BUDGETARY CONTROLS AND ITS LINK TO THE PERFORMANCE OF AN ORGANIZATION
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ABSTRACT
Every organization doing exceedingly well on the face of the earth rely heavily on budgets, and budgetary control measures to improve performance, through adequate resource allocation. Budget and Budgetary control, both at management and operational level looks at the future and lays down what has to be achieved. Control checks whether or not the plans are realized, and puts into effect corrective measures where deviation or shortfall is occurring.
This study identifies the link between budget and budgetary control and performance of the selected organization in Ghana, as considered in this study, being a sample of the entire population of the organizations in Ghana.
The sources of data for the research were both primary and secondary sources. Census technique was used for the study instead of a sampling technique. Questionnaires and interviews were used as the data collection methods for the study. Based on the analysis, internal control system was seen to be significant in detection and prevention of fraud in banks in Ghana, hence the need for an effective and adequate internal control system. Data captured in this study, was analyzed through descriptive method. Quantitative technique was also used to analyze the response of the respondents as well as a computer program known as SPSS. The descriptive analysis involves the use of percentage, tabulations, and graphical presentation.
Findings from this study reveal that budgets and budgetary controls are factors that can influence the performance of an organization, as they have a very mutual link. Concerning how budgets are linked to performance, budgets and budgetary controls mainly form and give every organization the structural support to achieve its goals and objectives, and maximising performance, through resource allocation and control
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