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Word Count: 790
Enclosed are the purposes and the processes of making a master budget and why it is important to a company A master budget is generally used as a tool to formulate intelligent decisions on the management and growth of a business venture Analyzing a business process helps us to understand its key elements In the master budget process the strategic and operational planners primary concern is to develop a realistic plan that can be used to chart and measure the businesss progress The sources of this information form one of the budget processs key elements In many organizations the most important information resources are the organizations management personnel Data that is accumulated in the organizations accounting systems database is another The methods and collecting information from the organizations planners may determine the degree to which it can be subsequently processed The collection methods may also determine how well the collected informations integrity can be maintained By examining the information collection methods we can better understand how to prevent a ripple effect of bad information from occurring throughout the process The two principal factors impacting the process of developing quality information for the budget process are cost and time The costs of obtaining detailed budget information are often prohibitive and raise as additional budget as information is sought The budget process is generally conducted within a limited time frame in order to cause only minimal disruption to the organizations daily operations These constraints make it imperative that the organizations budget information system is well designed and capable of supporting the development of realistic annual budgets Information technology can be effective in automating the budget process but it is essential that the technology is well integrated and capable of promoting the exchange of information within the organization Conflicting technologies will impose additional difficulties and the quality of information will suffer After the master budget process elements have been identified and analyzed management can begin developing
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