Tham khảo tài liệu 'risk and management accounting best practices_3', tài chính - ngân hàng, kế toán - kiểm toán phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | 118 Budgeting Best Practices labor and improve efficiencies. The timing of when these changes will be completed has a major impact on when to budget changes in labor and efficiencies into the forthcoming budget. Personnel budget. There must be a separate budget that outlines all the staff positions needed their average pay rates and the associated payroll burden. This number will vary based on the revenue volumes that were previously determined not to mention any automation projects. Capital budget. The automation budget will feed into the capital budget since these projects usually require a considerable amount of funding. There may be other capital projects that do not run through the engineering department such as for office equipment so this budget is not normally completed until all departments have submitted their budgets. Departmental budget. Each department must note its expected expenditures as well as personnel requirements. Cash flow budget. After all the previous budgets are returned the accounting staff loads them into the budget model which determines any resulting profits or losses working capital changes and capital requirements all of which feed into the cash flow budget. Funding and investments budget. The cash flow budget feeds into the funding and investments budget. This one is used by the chief financial officer who determines either the sources and cost of funds if cash is needed or where it is to be invested and the expected returns from doing so if there will be a cash surplus . The results of this budget will also feed back into the interest expense and investment income line items elsewhere in the budget. Employee performance budget. Finally after the budget is completed the human resources manager uses it to create an employee performance budget that links pay levels and bonus payments to the performance levels noted elsewhere in the budget such as completing automation projects or attaining budgeted sales levels. Also some companies may
