Assignmnet on Accounting Budget Essay Example | Topics and Well Written Essays - 2000 words

Assignmnet on Accounting Budget - Essay ExampleThe institution has 92 branches and also has a representative office on Dubai. The bank was voted quadruple times consecutively for being the best bank in Oman by The Banker and by both EuroMoney and Global Finance Inc. also five times consecutively. done the strategic send offning and budgeting process, Bank Muscat has taken aggressive steps for many years to reduce costs and create more effective and good ways of operating, while at the same time preserving and enhancing quality operate to its clients. The Bank has specific on the wholey shifted resources from administrative functions to support research and service thereby pitiful the resources to the most promising and effective programs, and eliminating duplication in programs and services.The Banks current strategic planning process integrates planning, budgeting, and continuous quality improvement and this ensures that the budget allocations will be based on sound and well-tho ught-out plans. (Lynn, 2004)The banks objectives are not only to maximise profit but also to meet the needs and wants of the clients within a sustainable financial context. A risk adjusted return on capital growth rate is set by private financial institution sector. completely resource allocations of the bank are integrated in the context of competing uses and available gross income. This shows clearly that the bank is projected to have enough potential income to improver reserve as it meet budgeted core commitment and expenses. The Banks planning council is comprised of the Chief Executive Officer, Deputy Chief Executive Officer, Chief Operation Officer and all General Managers of various sections with the institution. They review the strategic plans of each financial year and consider requests for resources from the Board of Directors and later on recommend funding levels. The strategic plan starts from the bottom whereby each section within the institution develops its own stra tegic plans. They review their services taking into account clients interest, societal and commonwealth needs, developments in the bowl of banking and the sections expertise. Strong programs and services that are central to the banks mission are recommended for enhancement. Unpopular services are identified to determine if they should be continued, merged with other services or eliminated. The goals of the Banks-wide strategic plan is complemented and supported by each units strategic plan. There are usually annual updates that are prepared to measure the mount up and refine goals. (Lerner and Cashin, 2001)Due to scarce resources, BankMuscat turned to internal budget reductions and allocations to fund strategic priorities and critical operating needs. A deliberate process of budget cycle and reallocation was incorporated into the strategic planning process. Since then, the Banks budget priorities have been to reallocate funds from administrative and support core mission activitie s of delivering qualities and efficient services to their clients. 2 BankMuscat being a banking institution, its main objectives is to offer