Budgeting and Forecasting

These can be compensating errors.

It is a strategic plan

Budget is very essential tool for the economic development of any country.

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In zero based budgeting all estimates are prepared from start and no previous data is available so all assumptions are made from scratch and all costs relations are made from scratch using standard costing methods.

A basic requirement of zero-base budgeting is that managers prepare their budget for the cost of running their operations at the lowest possible level (ZERO). Therefore, it is required that any expanditure has be start as being critical, the department cannot start work without this i.e. salaries for the minimum staffing required. They are then required to calculate the costs and benefits of making a particular business decision that would lead to an incremental increase from that level. Breaking the budget down into different decision packages in this way makes it easier for senior managers to make choices among competing claims on scarce resources.

To find the percentage of the cost of the goods againt the actual sales is basically finding the profit. Therefore you will take the totals of the products sales and minus the cost of the product when you bought these in. The difference is gross profit minus any of the over heads of running the business). Then you this figure by the totals sales. i.e. 1000(total sales) - 500(cost of materials) = 500. 500/total sales (1000)x100 = 50%

The avergae cost of goods sold in the first your is calculated by the total cost of materials / 12 (months) will give you an average. i.e. cost of materials was 500 / 12 = 41.66

The first limitation of budgeting is your willingness to stick to the budget. Budgeting is futile and ineffective if you will not use it constantly. Second, is determination to follow the budget. If you can't control your spending, then your budget won't work. Lastly, if you were able to list the correct data into your budget. Missing an account or item will ruin the budget.

Cost for this Must include everything associated with the banquet. This includes items or services that are not paid for but in the event of having to reconcile changes to any of the banquet process it will allow you to make sure you are looking at a like for like comparators.

Start with venue - cost of the venue even if its in your place of work - Consider the holding capacity at maximum seated.

Identify costs of furniture if its not in the venue hire, some places will hire in specific table and chair types for the banquet.

Identify if the furniture is to be covered, this includes the tables AND seating.

Is there a requirement or potential requirement for additional fixtures i.e. table dress, lectern's,

Costs of hiring external caterers and internal. Some venues are more expensive to use their in-house facilities so identity average prices structure

Then its the actual food costs - normally provided in a quote per head and will vary from spring summer to fall- winter.

By having some actual, accurate process you can determine where you start in setting up the "budget". This will then allow you to have a maximum cost set across the year and will allow you to establish volume for that cost.

Next is to identify when you are going to use the banquet. Will it be weekly, monthly quarterly, bi annual or annual.

If its monthly (example only) you can set across the year month by month the cost you are prepared to spend for the function and also maximum attendance - Some banquettes will have more events from May to September and a large one on Christmas and New Year for instance.

Once you establish "usage" and cost you can start to assemble a budget and you will need to make sure that the facilities used know they are monitored against the forecast v actual spend.

If a manger wishes to make an accurate plan they will need to gather all the evidence they have including statistics, historic events, potential events that could improve or degrade the business and look at the cycle of these events. This will allow the manager to make a more informed decision and more accuratelt forecase the business model. This will then fees into any business planning and budgetry control system

You should be looking at at least 300% across the business.

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In basic they are (in no particular order).

1 - Most important, is the safeguard of assets.

2 - All employees must be encouraged to follow company policy and work towards the company's goals.

3- The promotion of operational efficiency.

4- A company must ensure accurate and reliable accounting systems and records

5- Maintaining complience to the legal requirements of (a) its counrty of registration (b) of countries of operation.

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yes it exceeds.

inventory is most liquid assets coz be save our product in this type. and we have no many solution to purchase our products due to our own reasons like damged something or expired thats why we have not some idea to concave our vission obout this

currency depreciation is a double-edged sword for corporations, on the one hand it makes all your imports MORE expensive since your currency can buy LESS goods with the same amount of money, on the other, it makes your goods LESS expensive to consumers all around the world because their currency can buy MORE of your products with the same amount of their money, so if a company is a major exporter it will be positively affected, if it is a major importer, it will be affected negatively. if it is in the space between the two (which is usually the case) the results will vary depending on the elasticity of the product, the profit margin .... (between + and - )

Overloading a method allows you to keep your interface consistent, and allows you to logically call the same method regardless of the types of data you are passing in. You will find that using the... principles of learning skill, study skill and learning styles are principally incorporated into this system as there is a great need to understand and briefly form a basic idea of what one is getting.

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cost only

What is best depends on your needs and what type of business you are in. A good solution for small to medium size businesses is PlanGuru. Their integration with bookkeeping software is very helpful.

The website called bestfamilyadvice would be a good option. In fact, I'm sure there are several websites out there that would give really good information. Otherwise check around your local area to see if there are any businesses that give family budgeting advice.

Well I think it depends on the family. But in most cases, yes, it most certainly is! Budgets help people keep track of how much money they spend and what they spend said money on.

The main functions of the finance department are to put in place an effective financial cost effective control system including trimming wasteful expenditure, centralized accounting system, and help in boosting production output of the company.