ASSESMENT 1
1. Name 4 You Might Consider business
considerations when researching a budget.
·
People
- must have a motive and a high energy, have the relevant skills
·
Opportunities
- their competitive advantage is owned businesses and certainly can be maintained
·
Competition
-looking out weaknesses of competitors, response to competition is going to
happen and how to create a healthy collaboration with competitors, when
possible. Matters related to economic, environmental and legislation should be
conducive
·
Risk
- It's been studied, identified and easily resolved
2.
Explain how the following data sources may be used for the preparation
of the budget.
Response
·
Competitor
research - In order to establish an effective competitive marketing strategy,
the company must obtain all information about competitors. Companies should
compare the product with persistent effort, price, distribution channels, and
promotion with the nearest competitors.
·
Research
customers or suppliers -Cover image of the
company or product, understanding of the market, distribution networks, product
development, promotion effectiveness, pricing, as well as relationships with
customers, suppliers and intermediaries
·
Declaring
a commitment in the field of surgery -We will
watch and monitor and do enforcement against cartels and
speculators-speculators who play the price. We will also help with securing
price stability of supply, production, or distribution
·
Financial
information from suppliers - financial information required as a basis for economic
decision making. Making economic decisions. Economic decision making is a
conscious decision to set something on the basis of data in the field of
business.. companies understand that the risk to the assets that are placed on
the company's heavy. The owners need information to assess whether the company
has the ability to pay dividends. In addition to assessing whether the
investment will be retained or sold. For prospective owners, financial
statement is very vital and can provide information on the possibility of
locating investments in company.The lender (creditor) lenders require financial
information in order to decide to lend and see the company's ability to pay
principal and interest thereof or for the results and its profit margin
(financing / credit sharia) at maturity. Thus, the benefit of creditors against
the company is whether the company is able to pay its debts back or not. It is
very risky because of the angle of the creditors was he who gave the money
first. Suppliers or other creditors. Supplier businesses require financial
information to determine the amount of the sale of loans to buyers and the
ability to pay at maturity.
·
Financial
proposals of key stakeholders - the beginning of a business started from the
idea of a person or of a product or service and they are spending money
(capital) to finance the effort, because they have faith that someday in the
future will get a reward (profit) and they organize , manage and cover all
business risk. Trust is something that is needed in the realization of the
financial proposal
·
Data
/ information performance from earlier time periods - Provide services or support, such as providing guidance. • Modifying
access, barriers, or opportunities, for example scholarships to underprivileged
students. • Provide information and enhance skills, such as training. • Change
the consequences of such incentives. • Modify the policy.
·
Budget
department, event or project - Although the quality of the State Budget (APBN)
improved, there is still waste in the spending ministries. Old patterns in the
form of repetition budgetingproject, Redundant
event, until the service was helpful not appear when the city budget.
·
Provide
funding guidelines or limits - The type of aid provided in the form of funding.
This government assistance, is only used for :Development of capital,
Development of infrastructure, Human resource capacity building. Any given
financial assistance will definitely have some sort of guarantee for how
constraints that must be given to the borrowed funds.
·
Management
policies and procedures -policies and procedures
commonly used in both the public and private sectors. In the world of
government, policy means "what is done and not done by the
government". Its products can be laws, regulations president, government
regulations, local regulations, or instructions of the governor. As a technical
guide policy implementation, are usually prepared guidelines / regulations in
the form of technical implementation procedures. In the private sector, the
policy is a vital tool that shows their credibility and commitment to the
management in running a business activity. Examples of products in the private
sector policy is a policy of good corporate governance, risk management,
accounting, etc. Just as in the government sector, the procedures in making
policies used to guide the technical implementation of the policy.
·
Guidelines
for the preparation of the organization's budget -strengthening food security
in an effort to maintain the availability of basic commodities and energy.
Acceleration of poverty reduction; The increased involvement of stakeholders in
the development process; The increase in the value-added utilization of the
potential and opportunities of natural resources, the demographic bonus,
relocation of industries, and a large domestic market; and The implementation
of sustainable development efforts
3. Explain how the following internal factors can have an impact on the budget.
Response
Management
restructuring - aims to improve and maximize company performance. The company
is making improvements here and there so that it can be separated from the
crisis through various aspects. These improvements are related to various
aspects of the company, ranging from improving the company's portfolio,
improving capital, reducing management, improving the company's management
system, to improving human resources. Even in this case, the DIRECTORS will be
replaced by other people and the employees will be reduced to reduce operating
costs.
