Budgetary planning and control system to assure Efficient and effective use of resources Maintenance of sound internal control

Sound management decision making Accountability Remedial action is taken where needed Discuss with ex the importance to ur organisation of a good system of budgetary planning & evaluate how your org ensures that the system is working effectively Definition of the concept !alue of the concept to the financial management A worked ex" #f concept Difficulties faced in implementation $nsights gained in accessing this assignment %ragmatical approach has been implemented at various stages of the system"

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Planning, Budgeting & Forecasting (PB&F)

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1. LONG -TERM BUDGETS: The long-term budgets prep red !or long per"od o! !"#e to ten $e rs. The$ pl nn"ng the oper t"ons o! !"rm o#er re %on%erned &"th %ons"der bl$ long

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nd de#elopment budgets- et%-

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/. S0ORT TERM BUDGETS: Short-term budgets prep red !or prep red !or those re budgets re

short per"od o! one to t&o $e r. The$

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seen e s"l$ o#er long per"ods. These budgets "n % se o! %onsumer goods "ndustr"es su%h te)t"les- et%. the$ un"ts *".e. +u nt"t"es, term budget. The$ !or %ontrol purpose. s &ell

re gener ll$ prep red "n terms o! ph$s"% l s monet r$ un"ts *".e. # lues, re e) mple o! short-

m ter" ls budget. E %h budget et%-

re use!ul to lo&er le#el o! m n gement

1. .URRENT BUDGETS: .urrent budget "s est bl"shed !or use o#er budget- &h"%h "s nd "s rel ted

short per"od o! t"me

to %urrent %ond"t"ons. Thus %urrent budgets short term budgets !or pre# "l"ng, %ond"t"on or %"r%umst n%es. The$ #er$ short per"od. S $+u rter or rel ted to %urrent %t"#"t"es o! the budgets

re essent" ll$ re prep red month. The$

d2usted to %urrent *".e.- present or

3. 4NTER4M BUDGETS: 4nter"m budgets bet&een t&o budget re budgets- &h"%h per"ods. These re prep red "n m $ get

budgets

"ntegr ted &"th the budget o! the !ollo&"ng per"od.