Budget And Budgetary Control
Budget shall be prepared annually and shall match accounting period of the Companies of Auto Group. The objectives of this Accounting & Financial Manual is to give Auto Group (PG) and its Sister Companies a guideline to be followed in financial management including maintenance of accounts and preparation of financial statements in a proper way.
It is believed that a good accounting manual can play a vital role for the accounting personnel and can help to remove any problem relating to accounts. It can also be used as a guide for accounts personnel, management and other users. This manual has been prepared keeping these points in view.
The sections and sub-sections of this manual may be changed and modified from time to time with the changing policies and procedures as to be faced any inconvenience in these fields. The Management may propose change, amend, modify, alter, rescind, withheld or delete any or all the regulations contained herein or make such new regulations as deemed necessary.
Preparation of the Budgetary Control
The Budget Management shall be prepared in accordance with the annual work plan and organization’s strategic plan.
The respective department heads with the support of the finance department shall prepare the annual budget of his/her department/unit and shall submit the same to the Finance Director by 30th April of each year showing their Budgetary Control for the subsequent one year.
Review of budget
The Managing Director/Finance Director shall review the budget and activities and may revise the budget considering aspects that may be considered expedient to the circumstances and then submit the same to the Board of Directors with his/her comments and recommendations.
Budget approval
The Board of Director shall approve the Budgetary Control if it is satisfied with the budget. After the approval of the Budget by the Board of Directors, the General Manager, Finance shall send a copy of approved budget to all concerned.
Monitoring of budget
Budget shall be closely monitored by the Finance Department, which is responsible for preparation of monthly financial statements, variance report showing Budgetary Control vs. actual amounts.
The General Manager, Finance shall forward the variance report to the respective department/unit to provide comments on the variances with a copy to the Managing Director.
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