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The new board of directors

The main method of financial control is budgetary planning. This method of financial controlling include three phases:

  1. planning of expenditure and gains

  2. comparing them with the real ones

  3. analysis of variance

Therefore budget is a balance of costs and gains of a company

General financial plan of a company in this case is called master budget. It consists of three parts: operational, financial and investment.

Operational part contains of budgets for each center of loss or gain in the company (usually for subdivisions) and also includes general costs of the firm (like top management’s wages).

Financial part – is a budget of financial activity of a company, such as share trading or charges on the credits.

Investment budget – is a budget of activity of a firm by it’s investments projects.