In preparation for the next financial year, you have been requested to review the business plan, look at one of the areas of the organisation that requires review and prepare a budget for that area. Areas you may like to consider include: Training for staff Upgrade to facilities/equipment Implementing service programs for clients To prepare your budget for your chosen area you must: Review and analyse previous financial data to determine if the area has generated a profit or loss Undertake research to review reasons for previous profit or loss Analyse cash flow trends Use previous financial data to determine where resources were allocated and adjust accordingly Estimate costs of new items to be included in budget Ensure there is provision to record all financial transactions to enable you to check that there are no opportunities for misappropriation of funds . Establish your budget and allocate funds in accordance with statutory and organisational requirements including liabilities for tax