Hospitality and Hotel Management
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Introduction The following paper outlines the importance of budget planning and the measures involved in developing a financial plan so that organizational goals and objectives are achieved. The paper analyzes various aspects of budget preparation process, the need for involving all the stakeholders in order to create an inclusive workplace and to take appropriate measures for detecting and controlling fraud through various internal control measures. 1) Circulating budget to the staff It is essential to compose the financial backing prepared so it is clear to the management about the estimation instruments that should be connected to screen the advancement and make an agenda to guarantee each and every component are attended to and included. To guarantee that the staff is clear about the hierarchical targets, it is important to include program chiefs, departmental staff in the financial backing process and examine the procedures in workforce conference. Diverse spending plans relating to different divisions like buying, promoting, deals, and so forth ought to be dispersed through departmental heads in order to guarantee that all the monetary allowance things are in a state of harmony with the hierarchical objectives (Foley, 2010). Freedman (n.d) mentions that circulating budgets among the staff motivates them to work in accordance with the organizational objectives. It is further argued the successful allocation of budget requires conformation by all the stakeholders which includes employees as well. While some of the methods are mentioned above as to how the budget can be circulated among the staff to motivate them, Freedman (n.d.) mentions that organizations while preparing budget, should include employees in the drafting process and as such, employee feels integrated with the organizations