MBA7001 We May Pay Ltd (WMP) is a Finance Company that has a considerable deposit base due to the confidence: Accounting for Decision Makers Assignment, CMU, SRL
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BUY NOWD. We May Pay Ltd (WMP) is a Finance Company that has a considerable deposit base due to the confidence they have created among its customers as its name implies.
During the Management meeting, it was discussed about the preparation of budgets for the company. Management is of the view that it is sufficient to develop the budget by the Senior Management so that strict targets can be given to all the employees to improve the performance of the company. Further, it was discussed that since it is planned to improve the performance by about 20% compared to the previous year, previous budgets can be easily used to develop the next year's budgets, and it will help to complete the budgeting process without much cost and effort.
It was also discussed to prepare the operational budgets for the next financial year on a quarterly basis and to conduct reviews semi-annually. However, the Management Accountant of the company suggested that operational budgets (especially cash budget) should be prepared more frequently for this organization since there is critical information that should be available to make important decisions by the company.
Using the above information relating to We May Pay Ltd, critically explain the importance of “Budgeting” to the organization, the approach used to develop the budget highlighting its advantages and disadvantages, the alternative approaches available to overcome limitations, and the relevant frequency of the operational budgets
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