Operating budget is a financial projection plans of actions for a particular period of time estimated revenue and operating cost are projected in financial terms (MacEwan, 2009). Budgeting development enables realistic financial plan which reflect goals and priorities of…
Budget development is a process that encompasses information and fact gathering, making reasonable future assumption in term of revenue expected and cost to be incurred, and it also need to be timely and have high accuracy and need to be approved and reviewed since it forms the basis of undertakings in an organization (MacEwan, 2009).
Information and facts that form the basis of operating budget need to be gathered, this information may be obtained from stake holder also from past periods budgets and then this information should be linked to goals and priorities of organization in harmony with financial and budgeting policies of an organization (MacEwan, 2009).
With reference to financial and budget guideline of organization, forecasted expenses taking into fixed and variable cost and revenue estimated including the assumption made are formally documented in an authentic format, and projection in financial terms are reflected. (MacEwan, 2009). At this phase, one needs to be realistic when formulating assumption.
This phase involves finalizing detail of the budget in preparation for the purpose of presentation and official approval of the budget. Budget should be organized during the presentation, and one should be ready to answer the question that arise, new adjustment that arise during presentation should be incorporated in the final draft and then communication of the budget approval within organization (MacEwan, 2009).
This phase of development of the operating budget involve demining if an organization is running on track in regard to the approved budget, review of variance and determining significant variance reasons is done, also is at this stage of the operating budget collective action from emerging variance may be taken if need be, (MacEwan, 2009) and preparation of information to be used in the next budget start since budgeting is a cyclic process.
Expense result in regard to budget expectation give rise to variance, which is the ...
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