Keep your head out of the cockpit

Article Abstract:

Business budgeting is similar to piloting a plane. In flying an aircraft, the pilot does not focus on the instrument panel to read the necessary information. He develops a sense of what is right or wrong in his flying without relying on the readings. This rule also applies to budgeting. Managers are required to concentrate on meeting the organizational goals and their department's roles in achieving this mission without having to depend so much on numbers. The role of management accountants in the budgeting process requires him to act as a flight instructor to assist the managers to 'fly the plane and not monitor the instruments.' There are five lessons that management accountants should teach to their students: to understand the purpose of the budget, to start the process with a preliminary budget development worksheet, to identify the department's mission, delegate the task of assigning monetary values and complete the process.

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Continuous budgeting at the HON Company

Article Abstract:

The annual budget has never been considered an effective control tool because the operating conditions on which revenue and spending targets are based differ markedly from actual conditions. Office furniture manufacturer The HON Co. overcame such problems by implementing a continuous three-month budget cycle. The firm uses the budget as an important planning and control device to accomplish two business goals: rapid continuous improvement and continuous new product/service development. The budget is also being used to ensure that the corporate culture supports these strategic objectives. The HON Co.'s five-step quarterly budget process involves developing the sales budget, transforming this budget into a plant production and shipping schedule, preparing cost/expense budgets, consolidating budgets and comparing them with the strategic plan, and creating a budget for the parent company.

Office Furniture, Office Furniture (including Fixtures) Manufacturing, Office equipment and supplies industry, Office equipment industry, Finance, HON Co.

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How to keep your business running

Article Abstract:

More and more companies are dependent on computers to function, and being properly prepared for a computer disaster can prevent major interruptions to business. Some companies believe they are prepared, but their plans are overly dependent on on-line technology to keep their businesses running after a disaster. A properly developed disaster plan concentrates on keeping a business running by finding alternatives to on-line technology, instead of simply keeping computers running. The developmental stages of a plan include: positioning; user education and conditioning; developing interim processing strategies; and documentation.

Safety and security measures, Information resources management, Disaster recovery (Computers)

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