Financial Control Essay example
Masters
Essay
Finance & Accounting
Pages 7 (1757 words)
Download 0
BALANCED SCORECARD Name: Institution: Course: Date: BALANCED SCORECARD A balanced Scorecard is a system that bases on the strategic and management aspects of businesses, non-governmental organizations and even governments to execute their missions, objectives and operational strategies…

Introduction

It is mainly a measurement framework that adjoins measures that are not financial to conventional financial methods to offer a balanced feature of organizational performance. However, there has been a disbelief of this system in implementing it in small-medium manufacturing enterprise (SME). The disbelief concludes that Balanced Scorecard requires an organization with an advanced strategic planning process to realize its whole benefits. In demystifying that idea, this paper digs into the feasibility of applying the Balanced Scorecard process in the small-medium manufacturing enterprises (SMEs), its prospective benefits, the principal management process and the application of costing systems in SMEs. Introduction Businesses always establish a strategic planning that has connection with the performance of the business. This means that for a business to develop there must be growth in the planning of strategies to realize a better management system. It is at this point that essential strategic management tools must be applied to a business (Brown, 2007, p.5). One of the tools in management processes of strategic planning is the Balanced Scorecard. However, it is important to understand that large organizations often exude a series of challenges in the application of the Balanced Scoreboard. This is because of the extensive coordination, communication and regulations operations in the organizations. ...
Download paper
Not exactly what you need?

Related papers

Financial Deregulation and Capital Control on Financial Globalization and International Diversification
Introduction The global financial have been experiencing a rapid growth in last two decades and considering the present scenario of the global market, it can be claimed the market is emerging with major developments. The globalization of financial market has been passing constant developments which have been led by the concept of globalization and internationalization. Globalization has influenced…
Islamic Financial System as an Effective Planning & Control Framework in Kuwait
Planning helps in arranging the required business operations in a sequence which facilitates in carrying out the functions in an effectual way. The control process refers to the activities of handing over, assessing and modifying resources on a constant basis for the reason of attaining the intended goals of a particular organization. Similarly, the function of control has been referred to a…
Financial Analysis and Control Systems
Importance of Working Capital Management in Budgeting There are various ways of developing working capital and working capital management. These starts with the simple duty of assessing the expenditures, revenue sources and the pending debts on daily, weekly, monthly or yearly basis. It is followed by planning before hand on how to strike a balance between these variables. To provide more cash for…
financial management and control
Conclusion 5.1 Strengths of the Project 5.2 Weaknesses of the Project 6. References Appendix One Growth of UK Grocery Retail Markets Appendix Two Breakdown of UK Grocery Industry 1. Introduction The grocery industry in the UK forms an integral part of the aggregate consumer spending and was valued at ?156.8 billion in 2011 (IGD, 2012), an increase of 3.8% year -on-year. The growth of this industry…
Levers of Control, Balanced Scorecard 1, Non-Financial Performance Measures
The writers say that there are still a lot of firms which do not realize the importance of nonfinancial performance measures and have no such procedures to measure them, on other hand there are many others which only use off the shelf procedures and frameworks for measuring it and do not dig deep to track the activities which actually affect the framework. Companies make many mistakes in using…
financial plan
During this time, a majority of the students on campus leaves and return to their homes and if they have a pet, they must either take it home with them where it might not be allowed, or they have to find a boarder, which is where we come in. We will be offering not only students, but also all members of the Bloomington community, the ability board their animals for extended periods for a fee. Some…
Financial Management & control
The company has not been able to earn more from the money of its shareholders. In 2011, it has earned approximately 30% lesser than 2010 from the money invested by its shareholders which resulted in a decline in return on equity. The debtors’ collection rose by 47 days over the previous year which means that in 2011, the company now required 130 days to get the money from its debtors which it…