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Comparing Budgetary Planning Techniques Creative Writing
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Budget CycleAssessment of the Value of the Budget CycleThe budget cycle is a key element of the financial management of any organization, whether public or private (Messer, 2020). The cycle begins with revenue estimation, which establishes the baseline for all subsequent budgeting decisions. It is generally performed in the executive branch by the finance director, clerks office, budget director, manager, or a team therein. This step is followed by budget formulation, which involves developing a detailed plan for spending and revenue generation. The formulation step includes reflecting on the past budget and setting goals for the future so as to reconcile the difference. Once the budget has been formulated, it must then be presented to relevant parties for approval, through a process of budget hearings. Budget hearings can include departments, sections, the executive, and the public to discuss changes in the budget. Once the budget has been approved, it can be finalized and adopted by the legislative body. Finally, the budget must be executed, meaning that spending must be carried out in accordance with the approved plan or amending the budget as the fiscal year progresses (Messer, 2020). The budget cycle is therefore a critical tool for ensuring that an organizations financial resources are used in an effective and efficient manner.As the Bible explains in Proverbs 15:22, Without counsel plans fail, but with many advisers they succeed. The wisdom of…
…used correctly, these techniques can provide a significant competitive advantage. However, it is important to note that budgetary planning is only as effective as the data that is used to inform it. As such, an organization needs to ensure that it has access to accurate and up-to-date information in order to make the most of these techniques. A great line from Proverbs 27:23 is: Know well the condition of your flocks, and give attention to your herds. Budgetary planning techniques essentially involve the organization getting to know the condition of the flocks and giving attention to the herds. If this knowledge or process of getting to know is lacking or not in existence, there will no…
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