Business Subsidiary Diploma Unit 2 D3

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Formal Report From: Date: To: Ref: Budget 1.0 Introduction This report will include information on how there have been problems with the budget and the recommendations I can make to improve the situation. 2.0 Problems 2.1 The budget has been exceeded in some areas. This has meant that we have had to cut money in other areas as a result. This has been an on-going problem, with the budget department becoming slack and not doing as deep research and up to date costing. 2.2 The budget has not been accurate enough. This has caused some budgets to be over compensated for and others under compensated for leaving us with a problem of how to distribute the remaining money from budgets or raise additional capital to fund the departments which the budget hasn’t covered. 2.3 The budget has been tampered with as the year has gone on. This has caused upset and inaccuracy as money has been shifted, added and taken from different departments, leaving some departments short or over paid for without explanation why. 3.0 Recommendations 3.1 To reduce the exceeding of budgets, I recommend that more time is spent to see where money can be saved without risking health and safety. This will help to ensure that costs are covered by the budget but also ensure that even though not as much money is being spent, the level of health and safety is maintained. 3.2 To increase budget accuracy, we will provide our budget department with the latest prices and costs that they need to work with to create the budgets. This will help to ensure accuracy as this is very important when budgeting. As we’ve seen before inaccurate budgeting has left us short and we have had to raise extra capital and/ or cut other costs. 3.3 To ensure that each budget stays the same throughout the year we will continuously monitor the budgets and stress that each

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