Assess the efficiencies in Municipality budget plan to achieve organizational objectives.
Background of the study
In the recent past, UA E has received continued development and prosperity. Municipality is a government sector responsible for infrastructural development across the city. Western region Municipality has several departments that have common objectives of fulfilling the organization’s work process. The accounting department plays a key role in development. Municipality is therefore dependent on the accounting sectors as well as other sectors in meeting its objectives.
The UAE department of finance and the Municipality must collaborate in achieving the objectives. The UAE finance department has to avail funds to the Municipality. Funds management is a crucial factor in an organization. The accounts department should plan effectively and forecast the expected expenditures. The research aim is to assess the effectiveness in Municipality budget plan to achieve organizational objectives.
Municipality ensures development within towns. Development would entail; construction of roads, bridges and drainage systems just to mention a few. Construction of a bridge in the Western region Municipality was halted. The construction was halted due to the budget constraints Municipality was experiencing. This necessitates a research to find out the constraints and give recommendations to the budget planners. A comprehensive budget will ensure; organizational goals and objectives are attained. Municipality will be in a point of completing projects timely, without budget challenges. The research will also help scholars aware of factors considered when coming up with an effective budget plan.
The research will be guided by the financial theory and the budget concept. The financial theory entails the cash flows and budgeting. Budgeting involves the computation of budget statements. Budget statements contain numerical figure that help the business plan ahead. The organization performance is checked against the budgeted figures. The budget concept will be use to help in forecasting future operations that will help in attainment of objectives. The budget concept will be guided by the results obtained from the financial theory. With proper budgeting, UAE department of finance will acquire the forecasted budget from the municipality and accomplish its goals.
According to the industry expert, there are three challenges facing the accounting industry; unqualified accountants in the accounting industry, online accounting technology and firm consolidation. Unqualified accountants misguide organizations. Online technologies pose a great threat to the accountancy field. Business owners may now likely question why they need to solicit the services of an accountant when they can do a large number of functions for themselves (Economia.icaew.com, 2014). According to Mitten another challenge of the accounting industry is consolidation of firms.
The study will be conducted with an aim of evaluating the effectiveness of the municipality budget plan in a bid to come up with ways of attaining the organization’s objectives. From the discussions with the industry expert, the municipality should; Carryout interviews when enrolling accountants seek financial advices from competent accountants on the budget plan computation, give all their departments specific roles. For instance the accounting department should only deals with accounting.
Quantitative research approach will be used where data will be obtained from various accounting departments in the municipality. A survey questionnaire will be issued across the accounting departments in the regions of the municipality. The results obtained from the research will be analyzed and presented in graphs. To come up with comprehensive findings in a research a researcher should; identify the problem, identify the objectives, review literature, design a research methodology, collect data, analyze data, discuss the data, deduce recommendation, give a conclusion then give a final report. The researcher should then present the information.
Task Name Duration Start Finish
Development of the proposal 6 days Tue 2/17/15 Tue 2/24/15
Literature review 7 days Sun 3/1/15 Mon 3/9/15
Data Collection and analysis 5 days Sat 3/14/15 Thu 3/19/15
Discussions, Recommendations and Conclusions 6 days Sun 3/29/15 Fri 4/3/15
Final Report 10 days Sun 4/12/15 Thu /4/23/15
Presentation 2 days Tue 5/19/15 Wed 5/20/15
Economia.icaew.com,. (2014). Top three challenges facing accountants today | Economia. Retrieved 24 February 2015, from http://economia.icaew.com/opinion/october-2014/top-three-challenges-facing-accountants-today