Nobody downloaded yet

Manage budgets and financial plans - Essay Example

Comments (0) Cite this document
Summary
Communication can be defined as the method or means by which information of any kind can be conveyed from one person or place to another person or place. Communication can be in the form of a speech, sign language, body language and writing. While communication can be one thing, effective communication is another…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER97.9% of users find it useful
Manage budgets and financial plans
Read TextPreview

Extract of sample "Manage budgets and financial plans"

Download file to see previous pages Effective communication is made up of voice clarity, subject appropriateness, and language simplicity. Clarity is an important component of effective communication. Unless communication between individuals or groups is clear, communication will lack direction and can be misinterpreted. Communication is a vital link in our life. Business dealings, financial markets, legal or medical opinions, education, sports or entertainment are all a part of our life. To sustain or succeed, communication is vital. Wars have been won and lost through the use of effective and non-effective communication. Subject appropriateness is another component of effective communication. I, as a speaker must be able to deliver precise, subjective information to make you and others receptive to what I say. If I were to repeatedly go on lecturing without any participation from the audience, the whole exercise would lose its importance and nullify the objective. Also, if I were to go on stage and make a presentation without proper preparation, it may end up being monotonous, elaborate and finally go down as being a drab. An unprepared elaborate speech will only rebuke the audience. No one likes to be held up by lengthy lectures or speeches. The listener/audience will soon begin to lose interest and direction. Time is precious. Effective communication must thus be precise and concise. Language simplicity is the third feature in effective communication. Use of strong language can harm the intent of such an exercise. Confusion will prevail. The purpose of making a point will be lost. What good would it be, if I were to use strong language that finds most people in the audience searching for meanings Simple language that is easily understood will make the presentation most effective. The idea is to make those present understand the focus of the presentation and at the same time the reason behind it. Thus, it must be said that for effective communication, clarity, appropriateness, and simple language is important.

In order to understand how effective communication can deliver the desired results at a professional level, I have traced three potential scenarios:

1. An address to team leaders on the introduction of the annual budget
2. A departmental meeting citing the reason for a budgetary cut
3. A capital proposal in an operational area


2.0 Effective communication and strategies while introducing an annual budget: and explaining their responsibilities to the team leaders within your department

To present a company's annual financial budget to leaders of various departments calls for very precise and informative data. First and foremost, I, as the speaker must be well versed with financial terms. I should be able to interpret and conclude to all team members the logic behind any thrust in funding a particular project or division. It must be understood that all information being spelt out by me is in keeping with the company's new policies, and approved by senior managers and board members. At no point of ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Manage budgets and financial plans Essay Example | Topics and Well Written Essays - 1500 words”, n.d.)
Manage budgets and financial plans Essay Example | Topics and Well Written Essays - 1500 words. Retrieved from https://studentshare.org/miscellaneous/1532637-manage-budgets-and-financial-plans
(Manage Budgets and Financial Plans Essay Example | Topics and Well Written Essays - 1500 Words)
Manage Budgets and Financial Plans Essay Example | Topics and Well Written Essays - 1500 Words. https://studentshare.org/miscellaneous/1532637-manage-budgets-and-financial-plans.
“Manage Budgets and Financial Plans Essay Example | Topics and Well Written Essays - 1500 Words”, n.d. https://studentshare.org/miscellaneous/1532637-manage-budgets-and-financial-plans.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Manage budgets and financial plans

Budgets

...?Budgets College Finance benchmarking is the process where a company compares itself with another in order to access its performance in reference to the other company used as a benchmark (Platen & Heath, 2009). By so doing, the company will be able to identify areas that need to be improved and those tasks that are wasting a lot of companies’ capital to be completed. It is a framework for monitoring the financial performance of the business. Financial benchmarking enables businesses to learn lessons from others and help them identify areas they have to concentrate on (Platen & Heath, 2009). The benchmarking technique used include; operational review and financial ratios....
3 Pages(750 words)Assignment

Manage budgets and financial plans Essay

...Budget and Financial Plans 2006 Preserving of strategic planning and decision making and to present accountability by assisting managers to plan for the resources essential to issue a product or service is the rationale of the planning and budgeting of Swann Communication. Accordingly, the exercise of sound budgeting system is considered appropriately more prevailing. Furthermore, Swann Communication operation has resulted in a trend in the direction of putting the responsibility for budgeting at higher levels in the business. In former days it was typical to discover the budget function buried remarkably in the accounting operation. At present it is not unusual to have the budget function report to levels of management on top... is...
7 Pages(1750 words)Essay

