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Functions of budgeting (Benefits of budgeting (Forecasting, Planning,…
Functions of budgeting
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Set targets, actions required, plan for the future, specific targets, updating, reality, action
Plan revenues, expenses, assets, liabilities & cash flows
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Large or small, public, not-for-profit or private to achieve profitability.
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Target = aim, goal, objective + efficiently & effectively
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Make a profit, survive, competitive, environmentally, socially responsible
Mission statement = performs activities, resources & funding, vision & values to stakeholders motivation
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P. 12 pyramid of purpose = why?, what? where?
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Budget = diverse, interest, plan workable, all variables
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Managers prefer bottom-up then top-down motivated to achieve budget targets greater understanding; what to be done
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Resolving conflicts, contradictory plans, = important non-quantitative factor, possible options, listing priorities or giving weightings to certain factors.
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