
• - reducing costs to meet needs;
• - expanding the scope of meeting needs;
• - maintaining the existing scale of meeting needs (updating and replacing equipment).

R&D costs are calculated according to estimates or in aggregate, through standards (percentage of sales volume, percentage of operating profit, etc.).

The result of R&D is the creation of design and technological documentation that allows the production of a new product or process. The costs of creating such documentation are classified as capital, which will be recouped by net income from the sale of new products or processes. In knowledge-intensive industries (aviation and space instrumentation, automation, telemechanics, communications, etc.), the share of R&D costs in the price of products is quite high. It decreases if the sales volume of high-tech products increases. Therefore, only large companies with large sales volumes can afford high R&D costs.

In this course work, the budget for R&D expenses (in rubles) is presented in the form.

It should be kept in mind: if a new technology is transferred by a developer of a company to a buyer, then the author of the development can negotiate with him the amount of royalties - constant (rent) payments of part of the income in favor of the developer. In this case, for the user new technology the costs of its acquisition will be taken into account as a stream of payments as part of operating costs or from profit. In this work, this calculation option is not considered. It is accepted that R&D costs are included in the 0 forecast interval as part of capital costs in the amount of 500 rubles.

The overall capital budget for a project includes long-term investments that will be paid back by net cash flow from operating activities.

When calculating the indicators, the following assumptions were made: a) R&D costs in the amount of 500 rubles. are taken into account as capital expenditures in fixed assets; b) the capital budget includes costs of fixed capital in the amount of 4270 rubles. and working capital costs - 930 rubles. Working capital costs are taken at a level not lower than half the annual requirement for working capital in the first forecasting interval according to the data. They are necessary in order to launch and support the project until the moment when operating costs are recouped by sales revenue. If the investment does not take into account the working capital needs of the project, then the project will not have enough funds to finance operating costs until sales revenue (revenue flow) reaches a level that allows them to be financed.

It should be noted that the capital budget can be drawn up quite reliably. Therefore, all its parameters are related to the current time period (interval 0), for which prices, cost volumes and other indicators necessary for calculations are known. Determining the indicators of future planning intervals is associated with the need for forecasting, and therefore with probabilistic estimates of their values. The wider the forecast horizon, the higher the uncertainty of future values ​​of project indicators.

Project operating budget forecasting

Operating activities refer to the main activities of companies.

The operating budget reflects the production and non-production (sales and administrative) aspects of the business.

The operating budget includes: sales budget, production budget (budget of direct material costs, budget of direct labor costs, production overhead budget), budget of sales expenses, budget of administrative expenses.

The operating budget includes variable costs, which depend on output, and fixed costs, which are almost independent of output.

Project sales budget

The sales budget includes forecasting cash receipts from the sale of goods and services. It is assumed that during the year under review all goods sold will be paid for by buyers. In other words, the entire volume of accounts receivable from customers is repaid by the end of the year. In table Figure 3 shows the projected schedule of expected cash receipts from sales.

Forecasting the sales budget involves solving the most important strategic issues of the project - about goods and markets: which ones to sell, where and at what prices. This issue addresses the challenges of dealing with competitors who are closely monitoring changes in the controlled market share of the industry. Companies are reluctant to get involved in price wars, but they prevent competitors from expanding sales.

The sales budget characterizes the main revenue stream, which determines the return on funds invested in the project. To forecast it, marketing research is carried out, including forecasts of sales volumes, prices for goods and services, taking into account the response actions of potential competitors in various market segments. The work examines the sale of one product in one market.

Production budget

The production budget is usually prepared in physical units product measurements. It must take into account the sales budget, increases or decreases in inventory finished products per year and the utilization of the project’s production capacity. In table 4 shows the production budget forecast, pcs. in kind.

The stock at the end of the planning period is 10% of sales in the next year, and the balance at the beginning of the period is equal to the balance at the end of the previous period. In our example: changes in inventories over time occur in the 1st and 2nd intervals so that during the operation of the project there is a stock of 10 pieces in the finished goods warehouse. finished products.

