Budget is the process were decisions are taken and actions are implemented between departments according to the capital. Every business have a budget so it is necessary that this budget is controlled. A company will have different types of budgets, such as Advertising budgets, Cash budgets, investment budgets and so on.
There are different processes to control budgets. These will help the management to plan, coordinate and monitor the business operations to reach and achieve their goals. Good communication and coordination will help the management to control their budgets.
Cash flow forecasts are also important. It will enable the organization to decide any loans needed and the timeframe of repayment. Evaluation also controls budgets. A manager will have the possibility to evaluate the performance of an employee, assign responsibilities and motivate his staff.
Management also depends on budgets. All departments at the service station, Fuel, Carwash and the Shop needs to have its own…….