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Budgetary control is part of overall organisation control & is concerned primarily with the control of performance. The use of budgetary control in performance management has of late taken on greater importance especially as a more integrative control mec - Essay Example

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In this fast paced world, every individual needs to plan his activities according to a set of time span. If an individual does not plan or schedule his activities, he gets himself in different troubles. Budgeting is a…
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Budgetary control is part of overall organisation control & is concerned primarily with the control of performance. The use of budgetary control in performance management has of late taken on greater importance especially as a more integrative control mec
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Budgetary control is part of overall organisation control & is concerned primarily with the control of performance. The use of budgetary control in performance management has of late taken on greater importance especially as a more integrative control mec

Download file to see previous pages... Lynch (1991) revealed that any organization working without an efficient budget plan for the business activities may get itself in various troubles regarding control of performance of the organization. Budgeting makes the processes of the organizations run efficiently. So, it is of crucial importance for any business or organization to develop a perfect budget plan which should not only help the organization in achieving desired goals but also in maintaining the financial level of the organization.
A budget is that kind of financial plan which is articulated in quantitative and money terms for any business or organization. Lawrence (2004) argues that budgets should always be prepared and approved by the authorities before the start of the period. The budgets which are approved by the authorities are then used by the organization for various business operations. Budgets should be derived from the long-term strategies of any company or organization. Reames (2010) states that “its always important to figure out areas of your budget where you tend to spend exorbitant amounts or unnecessarily and cut those out”. If the organization prepares a budget for business and financial activities during the financial period, it may be of no use because all those activities which are to be performed by the organization need a suitable and efficient budget plan before the start of the period in order to be performed effectively. “The money tracker can be the first step towards creating a workable budget that complements your vision, your values and your goals” (Lawrence 2004). Dayananda, et al., (2002) found that a perfect budget plan includes set of regulations regarding capital to be employed, income, and the expenditure.
A budget is the most valuable and effective financial management tool for any organization that lists all planned expenses and revenues. Biglefeld and ...Download file to see next pagesRead More
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