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Budget, Income, and Expenses: - Essay Example

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Firstly, it reduces and controls the operating costs. This involves having a budget, planning, and monitoring the company’s expenses and revenue to predict the financial situation of the organization. In addition,…
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Download file to see previous pages This involves the reduction of administrative expenses by processing fewer orders, invoices, credit notes, and payments. The organization negotiates with the existing suppliers for best prices and considers proposals from new suppliers to lower costs. In addition, cancelling contracts with non-performing suppliers has helped reduce costs. Fourthly, the organization has identified and assigned a team of employees who can identify areas of reducing expenses. They identify alternative items that are less expensive in meeting the set goals of the organization. In the effort to reduce costs, the best employee receives a reward for participation. The organization reviews and eliminates underutilized space in a bid to minimize the floor space costs (Barr & McClellan, 2011).
Fixed income refers to an investment strategy projected to produce a stable or fixed income. It includes all kinds of bonds, preferred shares, money markets, and certificates of deposits. These fixed incomes return the principal after the maturity period. Fixed expenses do not fluctuate with changes in sales volume or production level. Examples are payment of loans, rent, insurance, management salaries, and advertising. Variable costs respond directly to changes in volumes or activity level. For example, the costs that relate to raw materials, inventory, and packaging suppliers.
The organization reconciles accounts regularly to ensure that expenditures and revenues are within the stipulated budget. It has an income tracking system that tracks income from sales. Additionally, the organization has an expense tracking system that tracks all the money spent in building up the business as well as maintaining the business. It also has a well-planned budget that shows how much money the organization makes and how much is spent. The budget is one tool that builds a successful financial future.
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