Financial Control Tools and Decision-Making Essay - Essay Prowess

Financial Control Tools and Decision-Making Essay

Financial Control Tools and Decision-Making Essay

Financial Control Tools and Decision-Making

Primary Financial Control Tool for Managing a Firm’s Operations

The budget stands out as the primary control mechanism employed to manage the affairs of an organization. It avails managers with detailed information needed to determine the best course of action. This is based on its ability to offer estimations on availability of resources, revenues, and costs for a defined period. Consequently, it provides helpful forecasts relative to set financial goals and prevailing operating market conditions (Bierman, Ferrell, & Ferrell, 2016). The budget is a financial plan through which a firm can appropriately project costs and incomes. Consequently, it acts as a benchmark for contrasting actual p

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