The Impact Of Budgeting On Managerial Performance In Organizations

MA619 Master of Professional Accounting

Rationale of the Study

Managerial performance of any firm is a combination of all the respective functions that any business accomplishes in order to meet the organizational objectives. With the advent of technology and implementation of new human resource management initiatives coupled with effective database management, organizational performance have reached new heights of success through the process of market competition (De Baerdemaeker & Bruggeman, 2015). The process of business expansion and service deliverance along with deployment of products into the market requires effective managerial endeavors from individual level to organizational level (Grossi et al., 2016). The study delves in the aspect of how accountability of information and business performance can get impacted in an accountable way through the process of effective budgeting techniques (Chong & Law, 2016). The implication of budget is to enhance the accountability and implication of managerial process in raising the overall business performance of any organization.

Rationale of the Study 

Managerial performance is an effective parametric factor in determining the overall performance of any organization. However, the managerial endeavors that are the results of organizational decision making and implementation of strategized initiatives is also dependent on many other factors (Nguyen et al., 2017).  Notably, budgeting is one of them. Efficient budgeting have a role in determining the efficacy of business performance as well as managerial roles and responsibilities. Thus the aspects of budgeting is an important determinant factor in influencing the level of organizational commitments in terms of meeting its objectives (Mussari et al., 2016). The justification of the study lies in the fact to investigate the relationship that exists between budgeting and managerial performance. Moreover, based on that relationship how businesses should get strategized in order to meet organizational objectives.

In order to fulfil thee organizational objective and the aim of the study it is essential to reframe the hypothesis as follows:

Null Hypothesis (H₀) = Managerial performance gets enhanced due to effective budgeting initiatives

Alternate Hypothesis (H₁) = Managerial performance does not get enhanced due to effective budgeting initiatives

Across the world an endeavor is prevailing regarding enhancing the productivity of an organization through allocating funds in the appropriate places that will ensure the increase in productivity of an organization. This depends upon effective managerial decision making as well as organizational initiatives in maximizing the parametric factors upon which the managerial performance depends. Approach is necessary to be made upon enhancing the performance of the manager s and the factors that influence it. Budgeting channelizes the decision making and utilization of investments initiatives coupled with managerial effectiveness. Thus there exists scope for future research on this aspect to raise the productivity of any organization as well as boosting the responsibilities of the managers in order to build a strong managerial plinth within any organization.

  The literature review encompasses the aspects of budgeting, managerial performance as well as the ability of this two factors to influence each other. The related literatures on this respects are put forth as follows:

According to Almasi, Palizdar & Parsian, (2015), the process of accounting management as well as budgeting to accomplish effective managerial decisions is dependent upon three major perspectives which are economic factors, psychological factors and sociological factors.  The process of budgeting is related to performance management, compensation management, cost accounting as well as responsibility accounting of the managers as well as the employees those who work for the organization (Sakka et al., 2016). The objective of budgeting is to ensure that the activities that an organization executes are allied to optimal resource allocation, mobilization of products and deployment of final output in the most effective manner followed by motivating workers and influencing their performance.

Hypothesis

In accordance with Arnold & Gillenkirch, (2015), the process of managerial performance is the core factor in rooting the organizational effectiveness within any industry in which it operates. Notably, the performance of any organization is dependent upon the decision making process where managers plays an effective role. In order to ensure that the aim of an organization is achieved, managers executes their responsibilities in an effective manner through operational effectiveness and evaluating the ability of the organizational resources to maximize the overall productivity. The paper investigate on the aspect of managerial performance as an initiative to optimize resource allocation and their mobilization in the most effective way in order to raise the overall organizational performance.

According to Baldenius, Nezlobin & Vaysman, (2015) inspect the connection between involvement in budgeting to performance and motivation among managers in 3 industrial companies. Brownell and McInnes applied the expectancy theory to identify the connection between the three things. The expectancy theory they used was applied to propose parameters for approximating and postulating motivation. In the study, they evidenced one of the assumptions raised by Becker and Green. They proved that involvement of managers and the managerial performance are significantly completely related, however, the connection between involvement and performance via motivation has a little clarification of this and is because the association between involvement and motivation is negligible.

