Importance The importance of corporate budgeting techniques increased in the current economic situation in the national financial management. Corporate budgeting techniques pursue increasing the efficiency and financial sustainability of the entity by coordinating all departments and directing their activities to attain ultimate and measurable results. Objectives The objective of the research is to elaborate theoretical provisions of financial management, considering contemporary trends and patterns in budgeting techniques in Russia and abroad. I investigate the role and position of budgeting as part of corporate financial management, analyze and specify the conceptual framework of budgeting, examine classification of corporate budgets, identify the main principles of setting up budgeting systems, systematize key objectives in implementing budgeting techniques in the entity. Methods The research relies upon methods of structural, systems, comparative analyses, expert assessments, classification, and general scientific methods. Results Following the research, I propose my own definitions of budgeting and budget, systematize objectives and functions of the budgeting system, provide an extend a classification of budgets considering thirteen evidence of structuring that would facilitate examining the nature of corporate budgeting more precisely and figuring out the key principles of budgeting so to adjust the corporate financial management system and make it more efficient in the current business environment. Conclusions and Relevance Having studied and summarized the theory of corporate planning and budgeting and the relevant practical experience, I prepared recommendations for building a contemporary budgeting system that would make the entity more controllable and adaptable to internal and external changes, increase financial transparency and strengthen financial discipline of the entity.
Keywords: financial planning, budgeting, principle, objective, system set-up
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