How might a financial manager go about gathering information to ensure that budgeting takes into consideration the above factors? Are there other factors that should be considered in assessing whether there are growth needs in staff or salaries?

Reply to the following using at least 175 words per response. Reply to post 1 and 2 separately. Be sure to use FULL APA references and in-text citations. Be professional and constructive in your response.

1. A good approach to budgeting is using an historical approach. Using the past to predict the future can add an element of reliability to the budget. However, one can’t simply depend on the past in isolation to develop the next year’s budget. Budget Tracking with Rolling Statistical Forecasts (https://fpa-trends.com/article/budget-tracking-rolling-statistical-forecasts) also provides a good approach for budget tracking as well.

Especially in the area of salaries you must make sure what you’re budgeting is consistent with projected need for the upcoming year. Some things to consider are:

– Is there any projected growth in patient volume that might necessitate increased staff
– Are there any wing expansions planned that will necessitate increased staff,
– Are there any increased services being planned that will necessitate increase staff, etc.

How might a financial manager go about gathering information to ensure that budgeting takes into consideration the above factors? Are there other factors that should be considered in assessing whether there are growth needs in staff or salaries?

Brilliant Essay Help

How might a financial manager go about gathering information to ensure that budgeting takes into consideration the above factors? Are there other factors that should be considered in assessing whether there are growth needs in staff or salaries?

Make your order right away

Confidentiality and privacy guaranteed

satisfaction guaranteed