BUDGET AS A TOOL FOR PLANNING AND CONTROLLING IN AN ORGANISATION. (A CASE STUDY OF HOTEL INDUSTRY IN LAGOS STATE NIGERIA)


BUDGET AS A TOOL FOR PLANNING AND CONTROLLING IN AN ORGANISATION. (A CASE STUDY OF HOTEL INDUSTRY IN LAGOS STATE NIGERIA)

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BUDGET AS A TOOL FOR PLANNING AND CONTROLLING IN AN ORGANISATION. (A CASE STUDY OF HOTEL INDUSTRY IN LAGOS STATE NIGERIA)
BUDGET AS A TOOL FOR PLANNING AND CONTROLLING IN AN ORGANISATION. (A CASE STUDY OF HOTEL INDUSTRY IN LAGOS STATE NIGERIA)

CHAPTER ONE

INTRODUCTION

 

1.1     BACKGROUND TO THE STUDY

There is the need for optimization of the scarce resources available to organizations, that is available resources are to be put to their most optimal or profitable use. Since these resources are scarce, a plan has to be drawn to eliminate wastage and arbitrary resource allocation. This trend of thought brings us to the "concept of budgeting".

An organization plans ahead in terms of sources of revenue and avenues of expenditure within a specific time frame. Irrespective of the fact that it is privately or publicly owned, organizations find it of utmost importance to prepare budgets and put in place budgetary controls for the purpose of achieving the best possible results.

Omolehinwa (2001 :309) defines budgeting as "the plan of the dominant individuals in an organization expressed in monetary terms and subject to the constraints imposed by other participants and the environment indicating how the available resources may be utilized to achieve whatever the dominant individuals agree to be the organization’s 'priorities'.

In real world policy- and decision-making, information is intertwined with, and therefore reflects, interests and ideologies of various stakeholders (Weiss 1983). The information-content of (performance) measurement systems has an impact on how management and policy are defined, controlled, reported on and legitimized (Bouckaert 1995:384).


 

Thus the information-content of budgetary control systems can be part of strategies to create meaning, exercise control or establish legitimacy. (Meyers 1994; Rubin 1997).

Schick (1996) identified three ideal-type budget functions: control, management and planning and throughout the 20th century, other functions have been added to those outlined by Schick, for instance achieving savings or increasing accountability (Rubin 1996). As a result budget processes have gradually accumulated functions (Caiden 1988). Contemporary budget systems can thus be understood as multi-functional, multi-formatted and multi-procedural phenomena. Budget reform then can be described as shifts in functions, formats and procedures.

 

1.2     STATEMENT OF THE PROBLEM

The focus on improving financial control has resulted in introducing more sophisticated financial accounting techniques in organizations, requiring long-term financial planning, and more comprehensive financial statements and financial audits. The performance oriented reforms at this level have focused on strategic and performance planning, aligning budget formats to these performance plans, linking performance monitoring with accrual and cost accounting and conducting performance audits.

It is a common practice for corporate bodies to prepare their yearly budget proposals for approval, the budget approval in most cases is hinged on the performance and actualization of the previous years' budgets.

However the underlying problem of the budgetary system is its strict implementation within the dynamic of an ever changing business and political environment of the corporate business world.


Thus for corporate management, budgeting and budgetary controls may be reviewed periodically to attain given objectives with organizational goals.

That practice of performance measurement against plans would make management able to take remedial action against variances in order to bring the deviating operations/departments back on course.

1.3     PURPOSE / OBJECTIVE OF THE STUDY

The purpose of this study is to examine how budgeting and budgetary control has been used as a tool for effective managerial planning and control in organizations in the hotel industry.

It will highlight the budgeting and budgetary control procedures as they apply to these organizations and the recent innovation in budgeting and the constraints of administration of budgetary control for effective decision making and attainment of organisational goals/plans.

 

1.4     RESEARCH QUESTIONS

This study attempts to proffer answers to some relevant research questions, and is meant to give a thorough insight into the analysis of the concepts and objectives of the study that would enable the researcher to extract useful deductions from the research work.

1.        Are there qualified and experienced manpower adequate for the formulation of the budgetary control techniques and budget preparation?

2.        What types of budgetary and budgetary control systems are available?

3.        What causes inefficiency in the budgetary process?

4.        What is the root cause of poor budget implementation and budgetary control in organizations?

5.        What are the available budgetary control techniques used by the organization?

6.        What other control techniques are available other than budgetary control methods which the organization uses?

7.        To what extent does the organization’s budget control its activities?

 

1.5     RESEARCH HYPOTHESES Hypothesis 1

Ho:    There are not enough qualified and experienced manpower for the formulation and implementation of the budgetary control techniques.

H1:    There are enough qualified and experienced manpower for the formulation and implementation of the budgetary control techniques.

Hypothesis 2

Ho:    The organization’s budget to a large extent does not control its operations and activities.

H1:    The organization’s budget to a large extent controls its operations and activities.

 

1.6     SIGNIFICANCE OF THE STUDY

The significance of this research project is that budget functions always involve an element of control (top-down) as well as an element of accountability (bottom-up). Control and accountability may thus be regarded as 'permanent' budget functions. The way in which these permanent functions are defined however, has varied according to time and place.


The place under scrutiny in this study is the hospitality industry where the purpose has been to use the budget as a management policy tool and the concept of accountability has been defined in terms of quality of service clients. Where the purpose has been to use the budget as an instrument for financial control, accountability has been defined in terms of detailed line-items. Where the purpose has been to improve management, accountability has been defined in terms of performance or results. These 'purposes' can be regarded as 'variable' functions, whose dominance has been contingent with changes in the administrative, political and societal context and in the perceptions and behaviour of the all levels of management in the hospitality and tourism sector of the economy.

BUDGET AS A TOOL FOR PLANNING AND CONTROLLING IN AN ORGANISATION. (A CASE STUDY OF HOTEL INDUSTRY IN LAGOS STATE NIGERIA)

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There is the need for optimization of the scarce resources available to organizations, that is available resources are to be put to their most optimal or profitable use. Since these resources are scarce, a plan has to be drawn to eliminate wastage and arbitrary resource allocation. This trend of thought brings us to the "concept of budgeting". An organization plans ahead in terms of sources of revenue and avenues of expenditure within a specific time frame. Irrespective of the fact that it is privately or publicly owned, organizations find it of utmost importance to prepare budgets and put in place budgetary controls for the purpose of achieving the best possible results. .. accounting project topics

BUDGET AS A TOOL FOR PLANNING AND CONTROLLING IN AN ORGANISATION. (A CASE STUDY OF HOTEL INDUSTRY IN LAGOS STATE NIGERIA)

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