Accounting and Finance for Your Small Business by Steven M. Bragg,Edwin Burton PDF

By Steven M. Bragg,Edwin Burton

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Sample text

Need for Budget Updating Flexible or variable budgets should be kept current so that targets are realistic and accurately reflect deviations from expected costs. Budgets, however, may lose their effectiveness as a measuring and control device if they are adjusted for every small change in operating costs. There is no rule of thumb for triggering a budget adjustment. However, budgets should be adjusted for changes in product mix, major changes in cost levels, and schedule variations that significantly alter cost relationships.

This analysis will help identify to which product(s) or service(s) the cost should be assigned and in what manner that allocation should be made. For some fixed costs, this will be a very difficult process. Some administrative costs may simply not be identifiable with any one product or service. Successive allocations through your costing hierarchy may be needed to arrive finally at a “product-attributable” status. You may treat such costs as variable and determine a rate at which to assign these costs against labor hours.

The cash forecast is of exceptional importance, for it tells company managers if the proposed budget model will be feasible. qxd 11/28/05 1:37 PM Page 35 Budgeting for Operations CHAPTER 1 any possible financing, then the model must be changed. The assumptions that go into the cash forecast should be based on strictly historical fact, rather than the wishes of managers. This stricture is particularly important in the case of cash receipts from accounts receivable. If the assumptions are changed in the model to reflect an advanced rate of cash receipts that exceeds anything that the company has ever experienced, it is very unlikely that it will be achieved during the budget period.

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Accounting and Finance for Your Small Business by Steven M. Bragg,Edwin Burton


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