When forecasting the production budget, on the one hand, it is necessary that the workload of workers and equipment be full, and on the other, it is necessary to take into account how the company satisfies consumer demand. It can work for intermediate consumers (distributors, wholesalers) “from the assembly line” or for the final consumer “from the warehouse”. In the latter case, the company needs to accumulate stocks of finished products and use them to meet peaks in demand (pre-holidays, seasonal peaks, etc.). In our example: the company satisfies consumer demand “from the assembly line”. The capacity utilization of the project, operating in a stationary mode, is constant and quite high - 0.9 (reserves of used capacity are 10%). In the steady-state mode, which begins in the 3rd interval, the project reaches its design production capacity. There is a constant stock in the finished goods warehouse - in the amount of 10% of sales volume in a stationary mode. It should be borne in mind that an increase in inventories reduces the profitability of the capital associated with the project, but reduces the risk (probability) of violation of the delivery schedule. Inventories of finished products in the warehouse counter the risks of potential losses in cases of their occurrence (equipment failures, strikes, actions of competitors, etc.).

Budget for direct material costs of the project

Forecasting of production needs for basic materials and components and their stocks in the warehouse is summarized in the budget of direct material costs for the project.

Calculation of purchases of basic materials and components is carried out according to the formula:

Purchases = Production volume + Desired stock in the warehouse at the end of the year - Stock in the warehouse at the beginning of the year

Calculations according to the form are carried out for each type of basic materials and components required for production, and then summed up.

When predicting indicators, the following assumptions were made:

• a) The stock at the end of the period is taken in the amount of 10% of the needs of the next period, at the beginning of the period - equal to the balance at the end of the previous period.
• b) basic consumable materials are paid for throughout the year. In other words, accounts payable to material sellers are settled at the end of each year.

Stocks of basic materials and components in the warehouse act as reserves that make it possible to smooth out disruptions in the production process (losses from defects, etc.) and the potential losses associated with them.

Direct labor budget

The direct labor budget involves forecasting labor time requirements for manufacturing products and estimating the cost of direct labor costs.

In general, to establish the cost of direct costs of basic materials and direct labor costs, the design and manufacturing technology of the product is required. The design and technological documentation specifies the norms for the consumption of materials and components, the norms for the consumption of labor costs by type of work (procurement, mechanical, assembly, etc.), the qualifications of workers and the corresponding qualification standards wages. At the investment justification stage, these calculations are carried out in an aggregated form. When drawing up a business plan for a project, calculations are made more accurately.

Project Manufacturing Overhead Budget

The production overhead budget includes production costs other than direct material costs and direct labor costs: payment of auxiliary repair workers servicing equipment, transport, costs of auxiliary materials, energy, fuel for technological purposes, etc. The production overhead budget includes constant and variable components. Variable Manufacturing Overhead Rate = Variable Manufacturing Overhead Rate Direct Labor Hours Required

The fixed component of costs does not depend on the volume of output and includes: depreciation, costs for lighting, heating, security, etc. When predicting indicators, the following assumptions were made: a) the rate of the variable component of production overhead costs was taken at the rate of 1 ruble for each hour of primary labor costs . This standard corresponds to existing industries of a similar profile as the project under consideration; b) the constant component of 600 rubles includes an annual depreciation charge of 300 rubles, however, since depreciation does not cause an outflow of cash, it should be deducted from the total overhead cost when calculating payments for overhead costs; c) payments for overhead invoices are made in the same period in which they are incurred.

Project sales budget

The project's sales budget includes expenses for marketing, product promotion and product sales. It is forecast in the format of variable and fixed costs.

When forecasting indicators, the following assumptions were made: a) variable sales costs (transport, loading, unloading, etc.) per unit of products sold are 1 ruble; b) fixed sales costs (sales workers’ compensation, maintenance and rental of retail and warehouse space, advertising, etc.) amount to 100 rubles. during the period; c) payment of sales expense accounts is carried out in the same period in which they arise.

Project administrative budget

The budget for administrative expenses depends on the organizational structure of the company implementing the project, and, as a rule, includes the costs of the administration of business units and the maintenance of the company's head office (administration remuneration, rent and maintenance of space, travel expenses, etc.).

When forecasting indicators, the following assumptions were made: a) administrative expenses per unit of products sold are 1 rub. (according to companies of related profile and structure); b) the constant component of administrative costs (maintenance of the head office, remuneration of administration, accountants, employees, etc.) is 200 rubles / year; c) payments for administrative expenses are made during the periods of their occurrence.

