Question

Who should be involved in the budgeting process? Who is responsible for ensuring the budget is met monthly, annually? How might this differ between organizations/industries? Describe why ethics are important in the budgeting process.

Answer 1

Answer)

Program or executive directors,the development department and the Board of Directors should be involved in the budgeting system.The Program directors leading from the front observes the changes in the environment and capable of allocating resources to the organisation.The Development department involvement may represent the better cash flow estimations. The board of directors are the one who should approve the budget based the performance of the organisation.

The respective departments staff like production department,sales department etc must held responsible for ensuring the budget is met monthly or annually as they are person who involve in the operations of the respective departments.

Not every budget fits for every organisation.The budget may change by size of organisation,the strategy that such organisations follow ,the market which the organisation, the industry it is in etc

Ethics are needed when budgeting to avoid any issues like conflicts of interest,legal issues,moral issues etc.A budget must be able to make choices the makes the organisation raise its mission, vision, and other goals in ways that financially substance with ethical approach.