Investigating Business Resources

In: Business and Management

Submitted By Geggs
Words 702
Pages 3
Investigating Business Resources Introduction: In this assignment I will talk about what can happen to a business if costs and budgets are unmonitored.
A budget is a plan for a distinct period of time. It may include things like planned sales volumes and revenues, resource quantities, costs and expenses, assets, liabilities and cash flows. It expresses premeditated plans of business units, organizations, activities or events in measurable terms.
Budget helps to assist the planning of actual procedures by making managers to reflect on how the conditions might change and what steps should be taken now and by inspiring managers to reflect on problems before they come up. It also helps co-ordinate the actions of the organization by convincing managers to inspect relations between their own operation and those of other departments. Other essentials of budget include: * To regulate their resources * To communicate plans to numerous responsibility centre managers. * To persuade managers in order for them to achieve budget goals. * To assess the performance of managers * To deliver visibility into the company's performance
In summary, the purpose of budgeting is stools: 1. Tools offer a prediction of revenues and expenditures, that is, concept a model of how a business might accomplish monetarily if certain strategies, events and plans are carried out. 2. Tools enable the actual monetary process of the business to be measured against the forecast.

Importance of costs and budgets controlling: It is very important for an organisation to regulate its costs so that it can manage its monetary resources effectively. The reason organisation needs to control their costs correctly would be that it would end up saving money on expenses and increase its revenue. This will aid the company to upturn its revenues and this would allow the company to…...

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