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BUDGET AND BUDGETARY
CONTROL SYSTEM, ITS LINK TO THE PERFORMANCE OF AN ORGANIZATION
CHAPTER ONE
INTRODUCTION
BACKGROUND OF THE STUDY
Following the uncertainties prevailing in the Ghanaian
business environment today, managers and stakeholders must be poised and
prepared to compete favourably under these rapidly shifting conditions. In
order to survive under these environmental complexities and vagueness managers
and stakeholders of both private and public sectors need sharp tools, proven
management techniques to forecast the major changes which are likely to affect
the business while they choose future direction and dimension of resources needed
to attain selected goals.
Budgetary control as a proven management tool helps
organization management, and enhances improved performance of any economy in
different ways. Its primary function is to serve as a guide in financial
planning operators; it also establishes limits for departmental excesses. It
helps administrative officials to make careful analysis of all existing
operations, thereby justifying expanding, eliminating or restricting present
practice. Budgeting and control entails a distinct pattern of decisions in an
organization which is capable of determining its objectives, purposes or goals,
and how these goals are achieved by establishing principal policies and plans.
However, the inability to recognize the problem concerned and fixing a boundary
off investigation creates an obstacle for the successful implementation of
budgeting and control. Some organizations only look for narrow ranges of
alternatives which they arrive at from their past expenses and present
situation, other management levels even avoid long-term planning and budgeting
in favour of today’s problems thereby making the problems of tomorrow more
severe. The foregoing reflects on the need for organizations to set up a formal
mechanism for scanning its environment for opportunities and give early signs
of future problems, this course of action will improve the system of budgeting
and control, resulting in an appropriate expectation of improved performance,
in the manufacturing sector as seen in this study.
1.1 BACKGROUND OF THE
STUDY AND PROFILE OF THE ORGANIZATION
Various researches on budgets and budgetary controls have
clearly shown that organizations need to pay serious attention to budgetary
processes, budgets, and budgetary controls. In light of these various issues
facing organizations as a result of poor/mismanaged budgetary control
systems/budgets, the researcher went ahead to research more on the topic, and
came out with various recommendations and findings to help curb the problems
organizations have with their various budgetary control systems.
Interviews and casual discussions with managers, employees,
government agencies etc, formed the initial and informal stages of this study.
When enough materials were gotten and reviewed by the researcher, it later
developed into a full and complete academic research. Various issues affecting
budgetary processes, budgets and budgetary control are fully addressed in this
study.
This study was mainly undertaken to help organizations in
Ghana to grow, thereby also helping the economy of Ghana to grow, because when
enterprises and businesses do well, the economy will definitely do well.
1.1.2 PROFILE OF THE ORGANIZATION
Merchant Bank Ghana Limited (MBG) is a limited liability
company is one of the leading Banks in the country. It was incorporated in
August 1971 and commenced business in March 1972 as the first merchant bank in
Ghana. Merchant Bank Ghana Limited (MBG) provides a comprehensive range of
banking services to its customers and clients, using its worldwide network of
correspondent banks and their agencies. The range of MBG's banking services
includes:
Domestic and International Banking Operations for Corporate
Customers, Small & Medium Enterprises (SMEs) and, High Net-worth Individuals;
Treasury Services
Money and Capital Market Operations
Hire Purchase and Leasing Services; and
Foreign Remittances
The Bank has two wholly owned specialised subsidiaries
namely;
Merban Investment Holdings Limited (MIHL) - dealing in
Funds/Portfolio Management, Money Market Operations, Investment Advisory
Services, Trustee Services and Custodial and Nominee Services;
Merban Stockbrokers Limited (MSL) - dealing in Brokerage
Services, Underwriting of new Issues, and Investor Search & Joint Venture
Arrangement; and
The MBG group also has the following additional specialist
services tailored to meet its customers' needs:
Registrar Services - maintaining records of Shareholders and
Creditors, facilitating dividend payments to Shareholders; and
Corporate Finance & Advisory Services (CFAS)- handling
Corporate restructuring, Joint Venture Arrangement, Company Valuation, Project
Finance; Funds Sourcing, Issuing House Services and General Financial Advisory
Services. And also dealing in Hire Purchase transactions and Leasing.
The bank has taken advantage of the opportunities offered by
the introduction of Universal Banking Business in Ghana and MBG has fully
developed all three areas of universal banking namely; Retail, Corporate and
Investment. The branch network of Merchant Bank currently stands at twenty-two
(22).
Mission
As a universal Bank in Ghana, Merchant Bank (Ghana) limited
is committed to providing quality financial products and services to our
customers across our chosen market and maintaining our place as a leading and
preferred financial institution in Ghana.
