Financial Plan For An Organization

1507 WordsJul 7, 20157 Pages
Financial Plan Jeana Barnes Professor Sandberg HCS 589 July 6, 2015 Financial Plan According to Grable, J. E., et al. (2008), both the financial plan and the projected budgets help an organization to be successful both in the present and in the future operations. Even though the two aspects go hand-in-hand, they are different in how they influence organizational financial success. The main differences include the fact that the budgets helps one map out the key expenses that will be incurred in weeks or months to come. While financial plan helps on to plan for funding financial objectives and goals in 5 years and over. Creating a financial plan means make a long-term strategy for achieving goals while making budget implies the management of money in day-to-day business operations. In a financial plan, one track records of progress in quarterly and semi-annually basis which in a budget, expenses and incomes are tracked in a weekly and monthly basis. Fiscal details In a financial plan, there are fiscal details that are included. Stovall, J., & Maurer, T. (2011) stated that these fiscal details indicate the flow of government expenditures, the organizational debts and the sources of revenues. There are government expenditures that will get into the organizations and private business in form of subsidies and other incentives to the organization. This portion of the fiscal details is included in the financial plan. The debts that the

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