AYB225 Management Accounting

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AYB225 Management Accounting

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AYB225 Management Accounting

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Course Code: AYB225
University: Queensland University Of Technology

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Country: Australia

Question:
Write an email to the partners of T&K Solutions stating whether they should continue to operate or drop the bookkeeping service.
Answer:
Introduction:

I disagree with this statement that budgeting is a waste of time in a rapid growing business. Budgeting is necessary for forecasting about the future because you must have a plan on how to use the resources are available. These resources are divided in the most appropriate way, maximize revenue and incase the resources are not enough you are able to prioritize things according to their importance. In T & K solutions budgeting is necessary to ensure a smooth running of all the three department. When you make a budget, targets are set that you are supposed to achieve, this works as a guideline and a motivator, so unless the targets are hit one should not rest. in T& K solutions though they are experiencing growth rapidly, when plans are made this growth can be controlled and channeled to the direction the company wants to take. With proper budgeting it can also be accelerated.  (Bradshaw, J., & Brooks, M. 1996 p.548). Though the past information is important, it is not enough unless used in an appropriate way to help you budget for the future. For a business to be successful it will depend on the strategies, plan, policies and controls set. budgets come in handy because all the plans set have to be broken down into monetary terms. In T& K solutions deliberate steps have to be taken and plans made to ensure that the bookkeeping department is a success in the future. Profitability can be improved for the book keeping department if proper budgeting is done for the department.  
When budgeting is done there is improved harmony between the departments because they have to work as a team to achieve targets. Like in T& K solutions, the staff should be involved in making the set targets and budget because they have firsthand information on the requirement of the clients and areas that needs to be improved. And because they have been involved they give the budget ownership and work hard and with oneness to achieve all the set target in all the departments.
Budget exposes areas of weakness and strength in a business this makes it easier for corrective measures to be undertaken to improve on areas where the actual and budgeted is unfavorable, because a specific area can come up, or it is easy to identify the area with problem. areas that exhibits weakness more funds can be allocated to such department. Like in T& K solutions, if a budget was set it could have guided the partners on which is best course of action to take. It could also help them know why bookkeeping is lagging behind in profitability and if both the taxation and business advisory that seem to be doing well are operating at their best.  
When a budget is set it becomes the responsibility of all the department so close coordination is required to achieve the set goals, this improves communication between employees because they need to be consulting one another often. Like in T& K solutions, taxation and advisory department can act as advertisers for each other and the bookkeeping department which is doing poorly by letting their client know they offer book keeping services. (febmart, 2016 pp. 1)
Because targets are set with careful considerations of the operations of the business there is a high probability of meeting them. In T& K solutions because they are growing at a fast rate this growth factor should be included to ensure that the business does not deviate from the set targets.
When the employees are involved in the process of making the budget, they own the process so they are motivated to achieve the set goal.
When you set budget you just compelled to think about the future of the business than just what is happening today. (Jackson, S 2007 P. 327-328)
When you set a budget problem that may arise in the future are foreseen and adequate measures are taken to either prevent it or to go through the problems without affecting the sustainability of the business (Jackson, S 2007p.374)
And lastly budgeting helps you save a lot of resources and avoid debts. When you set a budget, you know exactly what you need to have and in cases where it is not enough you are able to use it in the order of their priority. When you don’t have a plan, you may use resources on things that are not as important only to realize that some important items have been left out focusing you to take a loan, or cause a loss in the area of concern.
Though budgeting is good it has some few limitations, budgeting process, is time consuming that maybe a discouragement to many but this can be overcome because the results that will be achieved by just doing a proper budget.
One can argue that when budgeting, you just work on estimates and assumption but these estimates are made with an idea on what the past has been, trend in the market and factors that may affect the business in the future so these estimates are not far off from the reality. Besides budget should be surpassed.
One can argue that budget only focuses on financial goals but being a business the main of a business is to maximize wealth and besides budget can be set for other activities that are necessary for generating income like corporate responsibility activities which improves trust in the society. The main concern of T & K solutions is the low profitability in book keeping department.
In conclusion we can say it will be better for T& K solution to make a budget because though it takes time it pays off and contribute to the long-term sustainability of a business, places the business in a competitive position and eventually secures a greater market share of clients this is by retaining current customers and getting new clients.   
References
Giezen, M. (2012). Keeping it simple? A case study into the advantages and disadvantages of reducing complexity in mega project planning. International Journal of Project Management, 30(7), 781-790.
Smith, P. R., & Zook, Z. (2011). Marketing communications: integrating offline and online with social media. Kogan Page.
Opdenakker, R. (2006, September). Advantages and disadvantages of four interview techniques in qualitative research. In Forum Qualitative Sozialforschung/Forum: Qualitative Social Research (Vol. 7, No. 4).
Bradshaw, J., & Brooks, M. (1996). Business Accounting and Finance for Managers and Business Students. Juta and Company Ltd.
Walther, L. M., & Skousen, C. J. (2014). Budgeting: Planning for Success. Bookboon.
febmart. (2016 March 24th). Advantages and disadvantages of budgeting | Febmat. Retrieved from https://www.febmat.com/en/article-advantages-and-disadvantages-of-budgeting/ 
Jackson, S., Sawyers, R., & Jenkins, G. (2007). Managerial accounting: A focus on ethical decision making. Cengage Learning.

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