I was assigned to complete a Master budget for Wasatch Manufacturing to demonstrate my understanding of the importance of making a budget when planning for the future. It is important in obtaining goals and plans by putting strategies in place that make financial sense. Making a budget helps them do just those things by knowing how to do things like increase margins through improving productivity, or increasing customer satisfaction by planning, directing and controlling operations. Using the instructions I was given a data set to complete the comprehensive budget problem for this company using excel. I was to use formulas and link the budgets wherever possible so if I needed to make a change to one cell it would reflect the changes in all the other parts of the budget. By competing the budget problem in the excel document to the left, I have learned how management uses budgeting to express their plans and how to asses reaching their goals. I have a better understanding of how companies plan for the future by designing key strategies that reflect long-term expectations. Therefore, the master budget is an important tool in all types of businesses, organazations, governments and even individuals.
