INTRODUCTION

Budget is essential in every walk of our life national, domestic and

business. A budget is prepared to have effective utilization of funds and for the
realization of objectives as efficiently, as possible. Budget is a widely practiced
technique and most of us use budgets in some way or the other.
Budget is one of the emphasized terms used in efficient methods of
planning and control. It is employed, no doubt, in large business houses, but even the
small businesses are using it, in some informal manner. Budget in common parlance is
understood as planning for expenditure.
A budget is defined as a comprehensive and Co-ordinate plan expressed in
financial terms, for the operations and resources of an enterprise for some specified
period in the future.
In the views of E. H. Graham of the Chrysler Corporation, Of the
management tools used by Chrysler Corporation, including computers, PERT,
Operations Research (OR) and system analysis and so on, budgets are un doubly the
most important tool.
Budget is always expressed in terms of money and quantity. The
techniques of budgeting are important applications of Management accounting.
Budgets are set in large business houses as well as in families. It is
basically a statement of expected income & expense under certain anticipated
operating conditions.

OBJECTIVES OF THE STUDY

1. To study the various aspects of budget and budgetary control.
2. To study the performance of the organization in terms of profitability.
3. To study revenue receipt and revenue expenditure of the organization
4. To study the actual performance with budget performance.
5. To facilitate centralized control with delegated authority and responsibility.
SCOPE OF THE STUDY
The scope of the study is very wide as it ranges from the various specific
budgets of each department to the Master Budget and Performance Budget of the
organization.
Master Budget is a Summary of the budget schedules in capsule form
made for the purpose of presenting in one report the highlights of the budget
forecast. Performance Budget involves evaluation of the performance of the
organization in the context of both specific as well as overall objectives of the
organization. According to the National Institute of bank Management Performance
Budgeting technique is, The process of analyzing, identifying, simplifying and
crystallizing specific performance objectives of a job to be achieved over a period in
the frame work of the organization objectives, the purpose and objectives of the job.
The technique is characteristic by its specific directions towards the business
objectives of the organization.

RESEARCH METHODOLOGY
Case study method has been adopted to carry out the study. Both primary and
secondary data have been used to complete the study. Primary data was collected
through interaction with personnel who are working in finance and Accounts
Departments of the organization.
Secondary data was collected from the company annual reports & other
relevant records. Afterwards, the data collected is processed and analyzed by using
appropriate analytical tools and techniques so as to examine the efficiency. The
present study was carried out for a period of thirty days in a prestigious organization
i.e. Leo labs ltd.
LIMITATION
This comparative study limits its coverage to 7 years. Information presented
is limited to the secondary data in the form of annual reports geographically; the field
research is limited to the city Hyderabad and Secunderabad.
The proposed study may not be free from certain limitation. For instance the
limitation of time and cost cannot be ignored. At the time, the findings of the study
can be applied to comparable firms and not to incomparable ones. Besides this,
budgeted amounts calculated at one point of time may not be informative as they
suffer from short- fluctuations.

DEFINITION OF BUDGET
The term Budget appears to have been derived from the French word
Baguette which means Little Bag or a container of documents and accounts. A
budget can be seen as an Economic plan for a given period of time.
CONCEPT OF BUDGET
Budget is as quantified plan for future activities quantitative blueprint for
action. It is referred as a plan relating to period of time expressed in monetary and in
quantitative terms.
The Charted institute of Management Accountants, (CIMA) defined budget
as follows: A plan expressed in money. It is prepared and approved prior to the budget
period and may show income, expenditure of the capital to be employed, may be
drawn up showing incremental effects a former budgeted or actual figures.
According to Gordon shilling law, A business budget is pre-determined
detailed plan of action, developed and distributed as a guide to current operations and
as a partial basis for subsequent evaluation of performance.
The Essentials of a Budget are:

Financial and quantitative statement of the action plan.

It is planning device and also serves as a bases for performance evaluation and
control.

It is laid down prior to the budget period during which it is followed and based
on rights policy.

BUDGET MANUAL
A budget Manual lays down the details of the organizational set up, the
routine procedures and programmers to be followed for developing budgets for
various items and the duties and responsibilities of the executives regarding the
operation of the budgetary control system.
A budget manual is defined as a document schedule or booklet which sets
out, inter alia, the responsibilities or the persons engaged in the routine of and the
forms and records required for budgetary control. Budgets are to be drawn keeping in
view the objectives of the organization given in the budget manual.
The following are some of the most important matters covered in a Budget
Manual.

Introduction and brief explanation of the objectives, benefits and principles of

budgetary control.

Organization chart giving the titles of different personnels with full

explanation of the duties and each to operating systems and preparation of
departmental and functional budgets.

The entire process of budgeting programmer including the timetable for

periodical reporting.

Length of budget periods and control periods should be clearly states.

Procedures to be followed throughout the system should be explained in clear

terms.

Outline of main budgets and their accounting relationships.

Explanation of Key budgets.

The advantages to be derived from the use of budget manual are:

Every one knows in writing that what is his role, what is to be done and how it
is to be done in the system of budgetary control.

As every thing is in writing. Ambiguity is avoided and reliance on memory is

eliminated.

As one of the objectives of budgeting is communication, it is important to

have budget manual so that everyone in the organization can refer to it for
guidance and information about the budgetary process.

ADMINISTRATION OF BUDGETS
Budgeting takes up a lot of management time. Top managers want lower
level managers to participate in the budget process, because lower level managers
have valuable knowledge about the day to day aspects of running the business.
Participator also. Creates greater commitment and responsibility towards the budget
among lower level manages.

The widespread prevalence of budgets indicates that the advantages of

budgeting systems outweigh their cost. To gain the benefits of budgeting.
Management at all levels of the company should understand and support the budget
and all aspects of the management control system.

Budgets should not be administered rigidly. Changing conditions usually

call for changes in plans. A manager may commit to the budget, but a situation might
develop in which some unplanned repairs or an unplanned advertising program would
better serve the in interest of the company. The managers should not defer the repairs
of the advertising as a way of meeting the budget not if doing so will hart the
company in the long run. Attaining the budget should not be an end in itself.

BUDGETING
It is concerned with the implementation of the approved programmed
within the long-range plan. It is the act of preparing budgets. Budgeting is a way of
managing Business and Industry.

CLASSIFICATION AND TYPES OF BUDGETS

The budgets are usually classified to their nature. The following are the
types of budgets, which are commonly used.
1. Classification according to Time
Long term Budgets
Short term Budgets
Current Budgets
2. Classification on the basis of Functions
Operating Budgets
Financial Budgets
Master Budgets
3. Classifications on the basis of Flexibility
Fixed Budgets
Flexible Budgets
1) CLASSIFICATION ACCORDING TO TIME

Long term Budgets: the budgets are prepared to depict long-term planning of
the business. The period of long-term budgets varies from five to ten years. The
long-term planning is done by top level management. Long time budgets are
prepared for some sectors of the concern such as capital expenditure, research and
development, long-term finances etc. These budgets are useful for those industries
where gestation period is ling i.e. machinery, electricity, engineering etc.

Short-term Budgets: These budgets are generally for one or two years and
are in the form of monetary terms. The consumers goods industries like sugar,
cotton, etc. Use short-term budgets.

Current Budgets: The period of current budget is generally of months and

weeks. These budgets relate to the current activities of the business. According
to Institute of cost and Works Accounts, London Current Budget is a budget
which is established for use over a short period of time and is related to
current conditions.

2) CLASSIFICATION ON THE BASIS OF FUNCTIONS

Operating Budget: These budget relate to different activities or operations of a

firm. The number of such budget depends upon the size and nature of the
business. The commonly used operating budgets are:
Sales Budget
Production Budget
Production cost Budget
Purchase Budget
Raw Material Budget
Labour Budget
Plan Utilization Budget
Manufacturing Expense or Works Overhead Budget
Administration and Selling Expenses Budget etc.
The Operating Budget for a firm may be constructed in terms of programme

or responsibility areas, and hence consists of:

Programme Budget

Responsibility Budget.

Programme Budget: It consists of expected revenue and costs of various products or

projects that are termed as the major programmes of the firm such as budget can
prepared for each product line or project showing revenues, costs and the relative
profitability of the various programmes. Programme Budgets are, thus, useful in
locating areas where efforts may be required to reduce costs and increase revenues.
They are also useful in determining imbalances and inadequacies in programme so
that corrective action may be taken in future.
Responsibility Budget: When the budget of a firm is constructed in terms of
responsibility areas it is called the responsibility budget. Such shows the plan in terms
of persons responsible for achieving them. It is used by the management as a control
device to evaluate the performance of executives who are in charge of various cost
centers. Their performance is compared to the targets (Budgets), set for them and
proper action is taken for adverse result, if any. The kinds of responsibility areas
depend upon the size and nature of business activities and the organizational structure.
However, responsibility area may be classified under three broad categories:
Cost / Expense Centre
Profit Centre
Investment Centre
Financial Budget: Financial Budgets are concerned with case receipt and
disbursements, working capital expenditure, financial position and results of business
operations. The commonly used financial budgets are:

Cash Budget

Working Capital Budget

Capital Expenditure Budget

Income statement Budget

Statement or Retained Earnings budget

Budgeted Balance Sheet or position statement Budget

Master Budget: Various functional budgets are integrated into Master Budget.
The Budget is prepared by the ultimate integration of separate functional
Budget. According to Institute of Cost and Works Accounts, London, The
Master Budget is the summary Budget incorporating its functional Budget.
The Budget Officer prepares Master Budget and it remains with the top-level
management. This budget is used to co-ordinate the activities of various
functional department and also to help as a control device.