The effect that budgeting has on managerial performance can only be investigated through the manager’s involved in the process of making the budget. Becker and Green (1962), through their research from previous studies, they develop various conclusions to try and explain the connection between the influences of budgeting on the performance of managers. In the article, they create the feature of participation of managers which they state “Participation is not a panacea” (Stedry, 1964). Meaning that participation is not an answer to all problems and they propose there is existing evidence that it is not valid in all circumstances. Becker and Green (1962) claim that it is not easy to choose if participation directly improves productivity, or only enhance morale, which subsequently increases motivation, based on their research on earlier studies. Becker and Green settle that based on the circumstances in which budget is organized, the budget can be a strength for motivation and it can affect in improved performance.

In the study “Impact of Budgetary Participation and Organizational Commitment on Managerial Performance in Nigeria” conducted by Oluwalope and Sunday (2017), they were estimating the connection between contribution in budget preparation, organizational commitment, and the performance of managers in Nigeria. After the collection of the questionnaires and analyzing the data, the study discovered that participation of managers in the process of applying the budget and the commitment to the tasks carried out by the managers in an organization has positive impacts on the performance of managers. Oluwalope and Sunday (2017) settle that organizations or businesses should involve in practices that will support the involvement of managers in the process of budgeting and pledge and also take into attention other measures and methods that could be detected for the purpose of enhancing managerial performance. Mohamed, Evans, and Tirimba (2015) in their study “Analysis of the Effectiveness of Budgetary Control Techniques on Organizational Performance at Dara-Salaam Bank Headquarters in Hargeisa Somaliland” tried to assess the influence of control of budget on the organizational performance, specifically Dara-salaam Bank. Their objective was aimed at detecting how concern accounting influences the performance of an organization, to assess whether variance cost analysis affects the performance of the organization and to inspect how zero-based budgeting effects the performance of the organization (Mohamed, Evans, & Tirimba, 2015). The study found out that budgetary control has an influence on the productivity and efficiency of an organization. The study revealed that budgeting rises efficiency and productivity. Therefore, the one application of budget is in the investigation of the performance of managers in an organization. However, the locus control impact was not substantial in the satisfaction of managers. From the above studies, there concurrent and disagreements on the impacts of budgeting on the performance of managers.

Future Research

The methodology of the research encompasses a deductive approach from the thematic analysis of the interview transcripts where the assertions of the managers and implicated and examined to evaluate the impact of budgetary measures in influencing the managerial performances (Moynihan, 2015). The data collection method is applied through the interview transcripts and testing the hypothesis based on the responses of the respondents regarding influence of budgets in enhancing managerial performance within an organization. Relevant questionnaires are reframe in accordance with the objective of the study and the responses of the respondents are reflected within the interview transcripts which are further coded and categorized in themes in order to obtain results based on the thematic analysis (Argyris, 2017).

Interview Transcript 1

The interview was organized upon strategic management in the industry with the managers of a 3 star hotel that can be incorporated as follows:

Raw Coded Data

1. Managerial Issues
   1. Budgetary measures in times of Seasonality

i.Do you agree that budgets are effective in times of seasonality of the hotel industry?

Yes we agree that effective budgetary measures plays a crucial role in times of seasonality in the hotel industry. It is because of the fact that there is change in the proportion of average footfalls in times of off seasons and pick seasons. When we encounter with such situation their budgets in the segments of investments that we made in our departments varies. In order to cope up with such situations we prepare effective budgeting measures that guarantees that the managerial decisions undertaken to optimize productivity and maximize profitability gets successfully accomplished. The shifts in the number of footfalls thus do not hamper the performance of the business rather effective budgeting helps in channelizing resources and maximizing their utility based on situational needs.

1. Do you agree that due to effective budgeting there is a change in the quality of service deliverance?

We prefer to keep our customer satisfied to their optimum level. To ensure that they are satisfied with the services provided to them irrespective of the fact that it is off-season or on-season we never comprise with our quality of service deliverance. In fact, we focus on keeping our labour force satisfied through rewards, incentives, etc. so that their willingness towards their job never deteriorate and our professional employees return the favour of ours to us through fulfilling the requirements and needs of our customers from all feasible level in terms of hospitality. This becomes only possible when we focus on allocating funds in the most effective manner through budgetary measures. Thus budgetary measures restricts our investments from getting underutilized or overinvestments and improves our quality of services that we render to our target consumer base.

iii.Do you agree that budgeting helps in undertaking managerial decisions regarding high equipment and labour cost?

Yes we agree with the issue that budgeting helps in undertaking managerial decisions regarding high equipment and labour cost. This is due to the fact that high equipment and labour cost increases the operational cost and hence the functionality in the operational segment becomes very costly. Yet, we tackle this issue by channelizing the extra funds from previously kept funds which we keeps as reserves. Budgeting helps to obstruct the excess funds to get channelizes in the segments where funds are necessary as well as can replace the high labour cost or equipment cost with other alternative options.

