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Why should organisations collect, file and maintain accurate financial records? What are the expectations of managers...

Why should organisations collect, file and maintain accurate financial records?

What are the expectations of managers and supervisors in relation to budget or financial plans?

What are the reports that can be used for financial planning in an organisation?

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Answer #1

Financial records serve as source of information as to operations, profitability, growth and various other aspects of a company. These are required by various stakeholders of the company to understand what the company is providing to them and whether company actually is concerned about them. Entire business can be studied as a whole which is necessary for an investor to decide whether to buy securities of the company.

Managers are generally expected to prepare budgets. The supervisor's duty is to study the budgets prepared by managers, provide recommendations or improvements if needed and then approve them. Budgets will help staff in getting an idea about the cost levels that are expected to be maintained by various departments.

Reports useful for financial planning in an organisation are:

a) Profit and Loss

b) Balance Sheet

c) Cash Flow Statements

d) Inventory Statements

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