Organization and the Budget



Organization and the Budget

An important step in controlling expenditures and ultimately profit is by creating a budget for an organization. With ever narrowing profit margins, each department needs to keep careful track of expenses. Some things included in an annual budget are salaries, office expenses, utilities, repairs, and maintenance. Certainly, situations arise that may require purchases that exceed budgeted amounts (Poston, 2005). There are also times when revenue falls short of the forecasted amount. These situations may cause the organization to revise the budget periodically. However, a budget is usually forecasted for one year. Keeping track of ...