Processes Accounting for contracts and operational accounting Registration of the planned cash receipt schedule Recording the fact of cash receipt Formation of a cash expenditure plan in the context of contracts with counterparties and suppliers Recording the fact of cash expenditure in the context of contracts with counterparties and suppliers Generation of reporting Divisions PEO Finance Department Management of R&D contracts

PUP Stages Contracts for the UZSR project stage Contracts with suppliers and co-executors Stage financing Plans and reports on counterparties plan\fact of financing fact of spending funds Project accounting documents OU (automated generation according to the terms of the contract) spending plan is automated according to the terms of the contract with the counterparty Banking documents financing plan Management R&D agreements General scheme of work Cash documents Agreement with the general customer Stages of the contract Payment schedule Stages of the contract Delivery schedule Payment journal fact of payment Outgoing invoices for payment Incoming invoices for payment Acts of transfer of work / services Acceptance certificates of work / services, payday payment plan automated generation automated generation Plan Fact to previous slide

Management of R&D contracts Contracts Cards of contracts Contract stages Catalog classifier Contracts are an end-to-end documentary section of the system for maintaining contracts with the general customer (GC), contracts with co-executors and suppliers (SC), general business contracts. Document flow diagram

Management of R&D contracts Contracts with civil procurement - payment schedule Payment log planned payment For each stage of the contract, it is possible to generate a payment schedule From the schedule position, it is possible to generate a planned payment The generated planned payment is automatically reflected in the financing schedule for the corresponding stage of the project Document flow diagram

For project stages, the ability to generate scheduled payments is available in the Payment Journal section. The totality of planned payments generated from a stage is the financing schedule for the stage. R&D contract management Project stage financing - plan Document flow diagram

Management of R&D contracts Contracts with civil procurement - generation and payment of operational documents actual payment Payment log For each stage of the contract, generation of invoices for payment, invoices (acts of work performed) is available. Depending on the degree of automation, the operational document is closed with the actual payment, generated manually from the document or automatically when the bank/cash section is operating, the generated actual payment is automatically reflected in the financing schedule for the corresponding stage of the project Document flow diagram

From the Projects section, an agreement with the general customer can be formed... ...after this it becomes possible to generate invoices for payment from the Project Stages section (in addition to the standard function of generating invoices of the UZSR module) Characteristics of payment documents that closed the account The list of invoices issued from the project stage is available directly from section Projects Management of R&D contracts Project stage financing - fact Document flow diagram

The fact of receipt of funds for the stage ... ... for each year of the stage ... for each month of the year Actual payments that closed the accounts of the project stage are reflected in the Stage Financing tab Management of R&D contracts Financing of the project stage - fact Document flow diagram

Management of R&D contracts Contracts with space companies - generation and payment of operational documents For each stage of the contract, the generation of incoming invoices for payment and invoices (work acceptance certificates) is available. Depending on the degree of automation, the document is closed with an actual payment generated manually from the document or automatically during the operation of the bank section / cash desk (it is possible to use requests for payments) The generated actual payment is automatically reflected in the schedule for spending funds at the corresponding stage of the project actual payment Payment log Document flow diagram

From the Projects section, the user has access to an extensive set of operational accounting functions... ... invoices and certificates of completed work Registration of invoices under an agreement with a counterparty or supplier... Agreements with counterparties and suppliers tied to the project stage Management of R&D contracts Plans and reports for counterparties Document flow diagram

In the context of contracts with counterparties and suppliers Plan, automatically, based on the terms of the contract (amount, terms, procedure for payment of advance payment and settlement) Fact, automatically, based on actual payments under contracts, in real time, after recording the fact of payment in the system, with the ability to go to the Payment Journal Management of R&D contracts Plans and reports on counterparties Document flow diagram

Purpose A subsystem that ensures the formation of budgets of a user-defined structure, based on system credentials, using calculation algorithms developed by the user. Consolidation of planned and actual financial data of the accounting system in a comprehensive presentation model, in the context of user-defined items Formation of budgets Positioning

