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ACC80008 Managerial Accounting Research Assignment - Video Presentation, Swinburne University of Technology, Australia

Title - Budgeting

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Instructions - Conducting research on the implementation of budgeting. The task requires you to develop a time-limited, narrated presentation on budgeting implementation. The presentation is to address the following requirements:

1. Explain what budgeting is.

2. Select from the relevant literature an example of either a successful or unsuccessful implementation of budgeting and address the following:

a. Explain what were the motivations for budgeting.

b. Explain why the implementation was considered successful (unsuccessful)

c. Taking the role as a management accountant, discuss how you would improve the implementation of budgeting.

Answer - BUDGETING AND ITS IMPLEMENTATION

BUDGETING

  • Budgeting is the process of establishing budget for an organization.
  • It involves setting financial goals for a company and a well defined plan for achieving those goals.
  • It helps in determining where to spend and how much to spend.
  • It assists the financial planners of the organization in projecting liquidity position of the company.
  • It helps in avoiding unnecessary expenditures in the business and hence yields more profits.
  • It is planning stage process in the business organization done by top level management only to lead it's middle level and lower level staff members.

Objectives of Budgeting

  • To control financial expenses of the company
  • To project liquidity position of the company.
  • To provide tool to measure financial performance of the company.
  • To measure assets and liabilities of the company.
  • To forecast the future cash inflows and outflows for the company.
  • To provide optimal utilization of resources
  • To avoid unnecessary expenditures
  • To yield higher profits from less funds
  • To motivate employees so that they are focused to wards individual goals as well as organizational goals

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Importance of Budgeting

  • It helps to give better view of financial condition of the company to its shareholders.
  • It helps in strong image formation of company as the company with better financial planning is more trusted.
  • It helps in prediction of sources for funding to the business and the various revenues which can be generated from these investment.
  • It provides tool to measure financial performance of the company.
  • It determines assets and liabilities of the company.
  • It helps in optimal allocation of resources.
  • It helps in achieving the organizational goals in a better way by motivating and leading its employees efforts.
  • It makes competitive advantage to the business organization among its peer groups.

Budgeting Process

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Successful Implementation of budget

Davis Service Group is a large public limited company employing around 17,000 people. Its shares are quoted on the London Stock Exchange.

The business is based on service contracts to source, clean and maintain industrial textiles, such as protective clothing and linens. This is across four key sectors: workwear, healthcare, hotels and restaurants, and general facilities, such as washroom linen.

The company's headquarters are in London but its operations are spread across the UK and Ireland, continental Europe and Scandinavia. These are managed by two separate companies: Sunlight in the UK and Berendsen on the Continent. Sunlight is the market leader in the UK. Berendsen is the market leader in Norway, Sweden, Denmark and Holland.

Sales for the combined group in 2008 were worth £954 million. City financial analysts have forecast that 2009 sales will be at least equivalent to the 2008 level, if not modestly ahead.

Despite the severe recession of 2008-09, Davis continued to be a profitable company. This has been the result of careful budgeting. Budgeting involves making detailed financial plans for every aspect of the business, identifying risks and ensuring that managers are committed to the outcomes that they have agreed.

Budgets are forward financial plans. They show financial targets over a given period of time for income, expenditure and cash flows within a business. Davis uses budgets to plan the future use of its resources, either in the short or long term. For example, operational areas need to assess the costs of the people needed to meet production targets or the marketing team must determine costs of promoting services to increase sales. Budgets are also communication tools which allow employees to understand where the business is heading.

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Motivations for budgeting Davis Service Group

  • To Forecast Sales for the Davis Service Group.
  • To manage recession in 2008.
  • To provide competitive strategy to company.
  • To plan wise expenditures for the company at the time of recession.
  • To provide optimal utilization of the resources of the Davis Service Group.

Why Successful implementation of Budget in Davis Service Group

  • Able to spend limited budget in wise manner.
  • Laid off surplus staff.
  • Found real opportunity cost using budgeting.
  • Able to improve operational output.
  • Able use the resources optimally.
  • Able to take wise investment decisions.

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Areas of Improvement

Davis service group has not allocated any budget to research and development department . So ,it is very important to allocate budget to this department. It is evidence from the fact that it experienced fall in sales in august, 2008 because new entrant entered the market with new innovation and customers were attracted to that new product.


JUNE

JULY

AUGUST

 

Budget

Actual

Variance

Budget

Actual

Variance

Budget

Actual

Variance

 

 

 

%

A/F

 

 

%

A/F

 

 

%

A/F

Sales Revenue

12.1

13.0

7.4

F

12.9

9.8

24.0

A

11.1

7.6

31.5

A

Operating Costs

6.5

6.8

4.6

A

7.0

6.1

12.9

F

5.9

5.4

8.5

F

Gross Profit

5.6

6.2

10.7

F

5.9

3.7

37.3

A

5.2

2.2

57.7

A

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