Implikasi Penganggaran Kas terhadap Optimalisasi Kinerja Perusahaan: Systematic Literature Review
DOI:
https://doi.org/10.63217/efisiensi.v3i1.405Keywords:
Penganggaran Kas, Likuiditas, Arus Kas, Modal Kerja, Kinerja PerusahaanAbstract
Penganggaran kas merupakan instrumen manajerial yang menghubungkan perencanaan keuangan, pengendalian likuiditas, dan pencapaian kinerja perusahaan. Permasalahan utama bukan hanya bagaimana perusahaan menyediakan kas yang cukup, tetapi bagaimana menentukan tingkat kas yang optimal agar kewajiban jangka pendek dapat dipenuhi tanpa menimbulkan dana menganggur. Artikel ini bertujuan menganalisis implikasi penganggaran kas terhadap optimalisasi kinerja perusahaan melalui sintesis literatur mengenai pengelolaan arus kas, likuiditas, modal kerja, dan kinerja perusahaan. Penelitian menggunakan pendekatan kualitatif deskriptif dengan systematic literature review terhadap publikasi ilmiah periode 2021–2026. Hasil kajian menunjukkan bahwa penganggaran kas yang akurat memperkuat kemampuan perusahaan memprediksi kebutuhan likuiditas, mengurangi ketergantungan pada pembiayaan darurat, meningkatkan disiplin pengeluaran, dan mendukung kesinambungan operasi. Namun, hubungan antara kas dan kinerja tidak bersifat linear; kas yang terlalu rendah meningkatkan risiko likuiditas, sedangkan kas yang terlalu tinggi dapat menciptakan opportunity cost dan menekan nilai perusahaan. Temuan utama artikel ini adalah bahwa penganggaran kas perlu diposisikan sebagai sistem pengambilan keputusan yang dinamis, berbasis skenario, terintegrasi dengan pengelolaan modal kerja, serta dievaluasi melalui analisis varians secara berkala.
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