Formation of budgets Possibility of setting up an arbitrary budget structure (including multi-level) Support for plug-in algorithms for calculating budget items Detailing of budget items, from the point of view of the system documents included in them Interactive recalculation of items Possibility of creating a budget with a daily or monthly set of columns Tracking budget execution Several budgets in one billing period as of different dates Automatic calculation of deviations for budget items relative to previous states Approval and control of compliance with cost limits for a certain period (use as a source of limits in Payment Requests) Uploading budget data in a specified format for integration with head office budgeting systems organization/holding Publication of budgets in the WEB interface of the system Formation of budgets Opportunities

Formation of budgets Basic scheme of work Publication and reporting Hierarchy of articles with daily columns Hierarchy of articles with monthly columns Links to system documents included in the calculation of articles Generated budgets Budget structure, actual parameters for the formation of budget items Formal description of algorithms for the formation of budget items Algorithms for calculating budgets Budgeting Articles (daily ) Elements of income and expense, cost items Budget settings UDO_PKG_FINPLAN_UTILS.CALC_% Calculation algorithms implemented in PL/SQL Document types Articles (monthly) Detailing MS Excel WEB interface

Daily budgeting Actual payments Payment orders Planned payments Monthly budgeting BDDS (01) (plan) BDDS (02-12) (plan - fact) Payment log BDDS (daily) (plan - fact) Operational accounting Applications for payments Accounting Information about limits by item, to make a decision on payment of the application Payments Monthly reformation (monitoring compliance with the planned budget - annual limit) Daily reformation (monitoring compliance with the monthly limit) Information about monthly limits by item, for daily monitoring of their compliance Payments Formation of budgets Place in business processes ( using the example of BDDS)

Plan - fact budgets Replanning modes Without replanning Proportional Sequential Modes for calculating planned indicators Recalculation Using the last budget as a source of planned data Using the first budget as planned data Formation of budgets Features of the algorithms

Linking to project codes Item (receipt) Plan Fact Budget settings Projects / Stages Financing schedule Payment log (planned payments) Item (expense) Plan Fact Plan at cost Payment log (actual payments) Incoming invoices for payment Invoices for payment Receipt invoices / Receipt certificates works (services) Expenditure invoices / Certificates of completed work (services) Agreement with the general customer Agreements with counterparties and suppliers of materials and design documentation Formation of budgets Data sources - BDDS (custom accounting) Plans and reports on counterparties Document flow diagram

Formation of budgets Setting up a budget Publication settings Validity period of settings Detailed period Budget type Budget items Linking an article to an algorithm (one of the standard ones) Linking algorithm parameters to a project (order), as well as a STC item, direction of income / expenses, counterparty

Practice has developed a number of standard approaches to determining an organization’s R&D budget:

• as a percentage of sales volume;
• based on comparison with competitors’ budgets;
• based on the average size of the R&D budget for the industry;
• take as the base the average size of the company's budget of the previous period and increase it by an amount equal to the internal growth rate of sales volumes in the current period;
• estimate R&D costs to achieve specific goals for creating products and increase the share of the budget (in%) for independent research;
• allocate a budget in an amount justified by research personnel, provided that its amount is within the financial capabilities of the company;
• based on the correspondence between the volumes of R&D and other activities of the company.

An analysis of possible approaches shows that any method of formally determining the total R&D budget is inaccurate, and its use shows that the company does not think about its real needs. Of course, finding out the R&D volume of competitors and then setting this volume for yourself should not be considered an effective solution. Asking researchers how much money they need is also not reasonable unless the amount is linked to the company's goals and strategy when they establish overall needs. If this is done, then management can analyze the results based on appropriate standard approaches.

The assumption of relative proportionality between future sales and research expenditures may not be correct. A company's commercial success as a result of significant improvements in products and manufacturing processes does not always increase in proportion to its R&D budget. Moreover, a large volume of sales can be obtained from the sale of products for which research costs were insignificant, and vice versa.

However, if research expenditures can be linked to their potential impact, this will provide a good basis for determining the size of a significant portion of the budget. However, this method cannot be used to determine the share of the budget for basic research that can significantly improve the company's position, or the amount of allocations to satisfy the independent creative interests of scientists in laboratories.

The answers to the following questions may influence the size of your R&D budget.

