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MANAGERIAL ACCOUNTING ASSIGNMENT HELP UK

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MANAGERIAL ACCOUNTING ASSIGNMENT HELP UK

 MANAGERIAL ACCOUNTING ASSIGNMENT HELP UK

 

Introduction

According to Dokulil et al., (2017), a proper planning makes a business more successful. While developing plans, management can identify and understand the actual needs of the business, which on the other hand helps management developing better strategies for the business. The term “budgeting” indicates the process of developing plans in numeric terms. McVay & Cooke (2006) has considered budgeting as the most important element of a business because the success of a business highly depends on the effectiveness of the plan that the management develops. In the current scenario the organizations are focusing on developing effective budgets because the external environment which has direct impact on the business is higher competitive. In this competitive era, maintaining a standard market position is quite tough for every firm; however, with the help of proper financial plan the future of the business can be secured.

In this study the primary focus will be made on budgeting and the study will try to identify the importance of budgeting in the current organizational context. The study will determine the importance of budgeting the study will focus on two journal articles and these are – “Are the traditional budgets still prevalent: the survey of the Czech firms budgeting practices” by Popesko Boris, Novak Petr, Papadaki Sarka and Hradec Dusan; “Beyond budgeting or better budgeting” by Theresa Libby and Murray Lindsay. In both the articles the key matter of discussion is budgeting. In these two studies the authors have focused on the critical analysis of budgeting and its importance in the current scenario. However, two articles have focused on budgeting in different ways.

Explaining the selected topic of management accounting

In the introductory section of the study it has been identified that the selected management accounting topic for this study is budgeting, which is an important part of business. As stated above budgeting is the financial plan that every business needs to develop to ensure long time survival of the business. Budgeting can also be defined as the systematic way to manage the income and expenses of the business. Dokulil et al., (2017) mentioned that budgeting is the most important element of a business because it helps in proper allocation of organizational resources. It means with the help of budgeting the management can efficiently allocate the limited resources of the business. In the other words, it can also be stated that with the help of budgeting the management can easily handle if there is any resource crisis in the business.

McVay & Cooke (2006) believed that budgeting is not only a planning tool, but it can be considered as an efficient tool for controlling business activities. Developing budgets companies can analyze their current capacities to compete in the open marketplace. This actually keeps them aware of the current financial and non-financial position of the business. As per the article “Beyond budgeting or better budgeting” by Theresa Libby and Murray Lindsay, budgeting is followed by the organizations in order to improve their control system. At the same time, the authors of the study have also mentioned that budgets are the way to communicate the business scenario to the people related to the business (Libby & Lindsay, 2007). While discussing about budgeting, the authors have also noted or mentioned about different techniques or approaches of developing budgets that the organizations follow. The authors have mainly focused on the technique of beyond budgeting which is modern and advanced method of budgeting.

On the other hand, in the study namely – “Are the traditional budgets still prevalent: the survey of the Czech firms budgeting practices” by Popesko Boris, Novak Petr, Papadaki Sarka and Hradec Dusan, the authors have focused on budgeting by considering the effectiveness of traditional budgeting system in the modern organizational context. As per the authors of this particular article, traditional method of budgeting is still under use in a wide range of organizations in the world (Popesko et al., 2015). The traditional budgeting techniques are considered as the fundamental management techniques that can help in managing the business in a better way by proper planning and effective controlling of business activities. As per the findings of this study, budgeting is a very critical activity to be performed by every business for better planning and management of the financial activities. At the same time, the findings also indicate the loopholes in the approach of traditional budgeting. Moreover, the study has also indicated that in the current scenario the ways of developing budgets in the organizations have changed much (Popesko et al., 2015). The firms now need to consider several factors while developing the budgets for the businesses.

Therefore, from the overall discussion in this study, it can be mentioned that budgeting is nowadays inseparable part of every business. In this context, it is important to note that in an organization’s territory budgets are prepared separately for different organizational activities. For example, for purchase, a separate purchase budget is developed; similarly for planning the sales volume and sales value a separate sales budget is prepared within the business. However, it is also required to note that considering all departmental budgets a master budget is prepared in every business (Libby & Lindsay, 2007). Therefore, it can be stated that developing a master budget requires accuracy of the departmental budgets. Budgets can also be segregated based on the techniques of budgets. There are different types of budgeting technique available in the market that can be used for developing efficient budgets. For example, there are activity-based budgeting and zero-based budgeting. These two budgeting techniques are developed to prepare the budgets in most efficient manner. These are modern way of developing budgets (Popesko et al., 2015).

Hence, the overall discussion is indicating the fact that budgeting is a wide area of business. It cannot be separated from business because the survival of the business in long-run as well as in short-run depends on this factor mainly.

 

Reference list

Dokulil, J., Zlámalová, J., & Popesko, B. (2017). The perception of budgeting in czech firms - results of a survey. Oeconomia Copernicana, 8(2), 273-285. doi:http://dx.doi.org/10.24136/oc.v8i2.17

Libby, T., & Lindsay, M.. (2007). BEYOND BUDGETING OR BETTER BUDGETING?Strategic Finance, 89(2), 46-51. Retrieved from https://search.proquest.com/docview/229823426?accountid=30552

McVay, G. J., & Cooke, D. J. (2006). Beyond budgeting in an IDS the park nicollet experience. Healthcare Financial Management, 60(10), 100-2, 104, 106 passim. Retrieved from https://search.proquest.com/docview/196380736?accountid=30552



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