3) CLASSIFICATION ON THE BASIS OF FLEXIBILITY

Fixed Budget: The fixed budgets are prepared for a given level of activity; the
budget is prepared before beginning of the financial year. If the financial year
starts in January then budget will be prepare a month or two earlier, November
or December. The changes in expenditure arising out of the anticipate changes
will not be adjusted in the Budget. These is a difference of about twelve
months in the budgeted an actual figures. According Institute of Cost and
works Accounts, London, Fixed Budget is a budget which is designed to
remain unchanged irrespective of the level of the level f activity actually
attained. Fixed budget are suitable under static conditions. If sales expenses
and costs can be forecasted with greater accuracy then this budget can be
advantageously used.

Flexible Budget: A flexible budget consists of series of Budgets for difference

level of activity. It therefore, varies with the level of activity attained. A
flexible Budget is prepared after taking into consideration unforeseen changes
in the conditions of the business.

A flexible Budget is defined as Budget which by recognizing the difference between

fixed, semi-fixed and variable cost is designed to change in relation to the level of
activity. The flexible budgets will be useful where level of activity changes form time
to time. When the forecasting of demand is uncertain and the undertaking operate
under shortage of materials, labor etc. this Budget will be more suited.
OPERATING BUDGETS
1) Sales Budget: A Sales Budget is an estimate of expected sales during a Budget
period. A sales Budget is known as a nerve center or backbone of the enterprise. The
degree of accuracy with which sales are estimated will determine the practicability of
operating Budgets. A sales Budget is the starting points on which other budgets are
also bases. A sales Budget lay down potential sales figures in value as in quantity. It
lays down a comprehensive plan and programme for sales department. The sales
manger is made responsible for preparing Sale Budget. He uses all possible factors to
be taken into account while preparing a sales Budget.
2) Production Budget: Production Budget is built up in terms of quantities and
money. The quantities are entered at the beginnings and when the remainder of the
Budget has been built up and the cost of production calculated the costs are entered to
compile a production cost Budget. In preparing the production Budget the following
factors should be considered.
Principal Budget factor, e.g. if the sales be the key factor then sales Budget,
otherwise other Budget.
Production planning and determination of optimum capacity.
The opening and closing stocks.
Management policy regarding make or buy of components.

3) Production Cost Budget: A purchase Budget gives the details of the purchases
which must be made to meet the needs of the business. It includes all items of
purchase, such as raw materials, indirect materials and other equipment. However,
purchase Budget for raw materials is the most important and the following are
required to be considering in preparing this Budget.
4) Purchase Budget: A Purchase budget gives the details of the purchases which
must be made to meet the needs of the business. It includes all items of purchase, such
as raw materials, indirect materials and other equipments. However, purchase Budget
for raw materials is the most important and the following factors are required to be
considering in preparing this Budget.

Opening and closing stocks

Unfulfilled orders at the beginning of the budget period.

Storage space, economic buying quantity and financial resources.

The prices to be paid.

4) Material Budget: A Materials Budget shows the estimated quantities as well

costs of raw materials and components required for producing goods as per
production Budget. At the stage of preparation of materials Budget is used to
obtain the cost of each material consumed. It serves the following purposes.

It assists purchasing department in planning the purchases.

It helps in the preparation of purchase Budget

It provides data for raw materials control.

.6) Labour Budget: This Budget gives and estimates the requirements of directs
labour essential to meet the production target. This Budget may be classified into
Labour requirement budget and Labor Requirement Budget. The purpose of
Labour Budget is to assist in the provision of the correct number and type of
Employee for the projected output. Once the preliminary classification of labour into
its principal grades has been carried out, the labour requirements for each product are
then set with the help of time and motion studies. From the total mean-hour required
for production labour requirements are ascertained and from the estimated rate per
hour, labour cost per hour, labour cost per unit is determined.
7) Plant Utilization Budget: This budget indicates that the plan and machinery
requirement to meet the budgeted production during the period. Such a budget will
detail the machine load in every department and indicate the extent of under or over
loading. Thus management may get useful information regarding the effective
utilization of plants and machinery in an organization.
8) Manufacturing Overheads Budget: This Budget gives an estimate of the works
overhead expenses to be incurred in a budget period to achieve the production target.
The budget includes the cost of indirect materials, indirect labour and indirect works
expenses. The budget may be classified into fixed cost, variable cost and semivariable cost. It can be broken into departmental overhead can be estimated on the
basis of past information after taking into consideration the expected changes which
may occur during the Budget period. Variable expenses are estimated on the basis of
the budgeted output because these expenses are bound to change with the changes in
output.
9) Administration Cost Budget: All the administration costs relating to each Budget
center should be separately and then incorporated in the administration cost Budget. A
very important aspect of predetermining administration costs is to make sure that all
administrative functions are carried out as effectively as possible. Thus, this budget
represents forecast of the cost of selling and Distribution for Budget represents
forecast of the cost of selling and distribution of budget period and is clearly related to
the sales Budget. All expenses relating to selling and distribution of the various

products as indicated in the sales budget are included in it. These expenses are based
on the volume of sales distribution overhead. Long-term expenses advertisement are
divided into fixed and variable categories with reference to volume of sale, separate
Budgets are of selling and distribution costs as cost of transport department are
included in the departmental production cost Budget form control point view rather
than including in selling and distribution costs Budget.
FINANCIAL BUDGET
1) Cash Budget: This Budget gives and estimate of the anticipated receipts and
payment of each during the Budget period. So, this Budget is divided into two parts,
one showing the estimated cash receipt on account of cash sales, credit collections and
miscellaneous receipt and the other showing the estimate disbursement on account of
cash purchases, amount payable to creditors, wages payable to workers, indirect
expenses payable, Budgeted, wages payable to workers, indirect expenses payable,
budgeted capital expenditure etc. In short, every factor which affects the receipts and
payments of cash are taken into accounts in the preparation of this Budget.
2) Capital Expenditure Budget: The Capital Expenditure Budget gives an estimate
of the amount of capital that may be needed for acquiring the fixed assets required for
fulfilling production requirements as specified in the production budget. The Budget
is prepared after taking into consideration the available productive capacities,
probable reallocation of the existing assets and possible improvement in production
techniques. Separates Budget may be prepared for different items of assets such as
plant and equipment Budget, building budget, etc.
The capital expenditure Budget is an important Budget providing for
acquisition of assets, necessitated by the following factors:

Replacement of existing assets.

Purchase of additional assets because of starting up of new lines of

production.

Purchase of additional assets to meet a proposed increases in

production due to increase in demand.

Installation of an improved type of machinery so as to reduce cost of

production.

Thus, Capital Expenditure Budget enables one to know what new fixed assets
are needed and what will their costs rate of return.
Purposes: The objectives of Capital Expenditure Budget are stated below:
To enable the company to establish system of priorities in expenditure
To correct capacity imbalances.
To provide a tool for controlling capital expenditure.
To make proper financial provision to meet planned expenditure.
To provide Budget of depreciation and maintenance costs for inclusion
in the department expense Budgets.

PERFORMANCE BUDGETING:
Performance Budgeting had its origin in the U.S.A after Second
World War. It tries to rectify some of the shortcomings in the traditional Budget. In
the traditional Budgets amounts are earmarked for the objects of expenditures such as
salaries, travel, office expenses, grant-in-aid etc. In such system of Budgeting the
money concept was given more prominence i.e. estimating or projecting rupee value
for the various accounting heads or classification of revenue and cost. Such system of
budgeting was more popularly used in government department and many business
enterprises. But such system Budgeting control of performance in terms of physical
units or the related costs cannot be achieved.
These days Budgets are established in such a way so that item of expenditure
is related to specific responsibility center and is closely linked with performance of

that standard. Developing work programs and performance expectations by assigned

responsibility is the achievement and objects of the enterprise. Thus, in performance
Budgeting classification of expenditure follows a three-tier pattern viz. FunctionProgramme-Activity.

Advantages of Performance Budgeting: The following are the main advantages of

performance Budgeting.
It presents clearly the purpose and objectives for which funds are required.
It gives better appreciation of Budgeting by legislature.
It improves Budget formulation process.
It enhances accountability of the executives.

A Systematic Approach to develop the performance budget

Objective
Structure

Organizational
Structure

Review
&
Control

Execution
&
Record Keeping

Develop
Function
Programs

Develop Physical
Targets & Resources
Involvement:
Performance Ratios

ZERO BASE BUDGETING

Under Zero Base Budgeting methods, before preparing a Budget a base
determined form which the Budget process begins. Quite often current years Budget
is taken as the base or the starting point for preparing the next years Budget. The
figures in the base are charged as per the plan for the next year. This approach of
preparing Budget is called Incremental Budgeting since the Budget process is
concerned mainly with the increases or changes in operations that are likely to occur
during the Budget period. For example, sales of the current years Budget for sales
will be current years sales plus and allowance for price increases and expected
changes in sales volumes. The man drawback of this approach is that it perpetuates
the past inefficiencies.
Zero Base Budgeting is an alternative to Incremental Budgeting. It was
introduced at Texas Instruments in USA in 1969 by peter phyrr, who is known as the
father of Zero Base Budgeting. It is managerial tool and is steadily gaining acceptance
in the business community. Zero Base Budgeting is not based on Incremental
approach and precious figures are not taken as the base for preparing next years
budget. Instead, the Budget figures are developed with zero as the base, which means
that a budget will be prepared as if it is being prepare for a new company for the first
time.
In Zero Base budgeting, budget requests for appropriation are accepted on the
basis of cost / benefit approach, which ensures vale for money. If question longstanding assumptions and systematically examines and perhaps abandons any
unproductive projects.

This means that those activities which are of no value find no value in the
forthcoming Budget even though these might have been an integral part of the past
budget prepared under the traditional approach. Zero Base budgeting in way are tries
to locate those activities not essential.

The important steps in Zero Base Budgeting are:

Identification of decision units in order to justify expenditure in their proposed
Budget.
Preparation of Decision Packages. Each package is a separate and identifiable
activity. These packages are linked with corporate objectives.
Ranking of decision packages based on cost benefit analysis
Allotment of funds based on the above resulting by following pyramid-ranking
system to ensure optimum results.

ZERO BASED BUDGETING

This is my previous level of expenditure

This is what I want

for forth coming
period, for reasons
enumerated.

MANAGER

These are the Additions requires to

meet the inflationary effects and
expansion programs.

TOP MANAGEMENT

TRADITIONAL BUDGETING

A Certain amount to Sanction for a

decision Unit.

T
O
P
M
A
N
A
G
E
R

This Expenditure will lead to

these Advertisements

If the Proposal is discarded, the result

M
A
N
A
G
E
M
E
N
T

ORGANIZATION CHART FOR BUDGETARY CONTROL

MANAGING DIRECTOR

BUDGET COMMITEE

BUDGET DIRECTOR
SALES
MANAGER

PURCHASE
MANAGER
Production
Budget

PRODUCTION
MANAGER

PERSONAL
MANAGER

CHIEF
MANAGER
Cost Budget
Purchase
Sales
Budget
Budget

Labor Cost
Budget
PRELIMINARIES IN THE

Plant
Utilization
Budget

Maser
Advertising
Budget

INSTALLATION OF
Capital
Selling Cost
Expenditure
Budget

BUDGET SYSTEM
Prerequisites

for

the

successful implementation of
a budgetary control system
are follows:
1) Establishment of Budget Centers: A Budget center is a section of entity for which
control of exercised and budget prepared. A Budget center may be a department or

Distribution
Budget

part there of. Budget center must be clearly defined because a separate Budget has to
be set for each such center with the help of the department concerned.
2) Linking of Budget requirements with chart of Accounts: Budgets for different
budget centers are prepared on standard forms. If requirements of forms are linked
with chart of accounts information of different Budget centers which is consistently
compiled involving minimum loss of time. Suppose advertisement Budget is being
compiled and information for miscellaneous expenditure is to be collected. It will be
an essay exercise together this information, if code heads to be referred to in this
connection are specified in the form on which information for Budgets is being
collected.
3) Preparation of Organizational Chart: An Organization Chart should be prepared
which clearly shows the plan of the organization. Each member of management
should know the exact scope of his authority and responsibility and his relationship to
others members. An organizational chart is statement defining functional
responsibilities of executives. Each member of management should know the exact
scope of his authority and responsibility and his relationship with other members.
The Organization Chart shows:
Functional responsibility of a particular executive
Delegation of authority to various levels, and
Relative position of a functional head with heads of other functions.

4) Establishment of Budget Committee: In small organization and in big

organizations having different units at different places, a Budget committee is formed
having representation having different units at different places., executive, budget
officer and heads of all Budgets centers. The Budget Officer acts as a secretary to
chairman. Other members of the Budget committee usually comprise various heads of

functional departments, like sales manager, purchase manager, production manager,

chief accountant etc. as shown in the above Organizational Chart.
5) Preparation of Budget Manual: A Budget manual has been defined by C.I.M.A.
London as A document which sets out the responsibilities for the persons engaged in
the routine of the forms and records required for budgetary control. A budget manual
is thus a statement of budget policies. It lay down the details the organizational set up
with duties and responsibilities of executives including the Budget committee and
budget Director and the procedures and programmes to be followed for developing
Budgets for various activities. The contents of a budget manual are summarized as
follows:
Description of the budget system and its objectives.
Procedure and forms to be used in budget preparation.
Responsibilities of Operational Executives, Budget Committee and budget
Director.
Budget calendar, specifying definite dates for completion of each part of the
Budget and submission of the report.
Methods of accounting and account codes in use.
Procedure to be adopted in operating the system.
Follow up procedure.

6) Budget Period: Budget period is the length of time for which a Budget is prepared
and operated. Budget periods vary between short-term and long-term and no specific
period can be laid down for all budgets. It varies among concerns and industries for

several factors. Whether a budget is long-termed or short-termed, it is to decide

primary these two factors:
Type of business.
Amount of control required.
7) Determination of the key Factor: Also known as limiting factor, governing factor
and principal Budget factor, the key factor means the factor, which limits the size of
output. It is defined as the factor the extent of whose influence must first be assessed
in order to ensure that functional Budgets are capable of fulfillment. Such a factor is
of vital important and effects all Budgets to large extent.

8) Budget Officer: The Chief Executive, who is at the top of the organization,
appoints some person as a budget Officer. The Budget Officer is empowered to
scrutinize the Budgets prepare by different functional heads and to make changes in
them, if the situation so demands. The actual performance of different departments is
communicated to the budget Officer. He determines the departments are
communicated to the Budget Officer. He determines the deviations in the Budgets and
takes necessary steps to rectify the deficiencies if any. He works as co-coordinator
among different departments and monitors the relevant information. He also informs
the top management about the performance of different departments. The Budget
Officer will be able to carry out his work fully well only if he is conversant with the
working of the department.

9) Patronage from Top Management: For the true success of budgetary activities,
impetus and direction must come from the top management. If involvement of top

management is missing, it will be difficult for Budget Officer to bring round the
reluctant line managers to this way of thinking. Thus, right form the start, activities
should be initiated in such a manner that involvement of top management in
budgetary activities becomes apparent.
CONCEPT OF BUDGETARY CONTROL
Budgetary Control and Budgeting are often used inter changeably to refer to a
system of management control. Budgetary Control implies the use of a
comprehensive system of budgeting to aid management in carrying out its functions
like planning, co-ordination and control. According to C.I.M.A, London Budgetary
Control is the establishment of budget relating to the responsibilities of executive of a
policy and to continuous comparison of the actual with the budgeted results, either to
secure by individual action the objection of policy or to provide a basis for its
revision.
According to Brown and Howard Budgetary Control is a system of
controlling costs which includes the preparation of budgets, co-ordinating the debts
and establishing responsibilities, comparing actual performance with the Budget and
acting upon results to achieve maximum profitability.
Characteristics of Budgetary Control: The main characteristics are as follows:
Establishment of Budgets for each function or department f the
organization.
Comparison of actual performance with the Budgets on continuous basis.
Analysis of variations of actual performance form that of the budgeted
performance to know the reasons there of.

Co-Ordinal Features: The three co-ordinal features of a Budgetary Control are as

follows:

 Planning
Co-ordination
Control
Therefore, Budgetary control embraces all and in addition includes sciences
of planning the Budgets to effects an overall management tool for the business
planning and control, quotes Rowland and William.
Objective of Budgeting Control
Budgetary control improves planning and in co-ordination and helps in
control. The reasons for producing budgets are as follows:
1) To aid planning of annual operation.
2) To co-ordinate the activities of various parts and to ensure harmonious
conditions prevails in the organization with each other
3) To communicates plans to the various responsibility center managers.
4) To motivate managers to strive to achieve the organizational goals.
5) To control activities.
6) To evaluate the performance of managers.
Characteristics of a good budgeting
1) Budgeting process should be backed and supported by the chief executive of
an organization.
2) The Organization goal should be qualified and clearly stated. These goals
should be within the frame work of organization in plans.
3) There should be proper fixation and delegation of authority and responsibility.
4) The persons for execution of budget should participate in budget preparation.
5) The Budget should be realistic. It should present goals that are reasonably
attainable.
6) A good system of accounting is also essential to make the budgeting
successful.

7) The budget should cover all the phases of the organization and be continuous
exercise.
8) Periodic report should be prepared. Comparing budget and actual results i.e..,
there should be effective follow up.
9) Clear-cut organizational lines should be established and the employees should
be impaired budgeting education.
10) The budgeting system should be bases on information, communication and
participation.
Requisites for a Successful Budgetary Control System
1) The budgets are used to realize objectives of the business. In the absence of
clear goals, the budgets will also be unrealistic.
2) Budget preparation and control is done at every level of management. Every
though budgets are finalized at top level but the involvement of person form
lower levels of management is essential for their success. This necessitates
proper delegations of authority and responsibility.
3) An effective system of communication is required for a successful budgetary
control.
4) Budgetary control may not be taken only as control device by the employees
but it should be used as a tool improves their efficiency.
5) Budgeting is done4 for every segment of the business. It will also require the
active participation and involvement of all employees. The success of
budgetary control systems depends upon the participation of all employees of
the organizations.
6) Flexibility in budgets is required to make them suitable under changed
circumstances. Budgets are prepared for the future, which is always uncertain.
Flexibility will make the budgets more appropriate and realistic.
7) All persons should be motivated to improve their working so that budgeting is
successful. A proper system of motivation should be introduced for making
this system a success.

Advantages of Budgetary Control

The Budget programme forces the managers into plan ahead.

In forces early consideration of basic policies.

All members of top management participate in budget committee. For this

reason even planning a departmental level gets benefits of experience of
seasoned executives.

Management is forces to put down in cold figures, what is means by

satisfactory results.

It demands the most economical use of labour, materials, facilities and capital.

In inculcates a habit of timely, careful, adequate considerations of all factors

before reaching important decisions.

The use of budget promotes understanding of the problems of co-workers.

It facilitates period self-analysis of the organization.

The use of budgets removes clouds of uncertainties for lower levels of

management regarding basic policies and objectives.

Management is forced to give timely and adequate attention to the effect of

changing business conditions.

Budgeting co-ordinates the activities of various department and functions of

the business.

Budgeting control aims at maximization of profits through careful planning

and control.

It directs capital expenditure in maximization of profits through careful

planning and control

It directs capital expenditure in the most profitable direction.

Budgetary control system creates necessary conditions for the introduction of

standard casting techniques.

A budgetary control system assists in delegation of authority and assignment

of responsibility.

Limitations of Budgeting

 Budgeting cannot take place of management but is only a tool of management

the budget should be regarded not as a master, but as a servant.
A budget programme must be dynamic and continuously deal with the
chaining business conditions. Budgets will lose much of their usefulness if
they acquire rigidity and are not revised with the changing circumstances
Budgeting is an expensive technique. The installation and operation of the
budgetary control system is costly affair as it requires the employment of
specialized staff and involves other expenditure which small concern may find
difficult to incur.
Estimates are used as basis for budget plan and estimates are based mostly on
available facts and beset managerial judgments. Since a lot of human element
is involved in exercising managerial judgment. It is but natural to give some
allowance interpretation and utilization of estimated results. Budgeting based
on inaccurate forecasts is use less as a yardstick for the measuring of the actual
performance.
The circumstances are constantly changing and therefore budgets and
budgetary techniques will not be useful, till they are continually adapted.
Budgetary control cannot reduce the managerial function to a formals. It is
only a managerial tool, which increase effectiveness of managerial control.
The use of budgets may lead to restricted use of resources. Budgets are often
taken as limits. Efforts may, therefore, not be made to exceed the performance
beyond the budgeted targets, even though it may be physically possible..

THE BUDGETING PROCESS IN NON-PROFIT MAKING ORGANIZATION

It normally begins with the mangers of the various activities calculating the
expected cost of maintaining current ongoing activities and then adding to those,
which are considered desirable.
Churches, hospitals,

charities and other no-profit making organizations

produce estimates for understanding activities and later find the means to finances
then, or even adjust the activities to the available financial resources. Once difficulty
in it is that output cannot be measured in monetary terms i.e., we cannot measure
quality amount and services rendered.

COMPANY PROFILE
Leo Labs IT Solutions Pvt. Ltd. has built a reputation of
delivering software and business management solutions that provide
measurable results. It has been recognized as one of the fastest growing
companies in Hyderabad, India.
Leo Labs growth can be attributed to the company's focus on quality,
consistency, and long-term vision. While many Software companies
chased the market to find revenue in the latest fads, Leo Labs IT
Solutions remained focused on delivering proven business solutions to its
clients
Utilizing our project management methodology that has produced
esteemed results for our clients, we are strategically establishing new
offices in markets that offer opportunity. This methodology, combined
with the extraordinary talent of the local managing directors and
exceptional consultants with their years of experience, will develop
offices to serve our clients and partners.
In order to thrive in an interconnected economy, the service offerings by
Leo Labs IT Solutions meet the demands of an ever-changing business
environment. Leo Labs delivers fresh solutions with seasoned
professional developers and consultants who have one singular focus:
Ensure that everything we do delivers value to our clients and moves their
businesses forward giving them the edge in the demanding business
world.

VISION

We provide our customers with the highest levels of service, quality, and
efficiency. The enduring and personal relationships we hold with our
clients, gives us the advantage of a loyal, well-established client and
partnership base. We offer the assurance that company needs will be met
now and in the future.
MISSION
To be globally recognized as a provider of a trusted, reliable resource to
quality Information Technology (IT) solutions.
To build worldwide partnerships for success.
To give the clients a competitive edge.
To enhance the operational efficiency and financial advantage to clients.
SOLUTIONS
Business Strategy
E-Business/Web Services
Enterprise Application
Integration
Integrated Marketing
It Strategy Development
Process Development

Business Strategy:

BUSINESS CONSULTING
The greatest accomplishments begin with an architect plan. We believe
that Leo Labs IT Solutions is the advisor that the company needs most as
you begin to conceptualize the business road map.
Our business consulting team is the cohesive mortar that unites our
various disciplines. By focusing on company's strategic objectives, we are
able to design, develop, and implement the solutions that will produce
measurable change across the enterprise.
As the foundation of Leo Labs IT Solutions, this business-centric
philosophy permeates our various discipline leaders. Whether a developer
or a designer, the goal of producing custom business solutions is
paramount.
DEFINING DIRECTIONS
Our ability to offer guidance throughout the highest levels of leadership is
cultivated by our ability to architect and execute solutions that matter
most. This focus on sound strategic direction provides a high-level road
map that can manage and expand channels, enhance revenue, and
penetrate markets that may have previously been inaccessible. Our
knowledge and use of business intelligence tools allows our clients to
make calculated decisions based on real-time data, thus providing
accurate and effective results

FORMING A STRUCTURE
Our skill in analyzing company's internal structure enables Leo Labs IT
Solutions to enhance business processes, operational efficiencies and
manage or reduce overall costs. By optimizing supply chain through
supplier collaboration and rationalization we can improve the
relationships that support business.
EXTENDING RELATIONSHIP
By helping to orientate leadership direction and formulate operational
practices, Leo Labs IT Solutions can also effectively refine how company
goes to market. By improving the ways in which the company deploy
their sales force, manage traditional customer relationships and build an
integrated marketing and communications plan, we can help the craft
every touch point between the company and customers.
E-Business/Web services:
E-Business is much more than buying and selling over the Web. In the
simplest sense, it is the use of Internet technologies to improve core
business processes. And, while technology makes e-business possible, ebusiness isn't about technology. It's about connecting core business
systems and processes to customers, suppliers, and employees24 hours
a day, 7 days a week.

E-business?

E-Business can help companies meet today's business challenges headon. Whether it's increasing revenue or decreasing costs, reaching new
customers or better serving existing ones, a solid e-business infrastructure
provides the foundation to deliver true value to stakeholders.
Important reasons to become an e-business include the following:

Increase revenue

Decrease costs

Improve employee efficiency

Expand market reach

Strengthen business relationships

Improve customer satisfaction

At Leo Labs IT Solutions, we know that the success of our company

depends on our ability to provide world-class, e-business solutions with
real business value to our clients. We understand the business impact of ebusiness. Our experts have helped many companies leverage the Internet
with the following solutions:
E-commerceallows companies to buy and sell products and services
online.
Business intelligenceallows companies to acquire data about their
customers to provide better service. Customer relationship management
provides the ability to support and retain profitable customers.
Supply chain managementstreamlines end-to-end processes associated
with the flow of products.

Enterprise Application Integration

Leo Labs IT Solutions development team is designed to partner with our

clients to address many business critical issues and objectives. Leo Labs
IT Solutions knows how to use state-of-the-art technologies to provide
targeted, world-class integration solutions that address unique business
needs.
THE NEED
Are the companies getting the most out of the Web and core businesssystem implementations? Are these applications connected throughout the
organization? Does the company question whether or not the integration
between applications is able to support the company changing business
process needs? Do your business associates have access to accurate,
relevant, and timely information for critical decision-making?
With ever-increasing pressure to be as efficient as possible,
Enterprise Application Integration is becoming vital to organizations of
every size. EAI is used to interconnect existing information systems,
prior technology investments, and business partners systems and data. As
enterprises grow and recognize the need for their information to be shared
between systems, companies are investing in EAI to streamline processes
and keep disparate elements of the enterprise interconnected.
THE SOLUTION
SAP--This solution provides end-to-end functionality for business
analytics, financials, human capital management, operations, and
corporate services -- and allows you to upgrade to the full range of SAP
solutions.

Enterprise Resource Planning [ERP]--Seamless ERP Implementations

and Upgrades, Efficient Support and Quicker Return on Investment (ROI)
on their Enterprise Applications is what every organization dreams of.

Leo Labs ERP team has over 50 highly qualified Consultants, offering a
unique blend of business vertical knowledge and technical expertise that
meets its customers' Enterprise Application requirements from a ShortTerm Goal Realization perspective, as well as a Long-Term Total Cost
Operations Reduction
Leo Labs solutions are implemented using a framework that enables your
organization to integrate and extend your business applications across and
beyond the enterprise. Our solutions address specific business challenges
such as:

Finding cost savings by integrating business

applications and processes with flexible and scalable
long-term solutions

Maximizing the return-on-investment from the Web site and core

business system implementations by creating tight inter-application
integration

Having real-time access to more accurate and timely business data

to make better decisions, reduce cycle times and increase
operational efficiencies

Selecting the right technical architectures and vendor products to

maximize efficiencies and compliment your existing and future
state enterprise architecture

Creating integration between co-existing business units as well as

for the assimilation of mergers and acquisitions

Linking to and collaborating with a variety of customers and

partners with different needs or standards directly or through
market exchanges

OUR EXPERIENCE
Leo Labs IT Solutions development team continues to deliver solutions
across a wide range of industries and functional areas. Our solutions are
aided by our strong partnerships with leading industry vendors. As a
result, our consultants are well versed in the latest trends, tools and
technologies best suited for the particular business and technical
challenges.
THE ADVANTAGE
Leo Labs IT Solutions focus is on delivering solutions that will be
effective in the unique environment. Our experience and vendor neutral
position allows us to choose the best mix of technologies for the
particular environment.
May organization has invested significant time, effort, and financial
resources into the applications and information systems that run business.
Leo Labs IT Solutions, solutions are designed to minimize these
investments by identifying and simplifying the processes that will provide
secure and timely access to your companys information assetsgiving
the organization a strong competitive advantage.
Integrated Marketing:
Successful Integrated Marketing solutions take three key elements in
order to produce value: solid strategy, quality design, and measurability.

SOLID STRATEGY
By understanding competitive landscapes, identifying audiences, and
estimating the return on investment, Leo Labs IT Solutions can help out
making intelligent marketing decisions that provide maximum returns.
We analyze the company business objectives and determine a path of

communication that will reach the consumer or client base on a more

consistent basis.
QUALITY DESIGN
Integrated Marketing utilizes a variety of media and channels. It employs
designers that understand these mediums and can translate their designs
into effective communications. Leo Labs designers have the expertise to
match visual design with the appropriate language and elements, essential
in improving response rates and reaching near to intended audience.
MEASURABILITY
Leo Labs IT Solutions specializes in business intelligence tools that can
analyze data, response rates, and demographics. By having access to this
information in real time, we can effectively tailor communications to
increase response rates, measure return on investment, and make Intel
suited for your business objectives.
Leo Labs IT Solutions can enable the company to take advantage of the
technology and talent that is available to drive consumer demand, sales,
and the message of the organization.
IT Strategy Development
Over the past few years the role of technology in business has become a
critical success factor. Many organizations leverage information
technology to help them deliver their products and services. But few
organizations truly realize the business benefits that can be achieved from
an effective technology strategy. The rapid pace of change in technology
provides companies with new, cost-effective mechanisms to communicate
with their customers, suppliers, employees, and key business partners.
Properly harnessed, technology initiatives can enrich customer

relationships, shorten supply chains, and streamline a number of internal

processes so that a true return on investment is realized.
STRATEGIC PLANNING SOLUTIONS
Leo Labs IT Solutions Strategic solutions leverage a proven methodology
to help our clients fundamentally align and leverage technology in order
to achieve enterprise business objectives. We devise these strategies by
examining the current infrastructure, IT organization, business processes,
organizational objectives, and key stakeholders. Then we align
technology solutions in a way that ties these stakeholders to the business
systems and processes within the organization.
Strategic Planning Service Features

Aligns technology infrastructure and initiatives with high-priority

business processes and organizational objectives

Focuses on the needs of the key stakeholders (customers, suppliers,

employees) and not on the limitations of technology.

Provides qualitative and quantitative measures of the success of the

strategy or business continuity plan.

Creates alignment, consensus, and accountability for the prioritized

initiatives among executive leadership and line of business
management.

Our strategic planning solutions can be used to help the organization

during its annual planning, or throughout the year as industry and market
trends demand. Strategic planning may be necessary in the following
situations:

When a competitive advantage is needed to demonstrate quality of

service

When the organization seeks to expand while maintaining existing

operational infrastructure (capital and human resources)

When audits have identified gaps or weaknesses in business or IT

capability

When structural organizational changes occur (acquisition, merger,

or divestiture)

When no business continuity, disaster recovery, or emergency

management plan exists

Process Development
Leo Labs Business Process Improvement solutions are designed to help
the company to streamline the processes that are critical to managing
business.
Organizations need to optimize the business process, but seldom do.
Thats where Leo Labs Business Process Improvement solutions come in.
Using our proven methodology and toolsets, we deliver key business
results in a timely fashion. We help to achieve improved customer
service, cost reductions, and capacity expansion.
THE NEED
Are the company key performance metrics out of alignment with the
competitors? Are the customers reducing their lead times? And do the
company employees continually executive a process that is loaded with
no valueadd tasks?

These are the questions that many organizations are faced with on a daily
basis.
The reality is that most organizations could be handling these processes

much more efficiently, providing significant business value and

competitive advantage.
THE SOLUTION
Leo Labs IT Solutions Business Process Improvement solutions are
designed to position the organization to take advantage of the
opportunities and quickly address the challenges. Our solutions are able
to seamlessly cross the department and operational boundaries within the
organization. Our focus is to ensure that participants within a process are
all working off the same vision and driving toward the same goals.
Leo Labs IT Solutions Business Process Improvement solutions are
customized to your specific needs. In addition to delivering the customer
business metrics, we leverage our experience in order to rapidly deliver
best practices that have proven to be important to many of the
organizations that we have worked with.
OUR EXPERIENCE
Leo Labs IT Solutions Business Process Improvement team has delivered
solutions across a wide range of industries. Our consultants are versed in
the latest trends, tools, and technologies being deployed as part of these
solutions. Having participated in numerous Business Process
Improvement engagements
Our consultants are well equipped to architect and deploy the solution
most suited for your particular business. Our solutions are aided by our
strong focus on economic and financial analysis.

THE ADVANTAGE
Leo Labs IT Solutions has an entire practice dedicated to delivering
Business Process Improvement solutions. Our focus is on delivering

solutions that will be effective in the unique environment. We believe that

our vendor focus on economic and financial analysis is a key
differentiator from our competition.
Many Organizations has invested a lot of time, effort, and financial
resources into the applications and information systems that run your
business. Leo Labs IT Solutions Business Process Improvement solutions
are designed to minimize those investments by identifying and
simplifying the processes that support the company, giving the
organization a strong competitive advantage.
Services:
Product Development:
Leo Labs IT Solutions Pvt. Ltd. fosters rapid, framework and componentbased development approach to build mission critical, off-the-shelf
products and applications. We have developed products and solutions on
leading technologies with a strong orientation toward standards-driven
architecture.
Our process driven approach forms the foundation for engaging with
customers, to build high quality, cost-effective products and applications.
Over and above, we lay our thrust in understanding customer needs to
devise optimum design and development strategies that would enable
them to market their product quickly.
Leo Labs IT Solutions has the concept of Framework and "Component
Based Development" for product / application development and
reusability and provides cost-effective services to our customers for
outsourced product development.
PRODUCT MAINTAINANCE AND SUPPORT

Leo Labs IT Solutions offers maintenance and support services to the

customers as part of its service offering. Leo Labs has a clearly laid down
methodology for such maintenance engagements. Over the years we have
gained substantial experience in providing 24/7 maintenance support
remotely, to the customers. Leo Labs has the expertise and ability to meet
the needs and expectations to support the applications
ONSITE MAINTAINENCE
In this approach, the Leo Labs team at onsite will carry out all the
maintenance and support for the application. However the offshore team
based at Leo Labs development center will be extending the support for
the onsite team on any technical issues that they may have. They act as a
backup and in the event of any emergency; can immediately act as a
replacement.
OFFSHORE / REMOTE MAINTAINENCE
The remote maintenance approach adopted by Leo Labs IT Solutions Pvt.
Ltd. to carry out the maintenance is explained below.
Receiving the issue: The onsite technical support team receives
the issue from client either through any of the following media like email, telephone, mobile phone or instant messenger services. A ticket
number generated would help the offsite team identify each issue.
Study and Analysis: Once the problem Ticket issue is received,
the Onsite technical team makes a careful study of the issue and analyzes
its complexity.
Estimation: After a through analysis the work estimation is made and
it is placed before the client through an offsite support Manager. Based on
the estimated time and priority, the issue is then scheduled to be resolved
either by the onsite team or by the offshore team.
Scheduling: Identify the best suitable team member(s) for solving the

issue and assign the tasks to that particular resource(s).

Solution: The assigned team member(s) provides the solution as
specified in the given task document in a scheduled time adhering to the
quality standards, he also provides a standard document describing the
work done.
Testing: Test the changed code as per the Maintenance Manual.
Update the documentation as required
Log Maintenance: Logs will be maintained for future use by the
offsite as well as offshore team for all the support issues that have come
up.
Application Development
With increasing demands, enterprises worldwide are finding it difficult to
implement, and support new applications, while at the same time,
maintaining and upgrading their existing systems. To overcome the
situation, companies must seek to expand development capacity,
accelerate time-to-market, and build flexible distributed delivery models
to negotiate risk.
There are benefits in building software to improve existing business
processes rather than changing proven procedures in order of work within
the constraints of off-the-shelf applications. Leo Labs addresses these
issues and will help you to remain in step with and ahead of your
competition by continuously improving your information technologybased business solutions.
We remain focused on developing the best solution to respond to each
client's individual business needs. Through our advanced consultative
approach, Leo Labs
assists in clearly defining organizational goals and determining where the
current systems meet these goals, where they fail, and how they can be

improved through our custom applications solutions. Our experienced

team will work on the project from its conceptualization through and
beyond its completion and implementation.
Our focus areas include extranet, intranet, business-to-business, ecommerce solutions, software, database and other industry applications.
Our Services in these areas are focused on:

Application Development - This includes web based, client/server

application development and enhancements to legacy applications.

Migration and Customization - This includes version Upgrade

Services, Database migration, Re-engineering, Functionality
upgrades and Porting.

Implementation Support - Routine Maintenance and Functional

Enhancements.

Development and Testing - Component Development and Unit

Testing, System and Integration testing

Application Maintenance
Leo Labs IT Solutions provides comprehensive software application
maintenance services for medium to large enterprises. Services range
from undertaking maintenance of existing applications to adding new
functionality. Deep experience in understanding and maintaining large
applications coupled with an expertise in new technologies help to not
only prolong the life of existing applications but also infuse fresh blood
into the system. A team of dedicated software engineers are available
round the clock both onsite and offsite to handle all maintenance related
issues from defect fixing to adding new products and functionality.
Application maintenance deals with

Promptly fixing software problems that cause the system to be nonoperative or to perform incorrectly

Implementing changes, improvements, and enhancements to the

system.

Interaction
Leo Labs IT Solutions has rich experience in successfully executing large
IT outsourcing projects with well-established Infrastructure. Leo Labs
Interactions, the BPO arm of Leo Labs IT Solutions Pvt. Ltd. Aims about
reducing the operational costs for its Clients by improving the outsourced
processes and increasing their productivity. The strong parentage of Leo
Labs IT Solutions provides the right mix of Infrastructure, People and
Processes to the clients. The partnership offers technical expertise
coupled

with

global

call

center

expertise.

To keep pace with today's economic environment, organizations need to

focus on their core competence.
The easiest way of doing this is to partner with a service provider like
Leo Labs Interactions, who understands the company business and solves
non-core, yet critical business processes. Leo Labs Interactions interest
lies in a long-term partnership addressing all aspects of the outsourcing
requirements from clients. Leo Labs Interactions gives the very best in
bringing cost efficiency with quality processes, round-the-clock
operations, state-of-the-art infrastructure and a committed people force.
It offers Industry-specific services to customers. For instance, in the
Insurance and Healthcare sector, it addresses Claims Processing, Policy
Issuance, Premium Accounting, etc. It also offers Front Office services
like Contact Centers for Customer Service. It provides Product Support &
Technical Help Desk services as well as Back-Office Processes in the
areas of Accounting, HR and other Transaction Intensive activities.

Business Process Outsourcing

Business Process Outsourcing (BPO) has changed the way the world does
business, and this trend is only likely to accelerate. BPO is quickly
emerging as a key enabler of all high performing organizations. More and
more businesses and governmental leaders-cross industry, organizational
size and geography are turning to BPO to help them elevate their
organizations

performance.

Through the right mix of business process improvement, labor arbitrage

and technology enhancements, BPO is aimed at reducing cost, increasing
service levels and thus improving the enterprise value of the business
processes. Blending qualified workforce and faster adoption of welldefined business processes leads to higher productivity gains without
compromising

on

quality.

The availability of cost effective skilled resources - that is well educated

and able to converse in English, well-developed communication
infrastructure and software sector as well as an appropriate time
difference with other countries, help in making India a favorite
destination for the BPO industry.
R&D Outsourcing
The story of Research and Development Outsourcing in IT in India dates
back to 1985-86 when Texas Instruments (TI) established its development
center in Bangalore. Today, the R&D services outsourced to Indian
companies include product development, embedded technology, software
engineering, encryption and network security and chip design services.
After IT services (ITS) and IT-enabled services (ITES), a new
opportunity for Indian companies is the arena of related product and
technology services for independent software vendors (ISVs).
The factors driving the increasing momentum of R&D offshoring / outsourcing industry are:

Availability of highly

skilled manpower

Cost-effectiveness

Proximity to fast-growing Asian markets

Benefit of follow-the-sun schedules

Information security solutions

Organizations worldwide have begun focusing on outsourcing activities

to ease the pressures of financial performance, quality, productivity and
time-to-market. To increase the competitiveness of their businesses,
organizations have been laying greater emphasis on R&D Outsourcing to
leverage internal resources and capabilities with external sources of
research and technology.
Our services help customers to:

Avail cost-effective Offshore Development Service

Protect their Intellectual Property Rights (IPR) by following

established processes for secure communication and protection

Build resource pools consisting of focused R&D teams for new

initiatives in specific technologies

Reduce development time and effort

Minimize risks and improve product quality

Technology Excellence Group (TEG)

Leo labs have established structured Technology Excellence Groups
(TEG) to foster innovation. The following Technology Excellency
Groups have been formed:

.NET

J2EE

Web Services

Legacy

Security

Embedded Systems

Mobile

Application Servers

Database

Knowledge

Our Value Proposition

Leo labs Strategic Partnership with the client would help the client
leverage our Technology labs and Development facilities, quickly
build resource pools consisting of focused R & D teams for new
initiatives in specific technologies

Our dedicated Technology labs for the client's R&D division acts
as Virtual Extension in terms of Vision, People, and Infrastructure

Protect client's Intellectual Property Rights (IPR) by following

established processes for secure communication and protection

Our strong focus is towards the quality of solution we deliver and

support we offer to our client

Our extensive skills in developing re-usable components,

frameworks and expertise in executing complex solutions gives
advantage of high-quality, cost-effective development to our
customers

We make sure that our work is towards minimizing the business

risks and speeding up the entry of new products in the market.

Call Center Services

Our focus has been to continually find new and better ways to help our
clients make profitable connections with their customers. Whether you
need messaging or answering service, inbound call center services,

outbound call center services, email support and online chat, we can help
out to make the most of every contact
Inbound Teleservices
Our call handling and inbound telemarketing services for business-tobusiness and business-to-consumer campaigns will help drive customer
acquisition, increase customer retention, improve sales and rapidly
expand your markets. Our inbound supports include:
Help Desk: 24 Hours /Day, 365 Days /Year
Technical Support Requests For Maintenance Support
Requests For Maintenance Support
Inbound Telemarketing / Up-Selling & Cross-Selling
Requests for Samples
Order Status: Customers can check on the status of their order at any time
Dealer Locate: Callers are given information on the store or dealer
nearest to them.
Ticketing Sales
Subscriptions
Fundraising
Advertising Co-Op Claim Processing
Rebate Processing
Insurance Claims Processing
Product Recall Management
Customized Interactive Voice Services
Overflow, Off-Hour And Weekend Call Handling
Fax on Demand: An access channel for those customers who need
documented answers or written confirmation
Outbound Teleservices
Our tele-professionals help out to turn the company
prospects into customers, and then our customers into

advocates. We focus on building a relationship that lasts

by using a personalized approach that provides the value
addition necessary to maintain and grow your client base.
Our outbound capabilities include:
Telemarketing and Sales: We use predictive dialing to
connect to customers. Our tele-sales techniques also
include:
Reactivation: Approaching your 'expired' customers with
the right offer
Targeting: Isolating key decision-makers and discovering
their budgets before you spend resources on more costly
mail or sales calls
New Movers: Tapping people who have just moved
residence, for example, and asking them to pre-register
for your service or organization
Renewals: for publishing and finance, telemarketing is by
far the most efficient way to secure repeat buyers
Aftermarket Sales: Contacting new customers and
securing additional sales, even when other products are
seemingly unrelated.

Clients:

BG Group is a
leading player
in the global
energy market
and is a
dynamic
growing
business with
operations in
20 countries
over five
continents.

Onetel is part of
the Centrica
Group, which also
operates under the
British Gas,
Scottish Gas and
Dyno brands in the
UK . Onetel is the
UK 's largest
integrated
communications
service provider

Viasat AB's satelliteTV-platform covers 15

countries in Europe
and reaches more
than 50 million
viewers.

Soft Service
is committed
to innovation
designed to
provide the
clients with
significant
gains in the
quality of their
systems.

Scarlet
infosystems is an
Offshore
Outsourcing Web
Development
Company and Ecommerce
Software
Development firm
offering IT
Outsourcing.

LogicSoftware,Inc.is
specialized in the
development of
custom software
applications and
offshore software
outsourcing services.

Richard Daley
Silicon Valley
is a leading
Global IT
Powerhouse
based in India
focused in
developing
online web
applications.

Qulix Systems is
an offshore
software
development
company from
Belarus, offering
an unbeatable
combination of
custom software
development

Richard Daley
Associates (RDA)
provides software
development, web
development,
software training and
software consulting to
its clients.

solutions, systems
reengineering,
software testing
and QA services.

Alsoft
Solutions,Inc
a global IT
Services firm
specializing in
end-to-end
Solutions and
Product
Development

StarSoft
Development
Labs is one of the
fastest growing
software
outsourcing
service providers
in Russia and
Eastern Europe.

Vested
Development
Inc. (VDI)is a
leading global
outsourcing
provider of
offshore
software
development
services.

Eurostudio Web
Solutions is an
offshore web
design and
development
company based in
Novosibirsk,
Russia. We offer
ours customers a
full range of IT
services.

Agitar was founded in

June 2002 and is
working on test
automation research
and development
since 1995.

Resources:

.....................................................................................................................................................................

Stylus Inc was

launched out of a 2
bedroom house in
1999 -- probably the
reason why our
employees, clients
and vendors feel at
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us in our current 3
storey office today.

Inkorus Group of
Companies have
24x7 operations and
have a reach to the
Global offshore
outsourcing
arketplace through
their offshore
software
development centers
across North
America, Asia-Pacific,
EU and Middle East
regions.

BrainPulse is a premium
managed web hosting
company in India, providing
web hosting solutions for
Linux and Windows
platforms.

Binary Semantics
CodeLance brings
Driven by the vision
together those in
to provide customer
need of custom
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software evelopment effective solutions to
with freelance
organizations, we
programmers from all have grown into a
over the world. How
company with wide
does it work?
range of service
offerings to meet all
your outsourcing
needs and concerns.

Cranberry Offshore web

design and development
company in Delhi India for
web design, website
development, e-commerce
website, corporate website
design, website maintenance
and flash based web design
services.

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is leading provider of

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have a solution. Track-It!

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technology service to Outsourcing &

solution for tracking and
business and
Offshore Software
managing of your IT assets
government world
Services Company
and end-users help requests.
wide founded in 2003 specializing in the
It helps increase the level of
infinity has the
businessTABLE
of providing
IT support.
NO.1
experience business
services to its clients
SHOWING REVENUE EXPENDITURE BUDGET
operations.
globally.
2009-2010
(Rupees in Lakhs)
S.No.

Item

Budget

Actual

Estimates

Variation

Variation

(Amount)

(Percentage)

Genisyl1.offersSalaries and IT Outsourcing

Design
6231
5918.98 Web
312.02
5 &
website development,
Guide maintains a
Development is identical to
Other
designing & packaged detailed list of IT
offshore outsourcing services
Establishment
software, search
outsourcing
in India, offering world class
Charges
engine optimization
companies around
offshore web design,
2.
Travel
100.1
48.45
41.65
for websites &
the world offering
software
& 41.55
e-commerce
multimedia & Expenses(Foreign
offshore software &
development.
corporate
product development Software Consultant is a
Trips)
3.
Supplies and solutions
19421
18558.61leading
862.39 offshore
4.44
presentations.
&
IT
outsourcing and
consultant, Offer IT
Materials
4.
Minor works more. 1984.1
1922.61 consultancy
61.49
3.09
services that are
5.
Interest and
16
16
aimed
at helping
organizations in the long run
Depreciation
6.
Motor Vehicle
120
76.64 as43.36
36.13short run.
well as the
7.
8.

Expenses
Administrative

415
45.8

403.04
22.15

11.96
23.65

2.88
51.64

9.

Expenses
Rent, Rates

25

28.03

-3.03

-12.12

And Taxes

Pegasus
corp:
10. info
Others
Pegasus info corp
Totals was
formed with a single
powerful belief among
its two founders that

Net creative
1011
854.55
156.45
15.47
ETNL:
ETNL
is a premium
mind :Custom
45,353
web
43,843.06 1509.94
3.32
site design company managed search engine
optimization outsourcing
NetCreativeMind
company in India, providing
provides offshore
web design services, website

REVENUE EXPENDITURE BUDGET FOR YEAR 2009 -2010

Reasons for Variations between Budget estimate & Actual Expenditure 20092010

Increase in the cost of raw materials/prime consumables.

Download revision in the power-tariff by state.

Saving on account of deferment of Leave Concession for employees by the

Government.

TABLE NO. 2
SHOWING REVENUE EXPENDITURE BUDGET

2010-2011
(Rupees in Lakhs)
S.No.

Item

Budget

Actual

Estimates
1.

Salaries and

Variation

Variation

(Amount)

(Percentage)

6274

6087.90

186.10

2.96

100

61.26

38.74

38.74

Other
Establishment
2.

Charges
Travel
Expenses(Foreign

3.

Trips)
Supplies and

19515

16744.60

2770.4

14.19

4.
5.

Materials
Minor works
Interest and

2481
16000

2057.72
16000

423.28
-

17.06
-

6.
7.
8.

Depreciation
Motor Vehicle
Expenses
Administrative

90
427
45

109.20
441.34
23.17

-19.2
-14.34
21.83

-21.33
-3.35
48.51

9.

Expenses
Rent, Rates

30

12.57

17.43

58.10

And Taxes
Others
Totals

1148
46,110

956.86
191.14
42,494.62 3615.38

10.

16.64
7.84

REVENUE EXPENDITURE BUDGET FOR YEAR 2010 -2011

Reasons for Variations between Budget Estimate & Actual Expenditure 20102011

Non-revisions of the rate of prime raw materials which was anticipated and
also short supply of the same by the supplier.

Partial withdrawal of increased power tariff by the State Government Nonfilling of vacant and new posts as per policy of the Government

TABLE NO. 3
SHOWING REVENUE EXPENDITURE BUDGET

2011-2012
(Rupees in Lakhs)
S.No.

Item

Budget

Actual

Estimates
1.

Salaries and

Variation

Variation

(Amount)

(Percentage)

6241

6686.20

-445.2

-7.13

120

72.88

47.12

39.26

Other
Establishment
2.

Charges
Travel
Expenses(Foreign

3.

Trips)
Supplies and

21162

20844.36

317.64

1.50

4.
5.

Materials
Minor works
Interest and

2234
28200

1889.79
28200

344.21
-

15.40
-

6.
7.
8.

Depreciation
Motor Vehicle
Expenses
Administrative

135
500
30

51.96
470.98
29.69

83.04
29.02
0.31

61.50
5.80
1.03

9.

Expenses
Rent, Rates

17

25.57

-8.57

-50.4

And Taxes
Others
Totals

732
59,371

652.34
79.66
58,923.77 447.23

10.

10.88
0.75

REVENUE EXPENDITURE BUDGET FOR YEAR 2011 -2012

Reasons for Variations between Budget Estimate & Actual Expenditure 20112012

Excess under salaries due to payment of updating allowance.

Saving under the head minor works due to less rates claimed by M/s.
APGPCL.

Saving under supplies and materials for postponement of procurement of

certain materials.

TABLE NO. 4
SHOWING REVENUE EXPENDITURE BUDGET

2012-2013
(Rupees in Lakhs)
S.No.

Item

Budget

Actual

Estimates
1.

Salaries and

Variation

Variation

(Amount)

(Percentage)

6231

5682.13

548.87

8.8

116

73.53

42.47

36.61

Other
Establishment
2.

Charges
Travel
Expenses(Foreign

3.

Trips)
Supplies and

22078

25452.56

-3374.56

-15.28

4.
5.

Materials
Minor works
Interest and

2288
7500

1560.31
9850

727.69
-2350

31.80
-31.33

6.
7.
8.

Depreciation
Motor Vehicle
Expenses
Administrative

125
506
35

46.76
424.35
33.58

78.24
81.65
1.42

62.59
16.13
4.05

9.

Expenses
Rent, Rates

18

26.80

-8.8

-48.88

And Taxes
Others
Totals

1289
40,186

1303.07
-14.07
44,453.09 -4267.09

10.

-1.09
-10.61

REVENUE EXPENDITURE BUDGET FOR YEAR 2012 -2013

Reasons for Variations between Budget Estimate & Actual Expenditure 20122013

Saving under the head Salaries due to shifting due to shifting of provision to
new cities head.

Saving under the Head Traveling Expenses, Office Expenses, foreign

Expenses, due to economy.

Increase under supplies and materials due to upward revision of manuals

Savings under the head of motor vehicles due to postponement of replacement

of same vehicles for the next year.

TABLE NO. 5
SHOWING REVENUE EXPENDITURE BUDGET

2013 - 2014
(Rupees in Lakhs)
S.No.

Item

Budget

Actual

Estimates
1.

Salaries and

Variation

Variation

(Amount)

(Percentage)

6100

6216.18

-116.18

-1.90

83

34.1

48.90

58.91

Other
Establishment
2.

Charges
Travel
Expenses(Foreign

3.

Trips)
Supplies and

28349

25497.79

2851.21

10.05

4.
5.

Materials
Minor works
Interest and

2040
9850

2102.44
8896

-62.44
954

-3.06
9.68

6.
7.
8.

Depreciation
Motor Vehicle
Office Expenses
Administrative

125
506
35

53.92
445.90
35.31

71.08
60.1
-0.31

58.86
11.87
-0.88

9.

Expenses
Rent, Rates

26

26.20

-0.2

-0.76

And Taxes
Others
Totals

1286
48,400

1335.27
-49.27
44,643.11 3,756.89

10.

-3.83
7.76

REVENUE EXPENDITURE BUDGET FOR YEAR 2013 -2014

Reasons for Variations between Budget Estimate & Actual Expenditure (2013
2014)

Increase in Salaries due to merger of 50% of Dearness allowance on 01-042007.

Saving under the head traveling Expenses, Office expenses due to Economy
measure.

Decrease is mainly due to MDU supply and other materials based on

production schedule.

Savings under Motor vehicles due to non-receipt of sanctions.

TABLE NO. 6
SHOWING REVENUE EXPENDITURE BUDGET

2014 - 2015
(Rupees in Lakhs)
S.No.

Item

Budget

Actual

Estimates
1.

Salaries and

Variation

Variation

(Amount)

(Percentage)

6650

6743.42

-93.42

-1.40

78

75.83

2.17

2.78

Other
Establishment
2.

Charges
Travel
Expenses(Foreign

3.

Trips)
Supplies and

27052

30947

-3895

-14.39

4.
5.

Materials
Minor works
Interest and

2102
7300

2373.98
5500

-271.98
1800

-12.93
24.65

6.
7.
8.

Depreciation
Motor Vehicle
Office Expenses
Administrative

103
475
35

52.47
503.69
36.53

50.53
-28.69
-1.53

49.05
-6.04
-4.37

9.

Expenses
Rent, Rates

35

38.5

-3.5

-4.37

And Taxes
Others
Totals

1507
45,337

1544..82 -37.82
47,816.24 -2,479.24

10.

-2.50
-5.46

REVENUE EXPENDITURE BUDGET FOR YEAR 2014 -2015

Reasons for Variations between Budget Estimate & Actual Expenditure (20142015)

Increase in salaries on Account of liberated LTC provision

Increase in Office Expenses on Account of increases Transport and issue of

Uniform for Ministerial Staff

Increase in Rent, Rates & Taxes as per demand for property Tax.

TABLE NO. 7

SHOWING REVENUE EXPENDITURE BUDGET

2015 - 2016
(Rupees in Lakhs)
S.No.

Item

Budget

Actual

Estimates
1.

Salaries and

Variation

Variation

(Amount)

(Percentage)

7150

7032.21

117.79

1.64

70

74.40

-4.4

-6.28

3.

Trips)
Supplies and

26872

37477.15

-10605.15

-39.46

4.
5.

Materials
Minor works
Interest and

2600
2000

2191.55
2000

408.45
0

15.70
0

6.
7.
8.

Depreciation
Motor Vehicle
Office Expenses
Administrative

150
35
35

66.17
36.53
36.53

83.83
-1.53
-1.53

55.88
-4.37
-4.37

9.

Expenses
Rent, Rates

35

28.60

6.4

18.28

And Taxes
Others
Totals

39
39,489

33.31
5.69
14.58
49,495.88 -10,006.88 -25.34

Other
Establishment
2.

Charges
Travel
Expenses(Foreign

10.

REVENUE EXPENDITURE BUDGET FOR YEAR 2015 -2016

Reasons for Variation between Budget Estimate & Actual Expenditure (20152016)

Saving under the Head Salaries due to shifting of provision of shifting of

provision to new cities head.

Increase under supplies and materials due to upwards revision of manuals.

Saving under the head of motor vehicles due to postponement of replacement

of same vehicles for the next year.

Salaries

Year

2009-10

2010-11

Variation amount 312.02

Variation
Percentage

2011-12 2012-13 2013-14 2014-15

186.1

-445.2

2.96

-7.13

548.87
8.8

116.18 -93.42
-1.9

-1.4

2015-16
111.79
1.64

Interpretation

The variations that need to be commented are those falling in a range above +(or) 5
percentage The years in which such variations occurred are 2009-10 where the
variation is +5 percentage on account of liberated LTC provisions and it has increased
to 8.8% in 2012-13.

Travel expenses
Year

2009-10

2010-11

2011-12 2012-13 2013-14 2014-15

41.65

38.74

47.12

Variation amount
Variation
Percentage

41.6

38.74

39.26

42.47
36.61

48.9
58.91

2015-16

2.17

-4.4

2.78

-6.28

Interpretation
The travel expenses had over short the budget consistently five out of seven years
under study. The range was 36 percent to 59 percent which indicated lack of control
and absence of economy measures. The company realized these facts in 2008-2009
and put in place a package of economy measures which raised the bar for out of
budget expenditure. The measures have worked well and as a result the variance of
travel expenses over and above budget was controlled almost in 2011-2012 and more
than expected 2013-2014. The control was so effective that a negative variance have
set in year 2013-2014of the order of -6.28

Supplies and materials

Year

Variation
Amount
Variation

2009-10
82.39
4.44

2010-11
2770.4
14.19

2011-12 2012-13 2013-14 2014-15

317.64

-3374.56

1.5

-15.28

2851.21
10.05

2015-16
1853
2863

0605.2
4439.46

Percentage
Interpretation
It signifies that the trend of increase in the negative variation in last 2 years is on
account of postponement of procurement of materials in the year 2009-2010, 20102011, 2011- 2012 which is not a healthy sign. Under procurements of materials points
out to delay in implementation of projects and impartial negative effects on
profitability which needs to be probed into in detail.
Minor works

Year
Variation
Amount
Variation
Percentage

2009-10

2010-11

2011-12 2012-13 2013-14 2014-15

61.49

423.28

344.21

727.69

3.09

17.06

15.4

31.8

-62.44
-3.06

2015-16

-271.98
-12.93

408.45
15.7

Interpretation
The acceptable range is + (or) - 5%. In general the variation was with in the rage only
in 2 out of 7 years. In 4 out of 7 years it was positive variation of 15% to 31% which
is indicative of the fact that the budgetary process was not being diligently adhered to
in the case of budgets for minor works. There is thus a need to fine-tune budgetary
process implementation in this category.

Interest and Depreciation

Year

2009-10

Variation amount

Variation
Percentage

2010-11
0
0

2011-12 2012-13 2013-14 2014-15

0
0

2015-16

-2350

954

1800

-31.33

9.68

24.65

Interpretation
Acceptable range is + (or) - 10%. The variation beyond the above range is observed in
case of 2009-2010 and 2012-2013. The reason was on account of general and rapid
reduction in rates of interest charged by banks
Motor vehicle
Year
Variation
Amount
Variation
Percentage

2009-10
43.36
36.13

2010-11
-19.2
-21.33

2011-12 2012-13 2013-14 2014-15

83.04
61.5

78.24

71.08

62.59

56.86

2015-16

50.53
49.05

83.83
55.88

Interpretation
The acceptable range is + (or) 25%., As the age of vehicles stock is more, allowing
for increased expenditure in repairs and maintenance on account of age of vehicle
stock it was found that the expenditure under the head was uncontrollable. With the
range of over expenditure being from 36% to 63%. There is and urgent need to
formulate and implement a cost reduction program.

Office Expenses
Year
Variation
Amount
Variation
Percentage

2009-10
11.96
2.88

2010-11

2011-12 2012-13 2013-14 2014-15

-14.34

29.02

-3.35

5.8

81.65
16.13

60.1

-28.69

11.87

-6.04

2015-16
-1.53
-4.37

Interpretation
The acceptable range is + (or)-5%. The variation above the range was found to be
sizable in the case of 2009-2010 and 2010-2011 due to issue of uniform to ministerial
staff and increase transport
Administrative Expenses

Year

2009-10

2010-11

2011-12

2012-13 2013-14 2014-15

2015-16

Variation
Amount
Variation
Percentage

23.65
51.64

21.83

0.31

48.51

1.03

1.42
4.05

-0.31

-1.53

-0.88

-4.37

-1.53
-4.37

Interpretation
The acceptable range is + (or)-5%. It was observed that the budget for administrative
expenses was periodically increased to accommodate the positive variation in
previous year during period 2009-2010. Thus the budget peaked in year 2010-2011,
while the variation is high in 2009-2010 and 2010-2011.

Rent, Rates and Taxes

Year
Variation
Amount
Variation
Percentage

2009-10

2010-11

2011-12

2012-13 2013-14 2014-15

-3.03

17.43

-8.57

-8.8

-12.12

58.1

-50.41

-48.88

2015-16

-0.2

-3.5

6.4

-0.76

-10

18.28

Interpretation:
The acceptable range is + (or) - 20%. The abnormal years were observed to be 20092016 which a positive variation of 58% in 2010-2011 to negative variation of around
50% in 2010-2011 and 2012-2013. This is and account of changes in government /
taxes / municipal polices and changes in valuations during the relevant years.
Others

Year
Variation
Amount
Variation
Percentage

2009-10

2010-11

2011-12

2012-13 2013-14 2014-15

156.45

191.14

79.66

-14.07

15.47

16.64

10.88

-1.09

-49.27
-3.83

2015-16

-37.82

5.69

-2.5

14.58

Interpretation:
The acceptable range is + (or) - 20% as the item indicates miscellaneous of
expenditure the variance is found to be with in the acceptable range.

CONCLUSION
In conclusion, I wish to summarize the budget and budgetary control process
and how each manger can draw out of the budgetary planning and control
system concrete objective to improve the operating performance and
profitability of the business.

 This is some times called Management by objectives, but it is also, in a very

real sense, managing for practical result. A good system of Budgeting is twosided affair that provides.
A formal planning process leading to an overall goal to departmental
objectives within goal.
Control reports and procedures that leading management to assure that such
objectives become accomplished results.
At the beginning, it is emphasized that budgeting is simply and extension of
the basic management process of planning, execution and control. Also
stressed was the importance of broad participation on a grass root basis of all
levels of management in budgetary planning and control process.
It should be evident that the effect of this is to enlarge the abilities of all levels
of management to carry out their basic management functions.
Its is also evident that good budgeting is more than financial exercise and that,
in fact the role of the budget director and of accounting personnel is largely
one of the role of the Budget director and of accounting personal is largely one
of administrative and coordinate guidance, combined with the rather routine
job of translating operating plans results into the language of the dollar.

Leo labs. has been achieving highest production year over the year by rescuing
the corresponding expenditure and attained no only self sufficiency but also
been supportive to the power Plants spread all over India.
With the help of proper budgetary planning and control system, Leo Labs has
been able to improve operating performance and profitability of the
Organization.

 The financial system in Leo Labs has been very quick and well planned one,
which could be implanted in other such government organization.
The organization have followed effective budget system and control for
maintaining the expenditure within the appeared Budget and it also kept the
profile high and achieving the targeted production within the appeared Budget
and it also kept the profile high and achieving the targeted production by
minimum expenditure which expenditure which is evident form the last seven
years Revenue Expenditure Budget.
Form the variations between Budget Estimates and Actual Expenditure of last
five years it may be seen that the percentage of variation is becoming marginal
from year to year which reflects improved system of Budgeting as well as
control of Expenditure.

FINDINGS AND SUGGESTIONS

Suggestions must be taken from all departments of the organization for proper
planning and control of budgets.
There is an urgent need to formulate and implement cost reduction program.

 It is important to have budget manual so that everyone in Leo Labs can refer
to it for guidance and information about the budgetary process.
The variances arising out of each factor should be correctly segregated, and
reported to the management.
There is under procurement of materials with consequences for profitability,
which needs to be proved into in detail.
Uncontrollable variances are beyond the control of the organization.
Controllable variances should be reported immediately, so that responsibility
can be fixed and action taken against the individuals responsible.
Budgetary process has been effective in case of travel expenses and in
effective in case of motor vehicle repairs and maintenance and minor works.
Budget process has worked well in controlling travel expenses

BIBLIOGRAPHY

1. Advance Cost Accountancy, S.P. Jain and K.L. Narang, Kalyani

Publishers.
2. Advance Cost Accountancy, Lall Nigam, G.L. Sharma, Himalaya
Publishers.
3. Management Accountancy, M.Y. Khan and P.K.Jain, Tata Mc. Graw
Hill Ltd.,
4. Cost and Management Accountancy, S.N. Maheswari, S. Chand
Publishers.
5. Websites:
Google Search Engine
www.leolabsltd .com