1. What is required to achieve the company's long-term goals?

If a company has a long-term planning program, its long-term goals are defined and, therefore, the amount of required R&D expenditures to achieve them can be estimated. There is an “ideal” amount of R&D that can be calculated and which, if done, will impact the overall budget amount.

2. Is the company able to finance the amount of research required?

If a company is temporarily experiencing financial difficulties, then the size of the “ideal” budget may be reduced. This decision should be made after careful consideration. The desire of firms to cut costs during a downturn in business activity is justified, but not with regard to R&D expenses. R&D budgets must be stable enough to maintain the rhythm of this activity and maintain the required composition of scientific and creative personnel. Otherwise, the company irrevocably loses the funds already spent on R&D and reduces the chances of its further development.

To support the interests of scientists and engineers in the company's R&D programs, it is advisable to slightly increase the volume of basic research. Currently, for industry as a whole this volume is very small.

Exercise 4. COMPARATIVE GRADE FORMATION METHODS BUDGET R&D

The assignment proposes using a practical example to compare the methods used for forming a company’s R&D budget. As an example, the activity involved in the production of building materials is considered. The structure of this company includes an R&D division, the main goal of which is research, development, testing of new materials and structures, and improvement of their properties. The budget for this unit is assessed and approved annually.

Methodical instructions

1. Method intercompany comparisons

The essence of the method is to analyze the R&D costs of competitors based on the ratio of R&D costs to the total turnover of the competitor company.

The corporation's main competitor, RemStroy OJSC, produces approximately the same range building materials. The percentage of R&D costs in relation to turnover is 4.6% according to official information (for the previous period), which is 1.8% more than at OJSC MenStroy (2.8%). Therefore, the corporation OJSC MenStroy decides to increase funding for the R&D division by 2% for the future period, and to direct this increase to the development of promising, but not directly related to the goals of the corporation projects. Thus, the R&D budget for the future period is set at 4.8% of the turnover amount. In the future period, turnover is planned in an amount equal to the current one (180 million rubles), adjusted for the inflation rate (12% per annum).

Thus, R&D expenses will be 180 * 0.048 * 1.12 = 9.68 million rubles.

2. Method permanent relationship To amount turnover

The essence of the method is to analyze the ratio of R&D costs to the company’s total turnover for a number of past years.

OJSC "MenStroy" has established a constant percentage of R&D expenses from the amount of turnover in the amount of 2.8%; accordingly, the R&D budget for the planned period is calculated from this indicator. The company's turnover is planned at 180 million rubles, adjusted for the inflation rate (12%).

Thus, R&D expenses will be 180 * 0.028 * 1.12 = 5.64 million rubles.

3. Method permanent relationship To arrived

The essence of the method is to analyze the ratio of R&D costs and company profits for a number of past years.

Other expenses are projected to be 250,000 rubles.

Table 6 Are common expenses By project D

Expenditures	Total on topic
Materials
Special equipment for scientific work
Basic salary
Additional salary
Contributions for unified social insurance
Costs of work performed by third parties
Other direct expenses
Overheads

Table 7 Calculation costs By stages Topics V section articles calculations

	Materials	Special equipment	Basic salary	Additional salary
Continuation tables 7
		Other org.	other expenses	Overhead expenses

PROJECT BUDGETING SYSTEM IS AN ESSENTIAL COMPANY MANAGEMENT TOOL

Kovshikov Egor Mikhailovich
South Ural State University

annotation
This article discusses the problems of organizing the management of medium-sized enterprises. Analyzed characteristics management of the company using a project management system. The main steps in managing an organization are considered.

THE BUDGETING SYSTEM OF THE PROJECT - AN ESSENTIAL TOOL FOR MANAGING THE COMPANY

Kovshikov Egor Michailovich
South Ural State University

Abstract
This article describes the problems of the organization manage medium-sized enterprises. We analyzed the characteristics of the management company's project management system. The main steps in the management of the organization.

Bibliographic link to the article:
Kovshikov E.M. The project budgeting system is an integral tool for company management // Economics and management of innovative technologies. 2015. No. 12 [Electronic resource]..02.2019).

