Proceedings of The 8th International Conference on New Ideas in Management, Economics and Accounting
The Economic Impact of Budgeting amidst COVID-19 Pandemic
The purpose of this research review is to identify the economic impact that the COVID-19 pandemic has on business’s budget. Problem is, almost all of it shows no positive impact because budgeting is a significant factor in running a business, and hence it affects businesses in a negative way in a COVID-19 crisis. Results from the surveys conducted help to justify that such outbreak does affect projects or business budgeting or the business itself negatively, and that it prevents businesses to operate and perform at the most optimum level. Budgeting, one of the management tools used by businesses, is the process where these businesses establish a plan on how they would like to spend their money. This technique helps these businesses in decision-making because budgeting is the process where business estimates their finances for their upcoming future period and thus, able to plan their operations. However, it is necessary that the economic impact of budgeting is require to study such in a present scenario of COVID-19 Budgeting.
Keywords: Economic Impact, COVID-19, Budgeting and Pandemic.