process essay- creating a budget
Process essay- creating a budget
Financial planning in an organization requires a well-prepared budget. However, some of the budget preparation procedures do not create a budget which is compelling and operational. They also fail to provide financial analysis of industries. A reasonable budget is a significant tool when it comes to the management of your company. many business owners see the budget as a method of controlling expenditures, but it has a wide variety of uses. Some of these applications include measuring your company progress, establish the profitability of different departments and services, measure the impact of proposed hires or investments and point out the inefficiencies. The purpose of this article is to educate various company owners on how to prepare a budget. Most of them do not know how to make budgets which leads to the development of faulty budgets. the education is therefore essential because it will assist them to avoid flawed mistakes in budget creation.
Keywords: Budget, planning, balance sheet, benchmarks, industry
The budget creation is essential for any organization because it assists in some areas such as financial planning. To ensure it works out efficiently the firm manager should follow some processes as stated by Carlson, Bethany and Palaveev, (58). These procedures include; appointing a business manager, dividing the company into departments, developing a working budget, preparing a compr…
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