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Essay / Research Paper Abstract
This 3-page paper discusses the budgetary process, its importance as a performance tool, and some of the terms. Bibliography lists 5 sources.
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3 pages (~225 words per page)
File: D0_MTbudgproc.rtf
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being of the organization. The process of reporting (and the information itself) is more than simply numbers - it explains whether the organization will survive to fight another day.
Some organizations also use performance-based budgeting, in other words, ensuring that the budgeting process is integrated as a holistic tool within the organizations
strategic plan (Useem, 2009). All of these, if written correctly and containing the right information, provide the important information necessary to making the right decisions (Useem, 2009). The performance-oriented budget
also provides tools to senior management to let them know that the company is headed in the right direction. Budgeting, in its most basic form, is resource allocation. And the
stronger a budget is, the better resources will be allocated to achieve the organizations desired results. A budget, in fact, shows how the tradeoff of one good results in the
exchange for another (Budget, 2009). It also gives analysts and others who are examining a company an idea of whether estimates for revenues and expenses are realistic or not.
Before anything can be done on the performance or budgeting level, however, the first step is to gather information. When it comes to
the budget process, the information typically consists of revenue, expenses and asset value (or loss) during a particular period; typically a month, quarter or even half year.
For example, the first item on a balance sheet - revenue - tells how much money an organization earns for doing what it does
(Revenue, 2009). Out of revenues, a company can calculate its net operating income, or NOI, which explains how much a company earns after operating expenses are deducted, and before taxes
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