A Study on Financial Planning and Budget Management in an IT Company

Financial planning and budget management are essential for effective financial decision-making in IT
companies. This study examines the practices followed by Skandavel Webtech, focusing on Budget
Planning, Cost Control, Resource Allocation and Financial Forecasting. Data were collected from 100
respondents through a structured questionnaire and analyzed using IBM SPSS. Percentage analysis,
descriptive statistics, reliability analysis, Chi-Square, ANOVA and Pearson Correlation were used. The
findings show a positive perception of the company’s financial practices, with 76% positive responses on
overall effectiveness. The questionnaire showed excellent reliability with a Cronbach’s Alpha of 0.961.
The study concludes that effective budgeting, cost control, resource allocation and financial forecasting
contribute to better financial management and project performance.
Keywords: Financial Planning, Budget Management, Cost Control, Resource Allocation, Financial
Forecasting, IT Company.