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Competition Task

Porters Retail Plc (Large UK Based Company)

Marshall Clothing (Small Sole Trader Company)

What types of budgets are used by each company?

Porters Retail PLC

Sales budgets

Production budgets

Overheads budgets

Cash budgets

Capital expenditure

Marshall Clothing

Sales budgets

Production budgets

Overheads budgets

Cash budgets

Capital expenditure

Why are these budgets used by each company?

Large company such as Porters Retail PLC use summary budgets and have many types of other budgets (shops, buildings and departments). The propose of budgeting are for coordination company.

Small company such as Marshall Clothing use operating budgets and have just one budget department (owner or manager). The propose of budgeting are for resource allocation.

Compare how budgetary control is used in each of these businesses? What do they use similar and what do they do different?

Porters Retail PLC is large company so have money types of budget but Marshall Clothing have just one and is owner or manager because is a small company. They have sales budgets and production. They control by using cash flow forecast so they not overspend and see what money coming in and out of the business.

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Casey O'Connor

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Paulina

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how do you answer the last two question?

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how do you answer the last two question?

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Operating budgets for sales, revenue, production (direct costs of producing product), overheads (other expenses),  cash flow forecast (money flowing in/out business), breakeven (one product: sell enough to cover expenses fixed/variable), budget analysis: control budget/actual spent by checking monthly).

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The purpose of a budget is to plan the financials of the business in future months

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The purpose of a budget is to plan the financials of the business in future months

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-Keavyt Staveley

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The purposes of budgeting are for resource allocation, planning, coordination, control and motivation.

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To limit the amount of money spent on certain items so that they don’t waste money and so that they can afford other expenses such as overheads. Can forecast income and expenditure so that they know how much they can spend and if they will have any profit. They can also make decisions based off the amount of money they have to spend and they can plan for the right time to plan out how and when to carry out the decisions.

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It is also an important tool for decision making, monitoring business performance and forecasting income and expenditure. With proper budgeting, limited resources are managed efficiently

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It is also an important tool for decision making, monitoring business performance and forecasting income and expenditure. With proper budgeting, limited resources are managed efficiently

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