Prepare budgets and financial plans

...Financial and Budget Plans For Swann Communications [Position] Company Profile: Swann Communications Swann Communications is a global leader in security monitoring solutions and I.T. peripherals aimed at consumers through retail channels. Swann's sustained growth and success has been based on designing and developing surveillance technology that is innovative yet cost effective. ( Swann Communications, n.d.) Department: Sales Objective: To increase Net Sales Revenue - For this objective to be achieved, there is a need to know the factors that can influence sales generation and improvement. In line with this, the following data must be acquired. Product Trends 1. Product Demand -...
3 Pages(750 words)Essay

Managing Budgets and Financial Plans

...Managing Budgets and Financial Plans - Competency Test 4 First Task Business Report to the Owner Dear Herbert, The following is a business report that covers several important items that we will need to consider as Kitchens2Go moves forward: I. Record Maintenance There are several important reasons why Kitchens2Go needs to maintain its records. As we look from an internal standpoint, keeping records correctly will be a key element in achieving and keeping the business at the level of organization and profitability that we are seeking overall. Moreover, by maintaining the records of the business, it will avoid future difficulties with the Australian tax officials, which...
5 Pages(1250 words)Essay

Preparebudgets and financial plans

...corresponds with the target set out at the planning stage. It is the amount after all expenses have been deducted. COLUMNS The year 2006 budgetary figures are not set in pro-forma but represent the actual figures for the year ending in June 2006. The sales revenue is 30 million dollars. and the corresponding expenses and surplus are as listed. The projected budget for 2007 is a forecast of events as expected. It serves as a guide to the feasibility of financial goals set for that period. It allows for amendments to reflect on the ever changing situations. Sales are projected to go up by 16% following the planned reforms in the...
3 Pages(750 words)Essay

Manage Financial Operations

...verify the system for check for material errors, compliance with GAAP and fraudulent activity. The controller has to cooperate with external auditors to make their jobs easier. To comply with independent auditor compliance the auditor of a public company cannot have any other business contracts with the firm in order to avoid conflicts of interest in the auditing process. B. Financial management relates to all activities within a business because all departments within a corporation incur in some form of economic activity. If a person is working in any project the labor performed constitutes a labor expense that financial manager must recognize. The...
6 Pages(1500 words)Essay

Budgets

...to know how much sales each brand is really generating and how each brand’s total sales compare to the other brands and to the sales of the whole company. The Company also needs to indicate its target sales volume in the said sales budget. In fact, the 2008 Annual Report of PepsiCo singled out the retail sales of each brand for 2008 vis-à-vis the sales of the other brands as a major component in its financial highlights. Management’s Discussion and Analysis, also found in the 2008 Annual Report, also highlights the sales volume of the company for 2008 (for a more uniform assessment, the company uses a “common metric servings” to convert the sales volume of each brand to a common...
4 Pages(1000 words)Research Paper

Budgets

...hand classifies the expenditure on the basis of the administration units and by the functions of the units, and the items under such administrative unit functions (Rubin, 185). This makes the performance budget so detailed, since it entails a hierarchy of components, starting with the administrative unit, down to the functions under each administrative unit, and then to the items falling under each function of the administration unit. Performance budgeting entails the formulation of and programs to be implemented, their funding from the available revenue sources, and their execution (Rubin, 180). Therefore, activities are given preference over specific items under each activity, and the...
1 Pages(250 words)Essay

Financial Acconting exercises: Flexible Budgets

... has not been able to charge its clients the budgeted rate for each job. Furthermore, the company has not been able to control its expenses including mobile team operating costs, exterminating supplies, advertising, and dispatching costs. These unfavorable results have led to a decrease in the company’s net operating income. However, this variance report does not indicate reasons why these results have been generated. Exercise 9-14 Machine Hours 4,000 Pierr Manufacturing Inc. Planning Budget For the Month Ending July 31 $ Direct Materials ($5.70Hr) 22,800 Direct Labor 42,800 Supplies ($0.20Hr) 800 Utilities ($1,600+$0.15Hr) 2,200 Depreciation 14,900 Insurance 14,000 Total Costs 97,500... Flexible Budgets...
2 Pages(500 words)Assignment

Budgets

...Budgets Contrary to financial accounting, budget accounting is a forward looking type of accounting. It measures the planned acquisitions and forecasts the use of economic resources. Budget reporting on the other hand assists to provide the basis for controlling the activities of an organization by comparing actual performance against budgeted performance (World Bank, 2012). Budget reporting helps the organization to monitor and revise between the two sets of performance. Budget accounting and reporting are two vital processes that assist organizations to project their future financial...
1 Pages(250 words)Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Manage budgets and financial plans for FREE!

Contact Us