working to a budget Organisations will use a variety of budgets depending on...
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Accounting
working to a budget Organisations will use a variety of budgets depending on the needs and requirements of the organisation. List three budgets used in your organisation and describe the organisational need each addresses: Description of Budget: Organisational Need: Description of Budget: Organisational Need: Description of Budget: Organisational Need: Budgetary Control Using one budget from the previous task as an example, explain how that budget is controlled: Establish agreed budget: Measure actual performance: Identify and analyse variances: Corrective action: Review budget: Now reflect on the process above: Which areas do you feel cause the most issues in terms of budgetary control? How might these issues be best addressed? Review How would you start a conversation with your manager about the corrective action you feel should be taken to address a variance you may have identified?
working to a budget
Organisations will use a variety of budgets depending on the needs and requirements of the organisation.
List three budgets used in your organisation and describe the organisational need each addresses:
Description of Budget:
Organisational Need:
Description of Budget:
Organisational Need:
Description of Budget:
Organisational Need:
Budgetary Control
Using one budget from the previous task as an example, explain how that budget is controlled:
Establish agreed budget:
Measure actual performance:
Identify and analyse variances:
Corrective action:
Review budget:
Now reflect on the process above: Which areas do you feel cause the most issues in terms of budgetary control? How might these issues be best addressed?
Review How would you start a conversation with your manager about the corrective action you feel should be taken to address a variance you may have identified?
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