By Steven M. Bragg,Edwin Burton
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Extra resources for Accounting and Finance for Your Small Business
If so, the management team must work with the R&D manager to determine the correct mix of projects with both shortrange and long-range payoffs that will still be funded. The production budget is driven largely by the sales estimates contained within the revenue budget. However, it is also driven by the inventory-level assumptions in the inventory budget. The inventory budget contains estimates by the materials management supervisor regarding the inventory levels that will be required for the upcoming budget period.
Unlike most other budgets, this is not related to the sales level at all, but instead is a discretionary budget based on the company’s strategy to derive new or improved products. The decision to fund a certain amount of project-related activity in this area will drive a departmental staffing and capital budget that is, for the most part, completely unrelated to the activity conducted by the rest of the company. However, there can be a feedback loop between this budget and the cash budget, since financing limitations may require management to prune some projects from this area.
This information is most useful for the human resources department, which is responsible for staffing the positions. The direct labor budget should also account for any contractually mandated changes in hourly rates, which may be itemized in a union agreement. Such an agreement may also have restrictions on layoffs, which should be accounted for in the budget if this will keep labor levels from dropping in proportion with budgeted reductions in production levels. Thus, the presence of a union contract can result in a much more complex direct labor budget than would normally be the case.
Accounting and Finance for Your Small Business by Steven M. Bragg,Edwin Burton