Budget Preparation and Monitoring Procedure Assignment

Added on - 21 Jul 2020

  • 8

    pages

  • 1944

    words

  • 6

    views

  • 0

    downloads

Showing pages 1 to 3 of 8 pages
REPORT
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1CHANGES TO ACCOUNTING REQUIREMENTS.....................................................................1Data Collection...........................................................................................................................1REFERENCES................................................................................................................................2Research Methodology...............................................................................................................2Customer Segmentation..............................................................................................................2
INTRODUCTIONPreparation of budget is an important activity of any organisation whether form servicesector or from manufacturing sector. Budget is prepared for different organisational units inorder to attain their specific goals and objectives. The present report is based on the budgetpreparation and monitoring procedure that will be useful for western Health organisation. Thereport discusses process that can be used by the organisation for making budget along withvarious other factors like relevant costs that need to be considered while making budget plan.Budget preparation and monitoring procedurePreparation of budget is primary function of every organisation. These are also used forevaluation and comparison of actual results and budgeted results. Thus, it is essential for westernhealth organisation to prepare budgets for its various functions like, employees expenses,payments for supplies and consumables, etc. the process used for the preparation of budget mustbe controlled by the organisation and must follow the set schedules so that budget can becompleted efficiently and is ready for use for the next year. Budget prepared must be regularlymonitored so that the deviations can be determined and rectified.Western Health organisation can use following steps in order to prepare its budget for theyear:Obtaining estimates:First step to be considered before making a budget is to obtain estimates regardingproduction level, sales, expected costs and the available resources for each department of theorganisation. Estimates can be obtained from the past expenses and the future expectations ofcash flow. Head of the various departments of the organisation are required to estimate andprovide the expenses that may be incurred in the future and may have an impact on the functionsof the company (Cooper, Ezzamel and Qu, 2017). These estimates are then communicated to thebudget committee, by way of informal discussion or a detailed written report.Coordinating estimates:Submitted different budget plans of different organisational units is then evaluated by thebudget committee in order to determine the potentiality of plans that would be beneficial for the1
desklib-logo
You’re reading a preview
card-image

To View Complete Document

Become a Desklib Library Member.
Subscribe to our plans

Download This Document