Planning to achieve budget goals, Financial Management

Assignment Help:

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

 

 


Related Discussions:- Planning to achieve budget goals

What difference does it make ordinary annuities, If you are doing PVA and F...

If you are doing PVA and FVA problems, what difference does it make if the annuities are "ordinary annuities" or "annuities due"? In PVA or a FVA of annuity due trouble, annuit

Define weight refer to in weighted average cost of capital, What does the “...

What does the “weight” refer to in the weighted average cost of capital? The weight considered to in weighted average cost of capital consider the portion of the total capital in

Risk associated with foreign direct investment, Discuss the risk associated...

Discuss the risk associated with Foreign Direct Investment. How do these risks differ from those encountered in domestic investment.

What is deferred incomes, Q. What is Deferred Incomes? Deferred incomes...

Q. What is Deferred Incomes? Deferred incomes are incomes received in advance before supplying goods or services. They represent funds received by a firm for which it has to su

What is the basic approach of the financial management, Q. What is the basi...

Q. What is the basic Approach of the financial management ? 1) The first approach view finance as to providing the funds needed by a business on the most suitable terms. This ap

What is logistics, What is logistics? Explain the important activities in l...

What is logistics? Explain the important activities in logistics systems. Logistics - meaning . Working of logistics systems - three important activities - Order processing, I

Show company monetary statements, It is true that company monetary statemen...

It is true that company monetary statements will often consist of narrative information about staff as a key resource. However, under accounting regulation this resource is not sho

Coverage ratio, Coverage ratios give the relationship between the financial...

Coverage ratios give the relationship between the financial charges of a firm and its ability to service them. The four most commonly used coverage ratios are:

Global Financial Management, how would you incorporate currency exchange ri...

how would you incorporate currency exchange risk into the capital budgeting process of foreign investment.

What are a bank''s primary reserves, What are a bank's primary reserves ? ...

What are a bank's primary reserves ? When the Fed sets reserve requirements, what is its primary goal? Vault deposits and cash in the bank's account at the Fed are used to pe

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd