This 15 page paper is written in two parts. The first part looks at the way a budget may be prepared for a project, and considers issues such as monitoring and budget control. The second part of the paper puts forward a business plan, showing the justification and the use of financial projections and forecasting to justify the proposal. The example used is an environmentally friendly car wash. The bibliography cites 4 sources.
Name of Research Paper File: TS14_TEbplanaccts.rtf
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a firm1. The firm holds an annual Christmas party, this needs to be organized and there is a strict budget that needs to be complied with. The firm budget for
the party is allocated in a per head basis, with an amount of 50 per head allocated. This is the amount set by the firm and is not negotiable; as
such this can be changed. The party has to be undertaken and budgeted within this amount. The first stage is to consider
what is involved in creating this budget so that there can be responsible budget creation and careful monitoring and controlling. The Institute of Cost Management Accountants describe a budget as;
"A financial and or/quantitative statement prepared prior to a defined period of time, of the policy to be pursued during that period for the purpose of attaining a given objective.
It may include income, expenditure and the employment of capital" (Chadwick, 2004). Therefore, we can see it is a predetermined plan that is used to determine the way a business
uses its resources. This will also need to be controlled. Budgetary control is described by the same organisation as; "The establishment of budgets relating the responsibilities of the executives to
the requirements of the policy, and by continuous comparison of actual with budgeted results either to secure by individual action the objective of that policy or to provide a
basis for its revision " (Chadwick, 2004). In any organisation it may be that the budget will include aspects such as the need to invest in research and development as
well as marketing, production and many other activities. In controlling the budget the success or failure of achieving projects within budget may be seen to benefit the organisations in terms