Accounting for Managers

Paper Summary:

This paper discusses the importance of the budgeting process to the success of an organization and explains that while the implementation and operation of systems of budgeting and budgetary control are very time consuming, if done properly it is time well spent.

From the Paper:

"A budget is a financial or quantitative plan of operations for a forthcoming accounting period. Planning and budgeting are critical mechanisms of any organization because they are a means of translating
strategy into a consistent set of plans and points as well as a basis for objective assessment and alignment. Most of the organizations are controlled by a lack of resources. Government and private industry alike must decide in which activities to participate, and how much money should be allocated to those activities. In order to make these determinations, the annual budget is developed. Developed for individual departments, divisions, subsidiaries and the company as whole, budgets enable organizations to distribute resources across alternative uses."

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