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SITXFIN004 answers are focused on budget monitoring which includes a comparison of budget to the actual. By thorough and effective monitoring process provides information that leads to corrective and operational improvement.
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Frame a productive budget
A specialist accounting software helps in maintaining the track of everything. It might have reporting features that can automatically generate a report.
The profit and loss accounts can also be considered.
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An estimate of the future budget must be created in comparison to the past performance. Get a good knowledge of the market leads. See if the figures are too high or too low. Try to aim for accuracy and get more insight into forecasting, budgets, and planning.
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