Reconstructing Enterprise Budgetary Control under Big data and Cloud Accounting: A Theoretical Approach

Abstract

With the advent of the big data era and the widespread application of cloud accounting, data has become the key to creating more accurate budgets for enterprises. This forces many enterprises to rethink the suitability of their current budgeting systems in the context of modern developments. Enterprises may experience the drawbacks of traditional budgetary model when facing recurrent market fluctuations that are difficult to navigate. From the perspective of multidimensional definition of big data, this paper analyzes why traditional budgetary model is ill-suited to modern enterprises, reviews the development process of budgetary management theory both internationally and domestically (i.e., in China), and investigates the current situation of enterprises in the background of big data. leveraging the Balanced Scorecard (BSC)—a framework that effectively integrates enterprises’ strategic objectives with budgeting and the Hadoop platform, a tool for big data support and processing, this paper explains how to build database of an enterprise and data management center to help reconstruct overall budgetary management system, and help enhance inter-departmental collaboration to avoid the formation of data silos, through the combination of Hadoop platform and other technology tools. The latter part of the paper concludes by addressing critical challenges enterprises may encounter during the process of reconstructing the overall budgetary management system: blurred separation of duties and data quality uncertainties inherent to new computing paradigms.