It can be concluded after a detailed study about budgeting that it is a very crucial tool for any business organization in performance evaluation, operational planning, and strategy formulation, communication of goal and fixing goals which serves as a base for the control and working of the organization(Wetherbe and Dickson 1979). Despite the advantages and importance of the traditional budgeting in the organization, it has become a matter of great concern to abandon or abolish the traditional budgeting from the modern business in light of the recent external pressure from the capital market for accurate and timely information. It has been observed that traditional budgeting doesn’t render flexible operations, updated information and at the same time is a costly and a time consuming method. At the same time it also binds the organization for a year with the income list and budgeting expenditure which confines the flexibility of the modern firms. Hence, the firms must try and look for different alternatives for the process of budgeting which renders timely and accurate information. At the same time, they must be cost effective and doesn’t consume a lot of time.