A discussion regarding the implementation of a budgeting process.
Written in 2006; 1,342 words; 4 sources; MLA; $ 45.95
Paper Summary:
This paper takes a look at the budgeting process. According to the paper, this budgeting process is more than an exercise in estimating numbers for its own sake. The paper discusses how budgeting is about strategic planning, which involves identifying business goals and objectives, and mapping out in tangible terms how those goals will be accomplished over time.
Outline:
Use of Budget Manuals
What are The Characteristics of a Good System?
Cash Flows
Variance Analysis
Evaluating Risk
Conclusion
From the Paper:
"Understanding the amount of cash that comes in and goes out of your company is one of the most critical steps in the budget planning process, because it provides an immediate view of how money is spent and if receipts are timely enough to cover expenses. For instance, Is the company taking advantage of vendor discounts by paying invoices earlier, or are too many customers paying on credit causing the firm to hold off on paying some of its own vendors, thereby losing discounts that can add up over time. Are visits to customers scheduled so that sales staff are available to customers at all times in the showroom? Are the full time carpenters sufficient to handle timely output? Would one additional full time person be more financially beneficial than using four on-call contractors? "
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