Minutes of group discussion
Present – Monica, Antonet, Karen, Michelle
Date – 21 September 2011
Problems:
· Without a budget an organization would not know how much money is allocated to each department and money that should have been saved could be spend on something not as important
· A company could become bankrupt if the expenditure is more than the income, and without a budget there is no way to monitor if this is happening
· If there is no budget the company would not save money each month for salaries and thus could lose staff members
Solution:
· Establish expenditure compared to income on a daily, weekly, monthly and yearly basis and from that information develop a realistic budget that can be followed every month
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