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Essay / Research Paper Abstract
This 10-page paper focuses on why budgets are necessary for a business. Also included are how budgets aid in various corporate functions and how the process can be streamlined. Bibliography lists 8 sources.
Page Count:
10 pages (~225 words per page)
File: D0_MTbudgimpo.rtf
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Unformatted sample text from the term paper:
seems as though any time the budget cycle comes around, managers tense up. To them, developing budgets are a hassle, requiring a lot of drudge work, estimates, comparisons and confusion,
with the end result being that the numbers are likely to be disputed, while budgets are trimmed back. Its no wonder budget time isnt fun time for a lot of
companies. Why, then, should companies even bother with budgets? No one likes to do them, there are questions and concerns about accuracy
and, as mentioned above, no matter what a manager puts in for a budget request, he or she isnt going to get it. Most people believe that it would be
a whole lot easier to just do away with budgets, to simply record cash inflow and payment outflow, and forget about budgeting. The financial details would be handled by the
accounting people, who are good with numbers anyway. On the surface, this might seem like a good idea. Without the hassle of
budgeting, less tension would occur. People wouldnt be put on the spot to supply numbers, but could dedicate their skills to tasks that they actually would be good at and
would like doing. However, budgeting is more than simply slapping past numbers and future predictions on a spreadsheet and keeping your fingers
crossed. Budgeting is financial management (Benshoof, 2005). And financial management is an important plan, whether a company is a one-person sole proprietorship or a 1,000-employee multinational corporation. Budgeting requires looking
ahead and understanding future goals (DeFiore and DeFiore, 2003). And the important thing about budgets is that they should be put on
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