The budget or budget cycle (BUDGETING PROCESS) or budget cycle (BUDGETING CYCLE) consists of four steps: Step
1. budgeting
- the establishment of a working group consisting of various departments. Related Chief executives should be assigned the policy. And knowledge of the budget committee is planning a marketing agent to estimate the revenue. Responsible for projects and procurement arrangements. Estimated expenses to serve The global expense management representatives from accounting and finance to help determine detailed financial statements and cash flow
- defined period. The need to prepare a detailed budget. All of the units concerned to act together to be completed before the fiscal year
- a detailed examination of the draft revenue budget. Expenditure prior to submission to the Board of Directors. The meeting of the Board of Directors to consider the following
2. bailouts. Accounting and Finance Department will be established by the working group. To consider the annual budget act. Before presenting the Executive Committee or the Board of Directors. Which is subject to approval with conditions to improve. Prior to adoption of the annual budget
3. Budget Management. The process of budget management The most important step is to convert the plan. Giving a substantial New business Managers at all levels It is very important to have the information. Since budget planning stage It should be a part from the start. In preparing such a plan and budget to take action in order to have an overall picture of management. This will enable the Company to progress quickly and systematically. Also, if a risk occurs. He has contributed to problems for the organization, as well as regulators in their responsibilities effectively. Both management and cost control. Including charges Maximize the benefits to the enterprise
4. Monitoring and Evaluation. Reporting and evaluation. The operations of each agency. During that time limit can be achieved. And objectives of the project or not. There are problems, however, And there is a need to improve Or review of the plans or not This is an important step that management must continue to evaluate it. This is a tool to measure the performance of each agency was well.
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