FIN 486 Week 2, Learning Team - Department Budgets

Apr 24th, 2015
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FIN 486 Week 2, Learning Team - Department Budgets

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Department BudgetFIN 486 Strategic Financial ManagementNameDateInstructorDepartment BudgetsSuccessful companies run on successful budgets, and those with a poor budget plan are certain to fail. Budgets are not an all-inclusive spreadsheet. Each department in the company is responsible for creating and following their own budget in accordance with the company's overall financial goals. Each department is responsible for understanding how to complete their budgets in the worksheets provided to them, prepare their cash flow budget, and how to time the cash coming in and going out. Successful budgets also help the departments, and the company as a whole, forecast the sales for upcoming years.It is also vital that each department understands who the key players are and what their roles are in creating and enforcing the budget. Let us take a look at the budget spreadsheets created for the marketing, sales, operations, and human resources departments, the memorandum of instructions, and forecasted sales for Huffman Trucking.Memorandum To All DepartmentsTO: All DepartmentsFROM: Finance Department, Team ADATE: October 3, 2011RE: Department Budgets: Huffman Trucking______________________________________________________________________________Team Players Role in Strategic PlanningTeam players at Huffman trucking should include everyone in the organization striving to satisfy the clients of the organization. Since we are talking about strategic

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