Managers Need to Know how to Budget - 1862 Words

Knowing about finance can help managers and leadership significantly because it allows them to understand the needs for budgeting. This revolves around income statements, balance sheets, cost of goods and earning statements. I have learned more information on how budgeting, if done correctly, can help reduce debt significantly. Knowing the important functions and goals of financial management can help organization thrive because their leadership and department managers understand the issues that can arise from not knowing the importance of goal settings. Making finance decisions can break or make a company because it allows the organization the ability to be able to analyze the impact of various financial decisions. This includes financial planning, which is put in place to help organizations to overcome obstacles and challenges through strategic financial decision making techuqies. A few factors that should be looked at are business-side focus, funding sources and operating surplus, which will be briefly explained in the paragraphs to come. Managing operational budgets have two main factors that must be looked at to make sure the organization is kept running efficiently and effectively. These factors are known as compound and contents of an operating budget plan. Capital budgeting will be briefly discussed below as well. I will also be reflecting on what I have learned throughout this course by explaining roles of ethics and professional responsibility. First financialShow MoreRelatedThe Cost Of The Sales Revenues For The Coming Year1447 Words   |  6 Pagesacceptable level of profit. 3. This budget for the whole company s cost is then broken down by division, department or by cost centre. 4. The budget may then be broken down further so that each manager has a budget and therefore some spending power. 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