A video has been chosen for your enjoyment this week to cover the topic of budgeting....

A video has been chosen for your enjoyment this week to cover the topic of budgeting. Profit planning is an important process for any company. Discuss why a firm prepares a budget and how they analyze the ongoing performance. What advantages does a business have by going through the budget process? Be sure your response is at least 200 words.

Video can be found on YouTube:

Title- Forecast Accuracy: Is Forecast Variability To Blame Or To Be Exploited?

Published on Dec 16, 2011

Duration: (4:37)
User: costmatters - Added: 12/17/11

Expert Solution

ANSWER:

Firm prepares a budget:

1. Financial plan is utilized for arranging. Spending readiness is an intricate procedure. It constrains the administration to assess suspicions, accomplishments, abilities and possibilities and targets distinguished and outline a very much thought about game-plan. Association which plans spending plan can foresee issues before they happen and are better prepared to address them.

2. Financial plan is an apparatus for control. Financial plan depends on models and accordingly turns into a reference point to assess and take remedial activities. A spending which is all around coordinated with the bookkeeping framework and association structure improves control by allotting change to appropriate hierarchical sub-units.

3. Financial plan is motivational instrument. A spending which is seen a sensible can be a decent spark.

4. Financial plan is methods for coordination and correspondence.

Analyze ongoing performance:

Ongoing execution is investigated by doing change examination and boring fluctuations into assignable causes which helps concentrating on main problems and tending to them.

Advantages does a business have by going through the budget process:

Budget process is a piece of vital administration process. It operationalizes the vital activities to help accomplish the long terms goals/mission. It includes expand process and investment of all partners which acquires proprietorship and simplicity of usage to help accomplish long haul objectives of the firm. As expressed above it is an instrument for arranging, control, inspiration and correspondence and coordination.

ekkarill92 answered 1 year ago

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