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Summary Wk 1 Public vs. Business Budget Strategies Paper.docx Public and private business budgeting CJA/365 Public and business budgeting Budgeting is the most essential part of financial management.Strategic budgeting can be defined as the process of cre
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Wk 1 Public vs. Business Budget Strategies P Public and private business budgeting CJA/365 Public and business budgeting Budgeting is the most essential part of financial management.Strategic budgeting can be defined as the process of creating a long-range budget which spans a period of over...
wk 1 public vs business budget strategies paperdocx public and private business budgeting cja365 public and business budgeting budgeting is the most essential part of financial managementst
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Running head: PUBLIC AND PRIVATE BUSINESS BUDGETING
Public and private business budgeting
CJA/365
Public and business budgeting
Budgeting is the most essential part of financial management.Strategic budgeting can be
defined as the process of creating a long-range budget which spans a period of over one year.
The purpose of this type of budget is developing a plan which supports a long-range vision for
, PUBLIC AND PRIVATE BUSINESS BUDGETING 2
future position of an organization (Mikesell, 2018). This assignment will describe the process of
preparing budgets and compare various approaches of preparing public and business budgets.
Introduction to budget preparation
In a business or organizational setting, a budget enables them to assess the current
financial situation and develop a plan to enable the companies reach their financial goals. A
series of steps are followed to prepare an effective budget (Menifield, 2020). The first step of
preparing a budget is identifying your goals. Just like a business plan, preparing a budget
requires one to think and reflect about what they want to accomplish with their businesses or
companies. The second step is reviewing and assessing what is available. According to Menifield
(2020), it is important to evaluate documents of the businesses as they are today including
income statement, balance sheet, assets, liabilities, outstanding debts, past tax returns and
projection of immediate cash flow when preparing a budget. The third step is defining the costs.
This involves assessing the costs associated with goals identified in the first step. This would
break down every goals into a monthly or annual tangible costs (Menifield, 2020). The last step
is creating the budget. After identifying the goals, reviewing the current financial position,
defining the costs associated with each goal, the next step is creating the budget. This involves
coming up with a budget documents based on the structure and needs of the business or
company.
Comparing strategies for public and business budget preparation
Business financial management concentrates on improving the company’s value to its
owners through resource control while public financial management uses comparable technology
and equipment to regulate public revenue and finances (Mikesell, 2018). Businesses operates by
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