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Why is it necessary for organisations to collect, file and maintain accurate financial
records?
-It enables us to assess the company's financial situation, to keep a record of how the
company is performing and to show where money is being spent, and decide whether
there is potential for improvement
...
This would offer them a picture of
their current cash situation, or their inflows and outflows, at any given moment
...
At the same time, however, they are planning to expand into eCommerce sales
...
Within this budget, they would also need separate budgets for predicting:
cash flow (due to their expansion plans, they would need a snapshot of their cash position
at any given time in the case of unexpected expenses)
individual sales, marketing, advertising and salary/ overtime budgets (because extra
resources will be required) a capital budget (due to capital expansion of the business and
new income)
They would fund the eCommerce expansion from the capital budget, which would directly
offset the profit from the contract income, against the cost of the website expansion
...
What are
contingency plans and why are they necessary?
A backup plan should be created in case operating plans that depend on certain
resources are suddenly altered
...
A contingency might include
unanticipated labor disputes, supply issues, the loss of important clients, a fire, or
damage to vital equipment
...
Contingency strategies can include considerations or possibilities such as:
*backup or alternate arrangements to ensure supply of required materials and stock
*rental, hire purchase or alternative means of procurement of equipment and
machinery
*contracting out or outsourcing human resource and other necessary functions or
tasks
*organisational restructuring to reduce labor costs
*strategies for reducing costs, wastage, stock or consumables
You are a sales manager for a large hospitality operation, and required to review and
provide feedback via email on the budget document
...
Whether in a group setting
or one-on-one, ask the necessary parties for their opinions
...
Income and expenditure priorities will change over time
...
This means that, prior to developing new
budgets, it is a good idea to consult with those who will use or be affected by the
budget
...
Although it is possible to use last year’s figures—relative to both income and
expenditure—to inform the budget, the priorities for the new budgeting period might be
quite different from those in the previous period
...
There might be a need for capital expenditure—for
equipment and infrastructure
...
New products/ services added to an organisation’s
portfolio might mean that more expenditure should be allocated to promotion and
marketing activities
...
Prioritization of needs (in terms of resource allocation) should, however, revolve around
customer satisfaction
...
It enables more
diverse thoughts and proposals to be submitted
...
Budgets are used to allocate resources for work
...
Resources could include: staff equipment, machinery, information, financial support, training,
mentoring, coaching requirements, supplies including consumables, time and labor hours and
overheads
In what ways might information relating to budgets and resource allocations be
communicated to staff?
Informal chats and presentations as well as formal presentations may be used to distribute
budgetary information
...
When a new resource budget is created, it may be the subject of a special meeting where
employees may ask questions and receive clear answers on the budget's terms and conditions
...
If you were promoting a new product for maximum sales (therefore maximum revenue for your
business), you would: advertise or launch the product to a wide audience in an attractive
way, promote the benefits of the product and gain continual feedback from the marketplace
What is the importance of collecting, filing and maintaining accurate financial/ resource
allocation records?
These records allow for operation monitoring and are used to create the organization's and cost
centers' budgets for the upcoming fiscal year
...
This lets managers and supervisors analyze the resources that will be
required in the future and, more significantly, it enables managers and supervisors to come up
with strategies for cutting or minimizing expensive waste in partnership with workers
...
Regular resource records analysis and monitoring can also give an early warning of
concerns or problems with performance
...