Budgeting Methods in the ANZ Banking Group: A Report

This report focuses on the budgeting practices of the ANZ Banking Group, specifically comparing traditional and activity-based budgeting methods. The author, through research and analysis, explores the implementation of activity-based budgeting within the organization, highlighting its advantages and impact on financial performance. The report emphasizes the importance of adapting to the competitive landscape within the Australian banking industry and how the adoption of activity-based budgeting has contributed to improved services and customer satisfaction. The report includes references to relevant academic sources, supporting the analysis of financial strategies and budgeting techniques. The report also emphasizes the role of employee involvement in decision-making within the ANZ Banking Group.

Running head: MANAGEMENT ACCOUNTING
MANAGEMENT ACCOUNTING
Name of the Student
Name of the University
Author Note

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MANAGEMENT ACCOUNTING
Reflective Journal
The company that I have chosen for the preparation of this report is ANZ banking
group. All the information related to ANZ banking group are being stated in the report by me.
In this report, the difference between the traditional and activity based budgeting is being
clearly stated and discussed here by myself.
All the information that has been provided in this report related to the activity based
budgeting is being appropriately described here. All the data are being taken from the sources
are related to the implementation of the activity based budgeting which has helped the ANZ
banking group and also the banking industry (Worthington 2016). There are certain services
which are provided by the ANZ banking group, they are investment services and stock
broking. The activity that use at the time of operation are as per the budgeting procedure
which the ANZ banking group has selected. In applying this method, there are less use of the
old data, as in the recent accounting method the present data is used (Vereen et al. 2016).
Upon the implementation of the new budgeting method, it is very useful as it helps in
controlling various costs that is being used at the time of operation It does help the ANZ
banking group in the generating more revenue in the long run. I came across one of the most
important objective of that this budgeting process possess is that it also helps in the process of
decision making. All the organization related to the banking sector got benefitted in applying
this type of budgeting process. It also helps in the operational management of the ANZ
banking group (Popesko and Šocová 2016). At the time of talking any decision in ANZ
banking group, the management does include the employees and the lower management
people so that they can also give their opinion at the time of decision making.

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Some of the aspects that I have come across is that, the ANZ banking group have not
chosen the traditional budgeting but had considered the activity based budgeting. I have done
some experiments on the banking industry of the Australia, in which I found that there is
much tough competition there, so it is very crucial to apply the proper budgeting method so
that it will help in earning more revenue (Murray 2001). However, I have experienced that
the services which are provided by the ANZ banking group is much more improved and the
customers are really happy with the services that they are provided with.
At the time of preparing the report, there was no such problem which has been faced
by me while gathering the information as it is one of the leading organization in the Australia.
Thus, it was much easier to get the article related to the ANZ banking group and about the
budgeting method which they have implemented.

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References
Murray, G., 2001. Interlocking directorates: what do they tell about corporate power in
Australia. Journal of Australian Political Economy, The, (47), p.5.
Popesko, B. and Šocová, V., 2016. Current trends in budgeting and planning: Czech
survey initial results. International Advances in Economic Research, 22(1), pp.99-100.
Vereen, S.C., Marks, E., Tiamco, Y. and Francis, L., 2016. Maintenance activity data
analysis for performance based budgeting (No. ALDOT Report Number 930-896).
University Transportation Center for Alabama.
Worthington, A.C., 2016. Financial literacy and financial literacy programmes in
Australia. In Financial Literacy and the Limits of Financial Decision-Making (pp. 281-
301). Palgrave Macmillan, Cham.