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ABC Enterprises is small organization based in Sialkot. This organization deals in sports equipment and normally they export in European countries. There are 30 employees in this organization who have been working for the last couple of years. This organization has an accounting department as well where accountant is having huge amount of work. Normally he uses different tables and spreadsheets for developing and drafting budgets. The financial year of ABC Enterprises is same as calendar year. Apart from accounting department, there are three sales managers and each one of them is taking monthly salary of Rs. 150,000. Besides this monthly salary, they are entitled to a bonus on the basis of sales target which are set at the start of year.
Required:
Problem a) How rolling budget could be operated at ABC Enterprises?
Problem b) Discuss the problems associated with introducing rolling budget at ABC Enterprises
Problem c) Discuss issues with current bonus scheme of ABC Enterprises and suggest more alternative scheme in this regard.
Problem d) Discuss any risk associated with using of own excel spreadsheets for developing budgets as in case of above scenario in which accountant is using such practice.
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