WMBA6050Week2EvaluatingtheBudgetingProcess.docx

WMBA6050Week2EvaluatingtheBudgetingProcess.docx - Before...

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Before reading Shastri's and Stout's (2008) article, I thought there was only on type of accounting. You have an overall amount of money to spend, you list everything you need, set a limit for each needed item, then tally it all up to make sure the grand total doesn't exceed the overall amount you have to spend. I had no idea there was an ongoing debate as to whether or not certain types of budgeting were outdated. If done correctly, forecasting impacts my organization by helping me be more prepared for what is (anticipated) to come. By using past trends, I am able to make an educated guess and predict what will be needed for upcoming sales and challenges. If done incorrectly, forecasting can be detrimental to my organization. Also I have no desire to go into debit by taking out loans or credit nor split power or ownership of my small business by recruiting investors, that does not negate the fact that forecasting can significantly help bring investors on board to put money into the organization.
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