Question

As the finance officer of a newly established printing shop,give a detailed write up on the budget process of an organisation taking into account the stages in the budget planning process, functions of budget and the administration of the budget process.

Answer 1

As a finance officer of printing shop. it is important to analyse what exactly budget process is, A budget outlines your association's financia; and operational objectives, so it might be thought of as an activity plan that causes you distribute assets, assess performances, and detail plans.

A budget is a basic piece of your field-tested strategy when beginning another business. When your business is set up, planning turns into an ordinary task that regularly happens on a quarterly as well as yearly premise, where past spending plans are looked into and spending projections are made for the following three or even five quarters or years.

Stages in the budget planning process:-

1. Preperation of the budget and submission of budget to the higher authority so that they can go through it.

2. Approval of the budget made

3. Execution of the budget in all areas of the organization

4. Audit and revaluation of the budget thoroughly in between the years.

Functions of budget:-

1. Public Policy document

2.Redistribution of wealth

3. Instrument of Economic Development

4. Instrument of Budgetary control