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Finance & Accounting
Pages 5 (1255 words)
Budgeting Name: Institution: Course: Tutor: Date: Introduction A budget is a comprehensive financial plan used to determine the source of revenues and expenditures (Brookson, 2000). A budget is one of the most important financial tools used by corporates, individuals and the government to determine sources of revenues and how the available revenue may be spent without wastage (Brookson, 2000).
This type of budget helps corporate to have an insight on whether the available income will suffice to finance the anticipated expenditure (Millett, 2011). On the other hand, budget forecast, utilizes financial figures for previous period to come up with figures for the current period (Brookson, 2000). Therefore, it can be scrutinize that budget is a very important tool that can help to monitor revenues and avoid unnecessary spending (Millett, 2011). This assignment will focus on determining strategies for managing budget within forecast by comparing expenses with the budget and determining the possible reasons for a variance. Additionally, bench marking techniques will be identified and how they can help to improve future budgetary forecast within a hospital. Determine specific strategies to manage budgets within forecasts. Corporate financial managers and senior clinical financial officers may utilize different strategies for managing budgets within forecast. Among the suggested strategies that may be used include; cost variance strategy, performance based strategy, zero based strategy, bench marking strategy and activity based strategy (Brookson, 2000). ...
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