You have been appointed as the new CFO at Griffith Manufacturing. You were brought in...
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Accounting
You have been appointed as the new CFO at Griffith Manufacturing. You were brought in because the company has had problems with their use of budgeting, and you are an expert. They have been using static budgets, which have not been useful in comparing actual production and sales.
Write a memo to the CEO, Shane Ortiz, laying out your new plan for budget use. Make sure to include the following:
How budgets are useful for planning, managing and controlling, from a departmental and company-wide perspective.
What type of budget you plan to implement, and why. For example, static, flexible, rolling, zero-based, etc.
How the budget can be used to evaluate the different responsibility centers within the organization.
What ways the budget could be used for evaluation, including things like bonuses, promotion, compensation, etc.
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