Budgeting and Performance Evaluation

One of the most difficult conditions to live with is a tight budget. You have no choice but to spend only what you have within your means or else you're going to be broke. Although there are many things that you may want to acquire, like beautiful houses, cars, jewelry and clothing, you can't buy them without putting a lot of strain on your budget. Restraining yourself from over spending is the best way to survive during these difficult times. In order to do this you need to do some responsible budget planning. This can be an overwhelming task for many but it's not impossible to do. There are many ways to do it but you will need a lot of patience and resourcefulness in order to come up with a perfect plan. Perfect in a way that it's going to work for you with the least difficulty and greatest results.

Running a business requires detailed planning and a host of tools to help hold your processes accountable while measuring their efficiency. There are many different specific tools to accomplish many of the particular tasks involved in such processes, but budgeting and overall financial planning tend to be those used the most frequently and with high success. They can be found in all areas of business and simply need data to fuel their productivity.

This research paper is a brief discussion of budget management analysis. Budgeting is the key to financial management, and is the key to translates an organization goals or plan into money. Budgeting is a rough estimate of how much a company will need to get their work done, and provides the basis for evaluating performance, a source of motivation, coordinating business activities, a tool for management communication and instructions to employees. Without a budget an organization would be like a driver, driving blinded without instructions or any sense of direction, that’s how important a budget is to every organization and individual likewise (Clark, 2005).

Citizens of the United States are legally required to pay taxes and follow the laws of their government. Thus far, with only having four weeks of interning at the House of Representatives, I have learned a lot about governmental accounting and politics. For example, one of the biggest complaints of American people is their increasing tax rates. Every year, the government has the responsibility of negotiating and preparing a budget for the upcoming years based primarily on taxpayer dollars. There is a long process that goes into creating a budget and allocating appropriations. But what happens when a major event occurs that cannot be appropriated ahead of time? This research paper will explore the budget process and how taxpayer dollars contribute, how appropriations are made, and what happens to the budget when the nation experiences an unexpected natural disaster or terrorist attack.

In this week’s assignment paper, I am a manager of a property management and I am to draft a memo to my employees to hand in a projected budget for the upcoming year. A budget is a "financial plan to control future operations and results", to improve future performances and attain a profit goal (Shim & Siegel, 2011). In order to create a great budget and get the best results you must eliminate budget weaknesses such as unrealistic figures and different methods of preparing budget (Shim & Siegel, 2011).

When you write the paper, please don’t use a excel spreadsheet, only use analysis of the data in Microsoft word sheet. I mean explain everything in words. Thanks!

There were many different financial tools I can make use of that would greatly benefit me in the future, as well as right now in present day. Some financial tools that I can use to make better decision financially are budgets. There are many different types of budgeting systems that can be utilized. Budgeting will help me have a clear goal of what is safe to spend and what needs to be utilized for spending on appropriate items for daily living. With defined goals. It is easier to monitor, track and trend spending. One can better plan for items such as vacations, or for retirement. Using a budget allows one to be conservative with their spending. I can also use a more defined and complete budgeting system such as a comprehensive budget. (Rachel Siegal and Carol Yacht, Personal Finance, Published December 2009). This will allows all facets of my life financially to be monitored and tracked. To show recurring income and expenses deriving from daily life, an operating budget can be utilized. (Accounting Tools, What Are the Types of Budget Models;

Creating a budget is relatively simple, but sticking to one is a much more arduous task. There is a great deal of self-discipline that goes into solidifying a concrete spending plan.Unfortunately, not all possess this trait, and there are many reasons a budget may not be working the way it was intended to.

Edmonds, T. P., Tsay, B., & Olds, P. R. (2011). Fundamental managerial accounting concepts (6th ed.). New York, NY: McGraw-Hill Irwin.

In this paper we explore budgets in depth, the tools that help you make a comprehensive or a specialized budget and why these may be necessary.

IDB (2015) identifies four basic aspects of effective performance budgeting. First, performance information system should be established in the system of a government. Performance budgeting calls for incorporating performance information on results in the process of decision making about resource allocation. Offering performance information to the major players in the budget cycle is a very common first step in the move to performance-informed budgeting (Arizti, 2010).

What is something very person on earth survives off of? Money; something that is also easy to spend and more difficult to save. Living in today's world, the cost of living continues to go up, which is why for working college students living on our own, it is extremely important to know how to budget money efficiently. Not an easy task, but a doable one. People of all ages struggle with this, and it's not something that can be taught in just five short minutes. Being good at budgeting takes practice, hard work, and self discipline. The good news is you don't have to be a "starving student" in school. There are plenty of ways to save money and keep more of your hard earned cash.

Performance based budgeting refers to the approach of allocating funds that link measured results with policy decisions. It focuses on results and outcomes of programs rather than on the cost of inputs. It facilitates greater and more scientific accountability for outcomes. Fund allocation is prioritised based on a program’s ability to achieve goals.

Performance information empowers decision-makes to make informed budgetary decisions. California launched a pilot PBB program in the 1990’s after experiencing a fiscal crisis due to declining tax revenues and rising unemployment. Former Governor Wilson implemented the pilot program in the Departments of Consumer Affairs, General Services, Parks and Recreation and Teale Data Center (Harrison 2003). California Legislative Analyst (LAO) released a review about lessons learned from implementation of the program. There was noticeable progression of program goals through improved program performance, citizen satisfaction and greater accountability (Harrison 2003). In fact, employees from pilot agencies had an increased level of enthusiasm about their work. These employees became empowered from their heightened sense of ability to recognize the role their performance contributes toward completion of program goals.

For this piece of assignment, a cash budget will be made for Doomy Corporation for the second quarter of the year. For this budget, all the sales figures for the second quarter and some of the expenditure have been given. Hence, to prepare a cash budget, the sales figure given will be used and some calculations will be worked out in order to fully prepare an outstanding budget for Doomy Corporation the following information will be used efficiently.