BUDGETARY PLANNING AND CONTROL AS A TOOL FOR EFFECTIVE MANAGEMENT OF RESOURCES: A STUDY OF CHAMPION BREWERIES PLC, UYO
BACKGROUND OF THE STUDY
There is a great need for effective planning and management of resources and the coordinating of human effort in order to achieve the enterprise objective. On an annual basis, companies have been preparing budget for the proposed incomes and expenditures for a fiscal period. The budget serves as a document for articulating goals and programmes of the company.
Budgeting in private company is usually in two phrases of the financial management circle. the first consists of the short-term plans of the organization in terms of policies programme project activities and pre-setting of the yardstick for effective operations against which the numerous activities of the organization operations are to be measured.
The second consist of executions accounting and internal control in which all plans are expected to be executed and internally controlled. Healthy financial administration in private sector rest on two prerequisite system, accounting and financial control, these two system in turn rest squarely on the budgeting process i.e. the continuation of budget preparation, approval, executive, reporting, auditing and review.
This study is therefore conducted to find out the impacts of budgeting planning and control in a service organization such as champion breweries.
- STATEMENT OF THE PROBLEM
Budgeting, planning and control and a tool for effective management of resources as follow short of its effectuation in Champion Breweries Plc. this is because establishment of short-term plan which designed to incorporated objective of the organization is not so.
Established organization goals are not based on budget. This leads to the delay in budgets planning and control as effects that make it to be that monetary statement, financial statement qualitative cause of action which should have been approved prior to a defined period of time, does not contemn the goals and aspirates of a business outfit such as champion breweries.
Budgetary planning and control can be the process of planning, organizing, leading and controlling and organization of human financial and information resources to budget organizational goals in above is not handled by qualified executives and therefore budgetary planning and control is not done effectively and control is not done effectively and effectively by qualified managers.
As a result of the above problems champion breweries company suffers a setback in are of budgetary planning and control. And this has suffer spurred the resources into investigate into these problems in the area of budgetary planning and control so as to give solution and suggestion to the management resources so as to bring in budgetary planning and control as a toll for effective management resources.
- OBJECTIVES OF THE STUDY
The major objectives of this study is to evaluate and access the challenges of budgeting and budgetary control in service or organization.
To achieve this, the following objectives are formulated:
- To evaluate and access the use of budget as an instrument of financial control in a service organization.
- To access the use of budget a s a planning tool in achieving an organizational goal
- To identity if there is an effective implementation of budget in private owned establishment
- To find out if there are problems associated with preparation of budget in an organization
- To make recommendations based on the fin ding so far made by this study.
- RESEARCH QUESTIONS
- Is budget used as a tool for financial control in an establishment?
- As a planning tool, does budget assists in attainment of organizational goals and objectives?
- Is there an effective implementation of budget in the organization?
- What are the difficulties and challenges of budgeting and planning control in the organization?
- What are the objectives of preparing budget for the organization?
1.6 SIGNIFICANCE OF THE STUDY