Budgeting Can Be an Important Management Tool If Implemented Properly. Identify Several Positive Results When Budgets Are Used Properly. Since Budgets Affect People, Identify Several Negative Aspects If Budgets Are Not Implemented Properly.
Budgeting can be an important management tool if implemented properly. Identify several positive results when budgets are used properly. Since budgets affect people, identify several negative aspects if budgets are not implemented properly. (20marks)
Identify several positive results when budgets are used properly.
1) Monetary Control
To implement a budget, it enables us to know more about finances control. A budget that give us a full idea on the amount of money that coming in and going out, and whether a budget surplus or deficit every month. An exact budget figure in result to empowering and assist us in decision making along with budgeting information. (Balle,2013)
2) Goal Setting and Planning
A set of proper budget enable a firm or in personal to financial goals in a better way. True plans can be made with an accurate image about financial situation. For example, a firm can likely to generate an extra capital towards certificate deposits of saving account. After a full review on your budget account, you can start to plan what kind of vacancies that offer higher pay to apply and determine a better way to develop a motivated positive action. (Balle,2013)
3) Saves Valuable Time
Proper budgets allow you to refer to your transaction without wasting time. Accurate in budget in other way means that a firm’s finances is well organized and well located in each place where they need to refer the financed information. (Marie,2009)
4) Opens Communication
Information can be exchange through the proper budget financial information with the assist in goal implementation, ideas generating and interaction. It tend to create attention on each activities that the firm’s operate and the overall operation. (Robert,1999)
5) Co-ordinating
To avoid mislead and build a better working organization by manager, a formal coordination system must be implemented. Yet, budget tend to provide financial information that enable every employee’s to know the direction of
Identify several positive results when budgets are used properly.
1) Monetary Control
To implement a budget, it enables us to know more about finances control. A budget that give us a full idea on the amount of money that coming in and going out, and whether a budget surplus or deficit every month. An exact budget figure in result to empowering and assist us in decision making along with budgeting information. (Balle,2013)
2) Goal Setting and Planning
A set of proper budget enable a firm or in personal to financial goals in a better way. True plans can be made with an accurate image about financial situation. For example, a firm can likely to generate an extra capital towards certificate deposits of saving account. After a full review on your budget account, you can start to plan what kind of vacancies that offer higher pay to apply and determine a better way to develop a motivated positive action. (Balle,2013)
3) Saves Valuable Time
Proper budgets allow you to refer to your transaction without wasting time. Accurate in budget in other way means that a firm’s finances is well organized and well located in each place where they need to refer the financed information. (Marie,2009)
4) Opens Communication
Information can be exchange through the proper budget financial information with the assist in goal implementation, ideas generating and interaction. It tend to create attention on each activities that the firm’s operate and the overall operation. (Robert,1999)
5) Co-ordinating
To avoid mislead and build a better working organization by manager, a formal coordination system must be implemented. Yet, budget tend to provide financial information that enable every employee’s to know the direction of