Budget Process & Planning Assignment Help
Consider your current company, or a company that you have formerly worked for, and describe and critique the budgeting processes that are used for that organization. If you do not have relevant work experience, use the GCU Library to locate an article on budgeting or forecasting and compare the process recommended by the article to that of the textbook.To participate in follow up discussion, ask questions and post comments regarding classmates'' posts or respond to follow-up questions posted by the instructor.
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Money and time both are very important assets to an organization. Effective planning should be there to utilize these two in a very effective manner. Not only planning control over these two resources is also an essential thing. In organizations, the management will use the budget as a tool to control and plan the resources that are available for them. The Analysis that is required for the budgeting process is first the organization should set its goals and list out their priorities to which they want to keep the budget, and later they also should think of the income they are earning per each month and from that income they should analyze how much they are spending from the income they get. The third step is they should capable of deciding what are their needs and wants in this regard they should be able to differentiate between the needs and wants and should give the priority to their compulsory needs which helps them to achieve their goal financially. The fourth step is they have to design their budget based on the above three steps. While designing a budget they should remember that money should not be spent more than that of what they have already planned. The fifth step is turning the plan of budget to action for example if you have some amount of money for transportation, shopping, etc.., then we have to spend only the money whatever we have planned should not exceed more than that. If this planning goes in a right way one can meet their seasonal expenses like paying school fee, buying uniforms, etc., in a cool way as we have already aside money for them and there is no need of keeping the bills pending or outstanding.
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