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Please help with strategies to Managing the Budget within the Forecast.Please re-write this so that it is not plagiarized Managing the Budget within the Forecast
Please help with strategies to Managing the Budget within the Forecast.Please re-write this so that it is not plagiarized
Managing the Budget within the Forecast According to Cleverly & Cameron, (2007, p. 331), when management is done by many different people, budgeting becomes imperative. As a result, the organization needs to have a person in charge of finances who knows how to manage the money. Several strategies have been found to be very efficient in ensuring that this is achieved. The first strategy is to forecast important budgets when a one-year budget is created. The capacity to anticipate as operations grow or worsen allows time to react rather than acting under pressure. This tactic also drives an individual toward the establishment of effective monetary policy (Deschamps, 2004, p. 648). Good management needs policies that limit debt, govern balances, and minimum reserves. The second strategy is budget should be able to recover many expenses. As much as a business usually has some very mandatory needs, whenever something is not so pertinent to the function of the business, this cost should be saved. In health care, the extra expense can be recovered by placing cost on the essential services in the facility. The third strategy is the budgeting should reflect spending priority. The vital services and products that the organization or the business needs are often important to identify. These services and products should be given greater spending priority because they are a necessity (Deschamps, 2004, p. 649). The final strategy is the measure of the performance of the business output. This should be able to reflect the goals of the organization. It is important to benchmark the expenses on the services. Besides the expenses and other fees, there should be other options that can bring in more revenue (Deschamps, 2004, p. 649). The diversity of the organization to income and sales tax can greatly improve the revenue of the organizationStep by Step Solution
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