Planning to achieve budget goals, Financial Management

Planning to Achieve Budget Goals:

It is insufficient for an organisation or a project team to simply set budget goals and expect management and employees to work in the same manner as normal in order to achieve the new goal.

Budget goals must be accompanied by planning to assist staff to meet the new targets.

Planning may include:

  • The establishment of new policies and procedures designed to increase efficiency and productivity in the work place
  • Review of current financial arrangements (refinancing)
  • Review of current terms of trade (to extend times for accounts payable, and reduce times for accounts receivable)
  • Introduce more vigorous debt management procedures
  • Review commission levels
  • Investigate alternative suppliers to ascertain where savings can be made

 

 

Posted Date: 10/1/2012 4:18:16 AM | Location : United States







Related Discussions:- Planning to achieve budget goals, Assignment Help, Ask Question on Planning to achieve budget goals, Get Answer, Expert's Help, Planning to achieve budget goals Discussions

Write discussion on Planning to achieve budget goals
Your posts are moderated
Related Questions
Explain in detail about the Cost of Capital Every type of capital used by the firm (preference shares, debt and equity) must be incorporated into the cost of capital, with rela

Q. What is ABC Analysis? ABC Analysis: - ABC Analysis is a method of controlling different items of inventory. Generally a firm has to maintain several different items as inven

The Chinese Pension Fund System Mainland China has a rapidly aging population. This is attributable to two main factors - the one-child policy plus substantial improvements in l

Additional Paid in Capital - Amounts paid for stock in excess of its PAR VALUE or STATEDVALUE. Furthermore, other amounts paid by stockholders and charged to EQUITY ACCOUNTS other

Define a Convertible Bond A convertible bond issue permits the investor to exchange the bond for a pre-defined number of equity shares of the issuer.  The convertible bond’s fl

Q. Illustrate report on cash flow budget? The cash flows The principal reason why certain statistics were not included in the cash flows is that they are incremental cash

Q. Explain Rate of the stock turnover? Rate of the stock turnover: this is high degree of the inverse co relation between the quantum of the working capital requirement and the

A simple passive strategy involves building a portfolio and holding it through time. The coupons as well as the proceeds of matured bonds are just reinvested in new iss

Towson Enterprises has recognized two mutually exclusive (can’t do both) projects.  The relevant cash flows and timing of those cash flows are shown in the following table.  Suppos

Accounting System: The accounting systems are the primary financial systems that any business should have in place to ensure accurate and usable financial information. The b