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Reasons Why You Should Hire Experts To Manage Your Budget
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[QUOTE="Caramelle, post: 220873, member: 150"] [JUSTIFY]Many small to medium size companies do the budget with the help of their controller, management accountant, chief financial officer, or chief accountant. The budgeting process is usually a complicated one and each functional department has to contribute to the data that the controller or management accountant has to work on to craft the master budget. It all starts with the sales manager providing the projected sales volume for the coming year and that would be used as the basis for projecting production volume and manufacturing costs. Some cost components of the budget are usually fixed and can be easily predicted. Office salaries, rental, and depreciation more or less remain constant regardless of the sales or production volume. For better monitoring and control, the results of operations are compared with the budget on a monthly basis. Thus, financial statements should be prepared monthly in order to identify variances and thus facilitate prompt action and timely decision-making by the management. If you'll ask me, it's all in a day's work for a chief accountant or controller. [/JUSTIFY] [/QUOTE]
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