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I need help creating a thesis and an outline on How to Develop a Budget and Stick to It. Prepare this assignment according to the guidelines found in the APA Style Guide. An abstract is required.
I need help creating a thesis and an outline on How to Develop a Budget and Stick to It. Prepare this assignment according to the guidelines found in the APA Style Guide. An abstract is required. Lynch (1991) revealed that any organization working without an efficient budget plan for the business activities may get itself in various troubles regarding control of the performance of the organization. Budgeting makes the processes of the organizations run efficiently. So, it is of crucial importance for any business or organization to develop a perfect budget plan which should not only help the organization in achieving desired goals but also in maintaining the financial level of the organization.
A budget is that kind of financial plan which is articulated in quantitative and money terms for any business or organization. Lawrence (2004) argues that budgets should always be prepared and approved by the authorities before the start of the period. The budgets which are approved by the authorities are then used by the organization for various business operations. Budgets should be derived from the long-term strategies of any company or organization. Reames (2010) states that “it is always important to figure out areas of your budget where you tend to spend exorbitant amounts or unnecessarily and cut those out”. If the organization prepares a budget for business and financial activities during the financial period, it may be of no use because all those activities which are to be performed by the organization need a suitable and efficient budget plan before the start of the period in order to be performed effectively. “The money tracker can be the first step towards creating a workable budget that complements your vision, your values, and your goals” (Lawrence 2004). Dayananda, et al., (2002) found that a perfect budget plan includes a set of regulations regarding capital to be employed, income, and expenditure.
A budget is the most valuable and effective financial management tool for any organization that lists all planned expenses and revenues. Bielefeld and Zoumbaris (2000: 85) state that “it does take careful thought and planning to budget your money”.
