Manage Budgets and Financial Plans in Westpac Group Organization
George, RAMS, and Banks. These stated brands are conducted under Business Brand divisions and the consumer banks. The Westpac group’s five key divisions include Westpac New Zealand which deals with sales and services of banking, wealth as well as the insurance products for those clients who live in New Zealand. The other key division is the Business Bank which is in charge of all the sales and customer services of all the enterprises both small and medium, agribusiness and the commercial customers under the brands and this division also help the specialist expertise in asset and equipment finance. The Westpac institutional bank (WIB) division offers a wide range of financial services to the institutional, commercial, and corporate and government customers who got a link to Australia and New Zealand.
Financial budget, on the other hand, is developed by looking into the financial state of the institution and its expenditure comparative to the income from key operations. The budget has to represent the strategy of the company in managing its assets, expenses, cash flows and income. The master budget is the whole formed type of budget that brings out all the view of the financial activities as well as the state of the company. This kind of budget enables the company to evaluate its general performance and even align the managers (Rumble et al, 2017). Budgets are important to any given business as they help that very business to be able to monitor and control resources. The agreements and all other modifications made earlier may also be effectively outlined before making suggestions about the budget funding.
Financial constraints are always developed within the budget from the beginning, and therefore all the available resources need to be indicated. The budget changes may be related to the strategic and business goals by simply considering particular guidelines. The individuals who come up with the vision and strategy of the company do not have to be different from those individuals who generate the budget. This means they have to work together to ensure all the changes in the budget relate to the strategic goals of the business (Menifield, 2017). The analysis helps in determining why the variance exist. The low income is analysed by looking out on how it resulted from low sales while the labor costs get analysed by determining the hourly rates and hours worked compared to the amount budgeted.
Once the source of this variance has been determined, then it gets to be improved to achieve financial objectives. This is determined through the corrective action such that if the sales projected were higher than the actual then the company has to increase its sales and if at all the working hours were more than the budgeted, then the individuals working hours have to be reduced. This improves the variance and the financial objectives set (Saadatmand et al, 2015). westpac. com. au/ Menifield, Charles E. The basics of public budgeting and financial management: A handbook for academics and practitioners. Rowman & Littlefield, 2017. "How prior investments of time, money, and employee hires influence time to exit a distressed venture, and the extent to which contingency planning helps.
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