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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