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What are the advantages of Budget?

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تم إضافة السؤال من قبل Majid Wangade , Senior Accountant , KANTOUR LIMITED COMPANY ( Real Estate, Construction and Asset Management )
تاريخ النشر: 2016/11/29
Soliman Abd  ALmalak Gendy
من قبل Soliman Abd ALmalak Gendy , مدير ادارة مراقبة حسابات , الجهاز المركزى للمحاسبات

Advantages are : *Establishes a basis for evaluating departmentAL results on regularly basis *Helps managers performance management function effectively *Helps in monitoring and controlling business operations

AHMAD OMAR  CMA-CertIFR
من قبل AHMAD OMAR CMA-CertIFR , Accounting Manager , NADIA BAKHURJI ARCHITECTS & INTERIOR DESIGN CONSULTANTS

Advantages of Budget:

1-force the company to establish goals

2-determine the resources necessary to achieve those goals.

3- Force management planning

4-provide performance evaluation

5-promote communication & coordination within the organisation 

 

Rody Abi Dib
من قبل Rody Abi Dib , Chief Accountant , ALLIANCE STREAM LTD

> better Cash Planning

> Revenue projection

> Save costs

> Provide for financial risks that the company might face in the future

> Push the different departments in the company to meet management targets

Cheryl Mathias
من قبل Cheryl Mathias , Team leader , Morgan Stanley Solutions india pvt ltd

Budget helps to establish a guideline of the expenditures and the forecast for the incomes any deviations are compared to the budget and hence achievement or under performance is compared to the budget. 

Muhammad Waheed Minhas
من قبل Muhammad Waheed Minhas , Accounts Officer , First American Corporation Private Limited

We can allocate our remittances and expenses properly maintain in future planning

 

Mohammed Ifthikar
من قبل Mohammed Ifthikar , Accountant , Green Gulf Trading & Agriculture

Planning orientation The process of creating a budget takes management away from its short-term, day-to-day management of the business and forces it to think longer-term.

Mohammad Salman Siddiqui
من قبل Mohammad Salman Siddiqui , working as Accountant , Afzal Motors (pvt.) Ltd

The process of creating a budget takes management away from its short-term, day-to-day management of the business and forces it to think longer-term. This is the chief goal of budgeting, even if management does not succeed in meeting its goals as outlined in the budget - at least it is thinking about the company's competitive and financial position and how to improve it.

Frank Mwansa
من قبل Frank Mwansa , ACCOUNTING LECTURER , FREELANCER

Thanks for invitation 

Advantages of budget 

1. Help planning annual operations 

2. Help to coordinate the activities of the various parts of the organization and ensuring that the parts are in harmony with each other.

3. Help communicate plans to the various responsibility center managers.

 

Help motivate managers to strive to achieve the organisational  goals.

5. Help to control business activities and assist to evaluate the performance of managers.

olaide oluwatosin oloruntoyin
من قبل olaide oluwatosin oloruntoyin , Logistics Team Lead - finance Associate , Noon logistics UAE

it helps in acheiving coordination as activities in an organisation are inter related it coordinates the expected performance of each department ans gives a consildated picture

it aids planning with numeric expressions

it helps in fixing responsibilities and target

promotes division of work and specialisation

 

manseer muhammed ali
من قبل manseer muhammed ali , Accountant General , Royal Lighting L.L.C & Royal Furnishing LLC

1.Planning orientation.

2. Profitability review.

3. Assumptions review

4. Performance evaluations

5. Funding planning.

6. Cash allocation

7. Bottleneck analysis

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