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Write 5 pages thesis on the topic account 4 manager task number4. Future sustenance of the organization becomes a question mark if this process continues for a long time. To curb this, a series of pla
Write 5 pages thesis on the topic account 4 manager task number4. Future sustenance of the organization becomes a question mark if this process continues for a long time. To curb this, a series of planned efforts need to be taken up like:
As per estimations, the company intended to spend 70% of the fees revenue while the actuals record a 10% jump to that figure. A total of 80% of fees revenue was diverted towards expenditure. This measurement speaks of the inefficiency of the management. It has failed to control its costs effectively.
Analysis of costs: Costs usually are fixed and variable in nature. The fixed costs are those which need to be incurred irrespective of fees revenue up to some extent. Salaries and rent come under this category. Their control is a very difficult decision and is dependent on the stakeholder’s agreeability. If they agree so, the salaries could be altered either for a quarter or for a long period by 10%. Subletting the premises may be thought upon to reduce the rent outgo. However, the rental cost is quite minimal and emphasis should be put on reducing the salary payout.
Regular monitoring and control of costs: To aid in such achievement, regular monitoring of resources has to be taken up. Management of resources has to be done efficiently. Prepaid and accruals need to be rightly treated. Right expenditure has to be analyzed through the help of mini budgets, graph charts and percentage analysis. It should be ensured that the costs are controlled and fit into the planned budget estimates.
What data is used for analysis of the effectiveness of the management: A thorough measurement, analysis and monitoring of costs, can analyze the effectiveness of the management. To be more precise, fixed and variable costs have to be apportioned properly. This data can help us to take rational decisions on cost cutting methodologies.
Improvements to existing processes: It is imperative that the organization needs to improve its financial position with immediate effect.
