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Set up the time frames and budgeting targets

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Question - You are a supervisor at a medium size business and your manager has supplied you a mid-year financial report. The report states that the company has incurred a financial loss in the last 6 months. You are required to come up with a plan to either reduce the loss or to earn profit for next 6 months. In order to do so you will be required to set up the targets and/or budgets for your team, control the income/expenses and even help for business promotion. In doing so you would be required to take into account the following criteria:

- Set up the time frames and budgeting targets.

- Calculate the costs and margins.

- Involvement of appropriate people and provision for unplanned costs.

- Monitor the expenditure and income (regularly).

- Comparison with the set budget, keeping room for any discrepancies.

- Prepare and record invoices.

- Provision of help In case of disputed accounts.

- Involvement of management in setting up, review and adjustments of promotional strategies.

- Stock and/or display equipment required to support promotions ordered and arranged.

Reference no: EM133180190

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