Question

How is a strategic plan associated with the budgeting and fiscal process

Answer 1

Any organisation needs to have both strategic plan and budgeting as well. The plan basically lays out the goal or the way in which an organisation vision.

The initial steps in order to understand a business is to make an in depth analysis of including its Strength, Weakness, Opportunities and threat i.e. under which the organisation operates. The mission and vision of the business should be clear and focus on the Integrity, Seamless & Loyalty towards the business and to the customers whom they cater.

Budgeting gives an insight to the organisation on a regular interval levels. Budget is considered to be a benchmark for any organisation and then to monitor the actual performances of the company on the regular basis. Various companies are regularly monitoring the day to day performances against the budget which would lead to take the management better operational decisions leading to better efficiency of the company. The company benefits with this measuring platform and variances which are derived are taken care and budget is made in accordance with the industry practices.