managing-budgets

So what does the budget tell you about where the

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: sses? Start by looking at your own division’s budget. Where is it tight? Where have you had to move money around in order to meet your objectives? 360° thinking Please click the advert . 360° thinking . 360° thinking . Discover the truth at www.deloitte.ca/careers © Deloitte & Touche LLP and affiliated entities. Discover the truth at www.deloitte.ca/careers © Deloitte & Touche LLP and affiliated entities. Download free ebooks at bookboon.com 14 Discover the truth at www.deloitte.ca/careers © Deloitte & Touche LLP and affiliated entities. © Deloitte & Touche LLP and affiliated entities. D The Budget as a Policy Statement Managing Budgets In the organization’s budget, where are the weak points? Where do you see the potential for the employees in an area to struggle to meet their objectives with the budgeted amounts they have been allocated? What areas are neglected in the budget? For example, has the organization provided funding for upgrading existing infrastructure? For keeping up with the latest technology changes? Is the organization investing enough in its people, or do you see that turnover might occur because of lack of benefits, lack of development, or lack of sufficient financial compensation? 2.7 Where the Organization is Strongest Along the same vein, the organization’s budget will give you information about where its strengths are. These should be the areas of operations in which the organization has a competitive advantage as well. Download free ebooks at bookboon.com 15 Financial Information Related to the Budget Managing Budgets 3. Financial Information Related to the Budget 3.1 Introduction The budget is a written description of an organization’s best laid prediction of its future. But throughout the year, the budget is analyzed in relation to other financial reports that provide important information. Since the goal of all businesses is to maximize profits, the management team needs information to help them navigate financial decisions. All businesses produce financial statements that provide different in...
View Full Document

This note was uploaded on 06/07/2013 for the course BA 201 taught by Professor Cuongvu during the Fall '13 term at RMIT Vietnam.

Ask a homework question - tutors are online