As an example lets see Sales Budget Sales budget is the first budget to be

As an example lets see sales budget sales budget is

This preview shows page 22 - 25 out of 28 pages.

As an example, let’s see Sales Budget Sales budget is the first budget to be prepared by outlining the forecasted income stream of the business over expenditures. This forecasting can be done as following basis, Previous Sales Patterns Current Economic Condition (Rate of interest, exchange rate and economic growth rate) Current Political Condition (policies and suggestions) Market competition and other factors ("Budgeting Process: Complete Guide", 2019) Steps to develop a good budgeting process i. Decide who are responsible for the budget implementing and who should be involved and when. Both finance committee and senior staff participation is required in the process. ii. Write down the process to creates a measurement tool.
Image of page 22
iii. Annual timeline should establish leaving adequate time for research, review, feedback, revisions etc iv. List specific tasks, responsibility assignments and deadlines. v. Ensue that budget line items are align with accounting line items (financial statement) vi. Develop templates, workbook tabs tools and worksheets to build a full budget and summary budget. vii. Make policies and steps to adhering to budgets, handling variances, approval authority etc. ("The Budgeting Process | Nonprofit Accounting Basics", 2019) 4. List the alternative approaches to developing key performance indicators to meet business objectives? Regulatory and Statutory Requirements- Both requirements are required by law. Regulatory refers to rules generated by regulatory bodies appointed by state or central government while Statutory means state or/and central government law. Lifecycle Approach- Each lifecycle stages need to be considered when developing KPIs. So that record lifecycle is used to develop KPIs. Risk-based- These risk-based approaches will help to identify the risks in related to servicers, functions or activities that can bring negative result or impact to the company. There are many ways to identify risk-based activities. Basically, it can be done with following parameters: Probability of risk occurring in terms of likelihood Risk occurring impact KPIs can be used to measure progress by minimising the risk that is identified from the risk assessments. Cause & Effect- when identifying the KPIs fundamental or underlying cause(s) inefficient or ineffective services, activities or functions. This a suggested approach to examine specific area for effects and cause. Levels- There are two level of KPIs as Operational and Strategic KPIs. (Central Australian College-Learner Guide- Manage Operational Plan - BSBWHS517, n.d.).
Image of page 23
5. Outline the legislative and regulatory context relevant to the operational plan of your organisation? Legislative and regulatory reequipments are kind of lows and regulation that has been put by legislators and regulatory bodies in order to ensure the both organisational and individuals meet a minimum standards of care towards their activities to ensure that they are not cause any harm or loss to others. . (Riley, 2018) Plastic Manufacturing company Refresh Plastic PTY. LTD
Image of page 24
Image of page 25

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture