Question: rewrite...A budget is really the most basic step in taking control of your financial future. Your budget helps you discover where you are spending your
rewrite...A budget is really the most basic step in taking control of your financial future. Your budget helps you discover where you are spending your money and make necessary changes so that you stop overspending. The Goals for your specific budget of your department are listed below:
Make the budget accurate: Your budget you are developing should be accurate. The expenses and the cost and standards performed should be attainable and should be able to reach by everyone in the organisation.
Track the expenses: You should be able to track your expenses. Your expenses should be in line with the standards and the cost you have already aligned to that in the planning of the budget.
Balance your assets and liabilities: Try balancing the liabilities and assets figure or the debit or credit figure in your budget the same. More debit or more credit is not good. A balance should be maintained.
Cost Effective: Try to be cost effective. Use the resources to minimise the cost and maximise the profit.
Controlling: At last, control your expenses to the maximum. Try controlling the waste and products, energy and resources and make and use the optimum utilisation of every resource.
Budgeting objectives are the objectives for which the budget for any department is any prepared. The budgeting objectives for our department are:
Measuring performance: Our budget is prepared to measure the performance of the employees as they are working as against the standards allocated for them or not.
Allocate resources: The budget is also used to allocate the right resources to the right places to make the most efficient usage of those resources.
Projected Cashflows: The budget is also used to display the projected cashflow for the business or the organisation that the enterprise is having right now to attain the debts and other liabilities for which it could meet them off anytime.
Budgeting strategies are the strategies which are used to achieve the most profitability in the department or in the organisation. Different types of strategies that can used for preparing the budget would be:
Departmental strategies: All the strategies and policies designed to make the department work and perform the best as compared to other department are called departmental strategies.
Employee strategies: All the strategies and policies that are designed to make the employees work more and more effectively and efficiently to achieve organisational and personal goals are called employee strategies.
Promotional strategies: All the strategies to promote your budgeting ideas or the ideas of your organisation to other organisation to make them also follow the same policy or framework are promotional strategies.
Action Plan that I would like to follow up would be of Employee strategies. To make employees work more and more, best qualitative and quantitative incentives should be added in their compensation and reward policies to make them lure and work better to achieve them.
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