Human
resource requirements - Must clearly know the problem that will be planned.
Able to collect and analyze information about HR and have extensive experience
on job analysis, organization and HR supply situation
New
projects and business objectives - Project management activities including job
planning, assessing risk, estimating the resources needed to complete work,
organizing work, obtaining human and material resources, assigning tasks,
directing activities, controlling project implementation, reporting progress
and analyzing results . Other areas of business, project management for
information systems must deal with five main variables: scope, time, cost,
quality and risk
Changes
in commodity or service prices - In fact there are other major causes that
escaped the government's long discussion and discussion, namely the length of
the marketing chain so that prices increased at the consumer level even though
there were no problems with stock or (abundant) availability. Another aspect
that causes the phenomenon of inflation in addition to the length of the
marketing chain is the limited stock due to crop failure (floods, air attacks
and extreme climate change) so that plants are unable to exist and produce high
production. In fact, there may be a game of indications from the Oligopoly and
cartels that must be avoided from the supply distribution business actors.
4. Explain how the following external factors can
have an impact on the budget.
Response
Legislation and regulations - The estuary of this
matter is implemented in the form of a Performance Based Regional Government
Budget that is different from the old budget system both in the process of
formulation, format, implementation and results obtained, which in turn will be
reflected in the Regional Head Accountability Report. Some things that concern
the goodness of Performance-Based Budgeting is that because the budget is
prepared based on programs, functions, and activities with certain standardized
measures set, and the objectives have been formulated, it can be assessed on
input and output (input-output-outcome), or an assessment of performance of
activities (appraisal performance).
Changes in the global economy - Amidst the dynamics of
the global economy that is constantly changing with accelerating acceleration.
The economic crisis triggered by the monetary crisis -
some time ago, has at least given a strong indication of three things. The main
reason is because the steps taken by the government in responding to the crisis
have been more "patchy", ad - hoc, and tend to go round and round.
Market trends - something that allows traders and
investors to benefit. Whether for the long term or short term, in a market that
moves in one direction or in a limited range, the change from one price to the
next is the one that creates profits or losses.
5.
How to involve staff "from the bottom up" in
the budgeting process, help business?
Response
If budget targets are
difficult, managers will take short-term actions that may not be in line with
long-term interests .Budget targets reduce the motivation of managers to
manipulate data .Reveal profit targets to analyze securities, stockholders, and
other external parties with reasonable estimates. Budget that is difficult to
achieve implies that sales targets are too optimistic, this leads to excessive
commitment. Generate target achievement winning atmosphere and a positive
attitude
6. How does the process typically
involves the preparation of the draft budget?
Response
·
The
budget must be made look like as reality as possible, as carefully as possible
so it is not too low or too high. The budget made too low does not describe the
dynamism, while the budget is made too high is wishful thinking.
·
Motivate
executive managers required the participation of the top management (board of
directors).
·
Budgets are made should reflect fairness, so
that implementers do not feel depressed, but motivated.
·
Make
the necessary budget realization reports are accurate and timely, so in case of
adverse deviation can be anticipated especially early.
7. How do you split the budget into groups,
departments, or categories of income and expenditure to help colleagues?
Response
There
is a necessity that the company's strategy is checked again. Should it be
eliminated, added, or changed the program in the coming year. Even when there
is an analysis of irregularities, it can be concluded that there is a need to
change the budget, if it is not realistic. So that the reports can be concluded
that there needs to be a comprehensive improvement for problems that cannot be
anticipated.
8. Mention 3 people (work
role) You will circulate the draft budget for feedback or approval
Response
·
Director
·
Marketing Manager
·
Operational Manager
9.
The budgeting process requires a strong negotiation skills. Why is it
important to reassure staff about the achievement of the budget?
Response
substantial
budget negotiations almost the same achievement understanding with the
bargaining process, In Process bargaining there is one thing that is difficult
is released therein, namely concerning Human Relationships between humans. In
the context of human relationships this is the actual negotiation require some
sort of Relationship Intelligence
10.