Choosing the optimal management system is an important factor in increasing the efficiency and survival of a company in modern market realities. There is no universal methodology and tools for companies of all forms of organization and fields of activity. Of particular interest from the point of view of the criticality for the company and the lack of research and developments in this area is the practical methodology of the management system of a project-oriented high-tech company. One of the specific tools for company management is project budgeting.

Project budgeting is the determination of the cost values ​​of the work performed within the project and the project as a whole, the process of forming a project budget containing the established distribution of costs by type of work, cost items, by time of work, by cost centers or by another structure.

Project budgeting is the process of combining and grouping cost estimates for individual activities or scope of work to create an objective cost baseline.

Budget input and output data in Figure 1.

Figure 1 - Budget determination: inputs and outputs

Project budgets represent the funds allocated to complete the project. The implementation of project costs is compared with the established budget.

Due to the fact that the project is the main building block and management element in the company, the project budgeting system integrated into the project management system and the company management system can be considered as a basic management tool.

The company's budgeting system, consisting of eight levels, is presented as a diagram in Figure 2.

Figure 2 – Company budgeting system

Level 1. Strategy. The company's strategic council determines key development goals. The main business areas are identified as profit centers, for example, the design of technological communication and industrial automation systems, the development of software for digital radio communication systems. Each business area receives a top strategy and then a strategic plan is developed.

Level 2. Forecast base, income budget. To plan income for each of the company’s activities over a horizon of several years (budget of income and expenses, cash flow budget), a database of forecasts of shipments and receipts was created.

Level 3. Project budget, direct cost budget. The project budget system plays the most important role in operational work. Since the implementation of projects in the field of development and production of communication systems is the main activity of the company. The totality of project budgets forms the revenue side of the budget of income and expenses, and the totality of costs of specific projects forms the budget of direct expenses of the company. At the level of the project budget base, the company's planned marginal profit is prepared.

Each project manager has limited access only to the budgets of his projects, and those, in turn, can have several scenarios, only one is approved. Without approval, any expenditure on the project is prohibited. The company has set profit standards, and the manager can himself determine the percentage of profit and the output cost of each position and the project as a whole. After completing the project, he closes the budget, prepares a project report and receives a bonus.

Level 4. Departmental budgets. Heads of departments, based on the company’s strategy, formulate and defend at the strategic council a three-year development plan for the department and budgets in several versions (optimistic, realistic and pessimistic).

Level 5. Investment budgets, R&D budgets. The company has a set percentage of net profit that is allocated to investment expenses and R&D projects, and within the allocated limits, the directions of investment for the year are determined. Department heads determine the need for investment budgets. And at the level of business areas, the need for new developments is identified, a business plan and budget for the R&D project are formed. Investment costs are included in expenses through depreciation.

Level 6. Other budgets. Other company budgets include, for example, a depreciation budget, an operating income budget, an operating expenses budget, and a tax payment budget.

Level 7. Payment calendar, payment requests. The payment calendar is the basis for the formation of the actual cash flow budget. On its basis, planned cash receipts and expenditures, possible cash gaps, and the need for credit resources are analyzed. The system reflects planned and actual data on cash flows. Requests for payment are generated in relation to items of the project budget, department budget or other budgets. Cash flow planning takes place over a three-month horizon. Checking compliance with established limits, generating payment orders and unloading incoming payments occurs automatically.

Level 8. Final budgets of the company. All the budgets described above are consolidated, which allows you to quickly generate final budgets: budget of income and expenses (by company, by direction, by office), cash flow budget, balance of resources.

The general algorithm for the concept of building a project budgeting system in a company allows you to determine where to start, in what sequence to act and what elements need to be analyzed to make a decision on implementing a project budgeting system in a company (Figure 3).

Figure 3 – General diagram of building a project budgeting system in a company

The project budgeting system is tightly tied and overlaps with the company's core business processes. Only a clear understanding of the company’s business processes will allow us to build an optimal project budgeting system. The project management process, as the basis for the company, requires special attention, structuring and understanding.

The presented algorithm also allows us to obtain a visual picture of a multi-level system for constructing project budgeting and includes the main elements of the budgeting system.

In conclusion, it can be noted that the achievement of target results at all levels of company management, the flexibility and competitiveness of the company in market conditions depends on the correctly selected, constructed and implemented company management system.