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Who should be involved in the budgeting process?

I strongly believe that every person in a business should be involved in some way in the budgeting process. Every person has a different view into what is going on in the business. That is where managers come in. Everyone should be talking to their manager and the manager will report to the higher ups and they create a budget. If everyone was not involved, then there would eb a tone of information that might be missed. So, each person might not directly have their hands in the budget making process, but they all play a part.

Who is responsible for ensuring the budget is met monthly, annually?

The CFO is responsible for making sure the budget is up to date and followed but it is once again the responsibility of the mangers and their employees to make sure their jobs are being done to keep up with the budget. Yes, there are specific people whose job it is to make and keep up with a budget but that would not work unless everyone does their part.

How might this differ between organizations/industries?

In a smaller construction business where there are less people than everyone would be on the same page with the budget because it is pretty much set before they start the project. An estimate is given and that is what everyone works around. In a company like a hair salon where each stylist rents a station and has to buy their own product then the budget is going to be different for each person and the salon as a whole.

Describe why ethics are important in the budgeting process.

Ethics are very important to everything in life. When it comes to budgeting it helps keep everything honest. With budgeting and any form of finance if everything and everyone is not honest people could end up in jail (like Al Capone).

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