A member of staff suggested changes or changes to the budget. Make a
list of three aspects you need to consider to make sure any changes will not
have a negative impact:
Response
·
Employee Control (Personnel Control) This control is
made specifically for employees to things that are related to employee
activities. For example, do employees work according to plans, orders, work
procedures, discipline, absences, etc.
·
Financial Control (Financial Control) This control is
made to be designed to matters relating to finance, about income and expenses,
company costs including budget control.
·
Production Control This control exists and it is very
important to know the quality and quantity of production produced, whether it
is appropriate
11. In most businesses / industries, when should
the budget be completed?
Response
Not
later than 2 months after the end of the budget report year
12. What information must
department managers enter in their monthly reports?
Response
·
Existing data is collected and specifications are seen
from all company activities and transactions
·
Process data into information that is useful and
appropriate for management.
·
Management of existing data into groups that have been
determined by the company.
·
Controlling sufficient data control so that assets of
an organization or company are maintained.
·
Make the results of a valid information that provides
enough information for management to plan, execute planning and control activities.
·
13. How often should the
budget be compared to the actual accounting results?
Response
Sales
are broken down by month, quarterly, semester and yearly, because they are
viewed and specified according to the types of products and carried out
according to the marketing area.
14. Mention and explain 5 financial statements
that you might generate from your accounting system to check your budget for
actual income or expenses.
Response
•
Income Statement
•
Reports on Changes in Capital
•
Balance Sheet
•
Statement of cash flows
•
Notes to financial statements
15. Any items of income
and expenses in the Statement of Profit and Loss must be compared with what?
Response
·
look at the overall financial condition of the company
·
knowing the number of current assets
·
knowing how much debt the company has
·
knowing where the company experienced profit or loss
·
determine the right policy and the direction in which
the company will increase its profits
16. When income variances
occur, why is talking to staff a good way to help identify and find options to
solve problems?
Response
Variant analysis
is the process of analyzing the deviations that have occurred, the large or the
number can be measured by comparing the figures that have been budgeted for
what happened in the field, both concerning sales or income or expenses. . An
analysis related to the difference in power-variable load will reveal things
related to the wages given, efficiency, and volume, as well as what is the
cause of the difference or variance is not known with certainty.
17. List of 3 factors that
can cause differences in staff budgets.
Response
•
The system uses a relatively high level of measured by
polling users, using questionnaires, or monitoring parameters such as the
volume of on-line transactions.
•
Lack of support from the executive or management
•
Not Having Adequate Planning
18. Why is monitoring your
budget progressively throughout the year very important?
Response
This increase in budget allocation for social
welfare is an increase in real value, not just an increase to adjust inflation.
In short, the funds allocated for the social welfare budget this year were able
to buy more goods and services for people's needs compared to last year.
19. How can you gather
information to help make future budget plans?
Response
Collecting data
related to finance, making records of income and expenses, researching where
the money is running, setting financial goals, consulting with experts.
20. Mention accounting
programs that you can use to help manage budgets.
Response
Zahir accounting and Oracle accounting are
very suitable for managing budgets
21. Explain each of the
following types of budget:
Response
Cash budget /
cash flow budget - a budget that plans in more detail about the amount of cash
along with changes over time over the coming period, both changes related to
cash demand, and changes that have to do with cash disbursements
Department
budget - Cash budget that coordinates and makes assumptions as the basis of the
budget (such assumptions as inflation rates, exchange rates and oil and gas
prices). Help communicate the budget throughout the organization. Analyze the
proposed budget and make recommendations to the budget (budget holder) and
manager of the responsibility center
Event budget - Budget used for
unexpected things
Project budget -
Budgets that appear at large, planned costs and are usually made one month
before the project itself
Budget purchase - Budget made to
buy goods or services
Sales budget -
The sales budget is a budget that plans a detailed sale of company sales in the
coming period in which there are plans for quality, what items will be raised
for sale, the quantity to be sold, the sale price and the time and place of
sale.
The salary
budget - a financial plan that is used to pay for someone's hard work whether
it is calculated per hour, per day per week or monthly
The main budget - a financial
plan that is placed number one of everything
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