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Management accounting and control (s-12 -5-8)) - Coursework Example

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Management accounting and control (s-12 -5-8))

Organisations have to undertake number of decisions in order to stay in the business and among different decisions; the name of financial decision is one of them, in fact the most ones as well. Financial competitiveness is the thing on which the entire productivity of an entity depends upon. There are number of decisions that come under the ambit of financial management and managing the things accordingly is important for the companies. Decision making is one of the most important provisions for the entity as a whole and there are certain methods that could be used for the decision making purpose. The main perspective of this assignment is to give answers relating to different things in total. There are four different questions which needs to be answer here and all the questions are different in nature and in concepts as well. The concept of the same lies in decision making, centralization and some of the management accounting as well. Let’s start the questions each one by one. Ans-5 Budgeting is considered as the non-beneficial activities holding under the boundaries of an organisation. Budget set down the process to allocate the funds and manage all the resources that will be used potentially (WELSCH, Glenn A., 1976, pp.82). However at the present time, the predictions for the future scenarios is more than rigid and high deficiency in communication between higher level management and the department of budget making is a key concern while preparing budget. Though, there are some advantages that can be extracted from the budgeting process but on the same time the line of problems stand all along the same. Below are some of the problems in budgeting that reflects negative impacts towards organisation include: Time-consuming and Costly: Apart from strong IT infrastructure and several models, budget is a prolonged and expensive method. To perform budgeting process, the average time is required to be around five to six month depends on the size of the firm. The budget not only engage the timings of many people in which approximately 30% time serve by higher management and officials. Substandard in providing value: The result by means of budgeting process is truly unreliable in terms of providing value to organisations. For instance, one company extracted meaningful results from this process whereas on the other side the entire process is of no use and will be influenced on the performance. The reforms are highly claimed onto the budgeting process in which the vital concern is to drop off the staff’s timing on non-beneficial activities. Budgets make planning inflexible: To revise the budget is typically intricate enough. According to latest researches reveal that around 25% of the entities revise their budgets in every fiscal year. Some surveys also reveal that the higher management of an organisation serve almost one to two hours in each month in order to discuss numerous strategies. Budgets promote non value-added costs: The budget of a company is largely dependent on the last year conclusions. Due to insufficient time offered to evaluate and point out the main reasons of cost which ultimately ensuing to raise the massive quantity of ravage. Compromise in customer satisfaction: Every business is wanted to convince the consumers from their products and services. But in this case, the organisations would like to meet the defined sales targets by ...Show more

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Management accounting and control [Institution Name] Introduction Organisations usually comprises on different decisions, in fact the entire productivity and efficacy of an entity relies with the fact that how effectively is manages its operations and funds…
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Management accounting and control (s-12 -5-8)) essay example
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