Vision
To become the leading, the most influential and best
performing financial service provider in Ghana by 2012 and one of the leading
banks in West Africa by 2015
Core Values
Performance-oriented organization
All decisions and actions must be based on Unshakeable Facts.
Must at all times conduct business with a sense ofCompetitive
Urgency.
We must maintain High Ethical Standardsin all our internal
and external relationships.
The bank has over its 30 years of existence achieved a lot,
notable amongst which are:
The establishment of hire purchase and leasing business in
Ghana.
The promotion and formation of the first Discount House in
Ghana.
Handled the share issues of 8 out of 10 companies when there
was no Stock Exchange in Ghana in the 1970's.
The initiation of the preparatory work in the establishment
of the Ghana Stock Exchange (GSE).
The sponsorship and registration of about 50% of the
companies on the GSE.
The arrangement and the formation of the mortgage company
(which is now the HFC Bank Limited)
Served as an advisory body in the acquisition of SSB Bank by
Societe' Generale; and the merger of Ashanti/Anglo Gold.
1.2 STATEMENT OF THE
PROBLEM
In recent times, companies have performed poorly due, to the
fact that they lack effective and efficient budgets, and budgetary control
systems to adequately and judiciously allocate resources to meet organizational
goals, and maximize performance. A study conducted by Boquist (2001) observed
that companies continue to blunder and fail because they have flawed budgetary
planning and control systems, which they apparently fail to recognize. Some
firms sense weakness of their budgetary analysis but viewed them as individual
problems rather than systematic deficiencies. They misdirect efforts and
produce greater frustration. As a result, corporate strategy and capital
allocation become misaligned and remain so, despite disapproving financial
performance.
Some business organizations do not even know the link between
budgetary control and performance, and this affects their performances
negatively. Various organizations ranging from small scale businesses to large
scale businesses, fail to recognize the power of budgets and budgetary control
over performance outcomes. These organizations go ahead without paying more
attention to improving their performances through their budgets.
1.3 RESERCH OBJECTIVES
The objectives for this study are:
1. To identify the
link/relationship between budgetary control and organizational performance.
2. To identify the
problems associated with budgets and budgetary control in an organization.
3. To identify
ways to improve organizational performance through budgetary control measures.
1.4 RESEARCH QUESTIONS
In order to achieve the above objectives the following
research questions will be used:
1. What
relationship exists between budgetary control and organizational performance?
2. What are the
problems associated with budgets and budgetary controls in your organization?
3. How can organizational performance be
improved through the use of budgetary control measures?
1.5 SIGNIFICANCE OF
THE STUDY
The addition of knowledge is basically the aim of every
research and this research work seeks to achieve just that. More importantly,
this research is necessary in understanding how the budgetary control is
established, and also how it affects organizationalperformance.
It is a tool which measures managerial performance of an
organization and promotes good morale and harmony in the organization. It
enable the organization verify whether or not the plans of the organization are
understood by all members, and put into effect corrective measures where
deviation or under deviation is occurring.
Since budget is a tool for planning, and financial planning
is of almost significance to a business man, it enables the organization
project the future consequences of present decisions in order to avoid
surprises and understand the link between present and future decision.
I.6 SCOPE OF THE STUDY
The research would be concentrated on the Merchant Bank
branch in Koforidua, the capital town of Eastern Region. The research would cover the budgetary
processes and polices of Merchant Bank and how its performance is influenced
and maximized.
1.6 LIMITATIONS
In undertaking this research, the researcher encountered the
following problems;
1. The time used to undertake the study was limited. The time
was loaded with other academic activities and as a result limited time was made
available the study.
2. Also, response from the employees of the bank through the
questionnaire provided by the researcher was also a bit slow. This is because
of reasons such much work load on the part of the management and employees of
the bank.
1.7 CHAPTER SCHEME
The project will be organized around following chapters;
Chapter one gives an introduction to the research work. It
gives the basic information about the company and the research being
undertaken. This chapter therefore consists of the background of the study and
organizational profile, statement of the problem, objectives, research
questions, significance of the study, scope of the study, and limitations
encountered by the researcher.
Chapter Twoconsists of the literature review and the
theoretical framework
Chapter three gives details of the research methodology. The
research methodology represents the various ways and methods which the
researcher used in order to gain his information.
Chapter Fourgives the analysis and interpretation of the
information gathered by the researcher.
Chapter five gives the findings and conclusion of the
researcher. Here, conclusions will be drawn based on the findings and their
implications will also be given.
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