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Finance & Accounting
Pages 10 (2510 words)
Budget Reporting System Name: Institution: Course: Instructor: Date of Submission: Introduction For the management to communicate the appropriate organizational goals to the appropriate staff/managers so that they can facilitate, coordinate and control performances in the various sections of the organization in order to meet certain planned organizational goals and objectives, proper budgeting must be put in place.
For this to effectively happen, all the staff should have a sense of ownership of the budget being put into use. In order for the management to efficiently perform the necessary management functions, the use of budgets becomes very fundamental (Hilton, 1994). Therefore, budgets are mostly used in the planning process. It therefore needs to be employed appropriately so as to facilitate communication and act as a motivational factor amongst the employees. In addition, budgets are also used as for control and performance evaluations and measurements. Apart from all that, budgets provide a target for each member to achieve as well as a focus for their efforts (Hopwood, 1974). It therefore calls for participation to be allowed so that those involved in budget setting can be allowed to freely discuss and be more receptive to the decisions made so that they can easily corporate in achieving the budget goals. One very important issue that Charles Ltd. ...
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