Literature Review

Interview Transcript 2

The interview was organized upon strategic management in the industry with the managers of a technology firm that can be incorporated as follows:

1. Do you agree that due to budgeting there is a change in roles of managers which affects the customer satisfaction?

The customer satisfaction level depends on our ability to fulfil their requirements. We always remains adhered with the customers even when they leave our premises through communicating with them and offering various schemes to them for their next visits. This make them feel that we are concerned with their needs and possible requirements. Moreover, preparing budgets in the off season and the pick seasons becomes different due to variable demand.  It is a well-known truth that supply creates its own demand. But in our sector the supply are created based on the exiting demand in the market unless the investment that we make gets wasted. To ensure that the cost that the firm incurs do not siphons off our profits and makes our company to run in loss, our managers takes sufficient initiatives while making managerial decisions.

1. Do you agree that budgets helps in the managerial performance through channelizing the funds that are used for enhancing the performance of technological equipment’s used for the business?

Our staffs tries to keep track of each and every single needs that the customer demanded on their first visits and accordingly we use to remember them. When they make their next visit whether in the off-season or in the on-season irrespective of that we render them those services compulsorily. When there is need for technological support to our customers we provide them in every possible way we can. The problem is there does not exist a procedure through we can accurately anticipate the actual demand that is going to take place at a particular season. So temporary loss is a common phenomenon. However, through effective budgeting we maintain an adaptive analysis through which we can forecast on the probable demand that is going to take place in the coming season and based on that we prepare our budgets and allocate funds optimally in technological equipment’s in such a way through which the quality of our services do not get declined towards our customers as well as our company do not incur any loss in terms of cost to company or decline in existing customer base. These make them feel that how much valuable they are to us as we use to give priority even to the slightest details of the customers. Thus the level of customer satisfaction remains close to a constant level irrespective of off-season and on-season.

iii.Do you agree that budgeting mitigates the  revenue challenges encountered in the business and raises managerial effectiveness?

Yes we agree that budgeting mitigates the revenue challenges encountered in the business and raises managerial effectiveness. Properly budgetary measures helps to allocate our funds wisely and optimally so that no funds in any segment of interest for managerial or serving our customers gets over-allocated or under-allocated. We make the choice of funds effectively by understanding and anticipating the necessities of our customers.

Interview Transcript 3

The interview was organized upon strategic management in the industry with the managers of a security firm that can be incorporated as follows:

1. Do you agree that budgeting provides managerial effectiveness in enhancing the productivity of the organization?

Yes, the productivity of an organization gets increased through effective budgeting. This is due to the fact that the process of systematized budgeting whether it be zero based  budgeting or performance budgeting, the major support that budgeting renders is that it helps to channelize funds, human resources as well as allocation of other resources in the most effective manner where the resources do not gets wasted through overutilization or underutilization. Rather budgeting helps in effective managerial decision making and thus enhancing the productivity of the employed resources that re invested for the production in terms of services that an organization renders to its target consumer base.

1. Do you agree that budgeting provides managerial effectiveness in minimizing staff turnover and optimizing employee involvement with the organization?

Yes the staff turnover rates are high this indeed affects the managerial sector. However, there is requirement for giving opportunity to the new people who possess potential for this sector. Training and recruitment of new staffs may bear significant cost yet young labour force are encouraged in this sector. At the cost of that experienced employees are leaving which is a matter of concern and hence employee retention needs to be managed. Through the process of budgeting the recruitment cost as well as the training cost gets mobilized. The cost that thee company incurs due to this process gets returned back to the organization when the recruited employees and managers raises productivity of the products and services that are deployed by the organization in to the market as well as by their individual performance and managerial decision making which in return influences the overall performance of the company in the long run.

iii.Do you agree that budgeting enables to take managerial decisions effectively regarding the security challenges of customers?

Yes, we agree that budgeting enables to take managerial decisions effectively regarding the security challenges of customers. The major challenges in case of customer support is with security issues. The satisfaction level of customers are highly dependent upon providence of sufficient security to the potential client’s and prospective consumers. We take care of this issue in every possible level so that even heavy weight clients do not have any issue with our security or customer support. Budgeting helps us to allocate funds in the security segment of our organization. Our managerial decision making regarding security support gets more efficient due to effective budgetary measures.

Interview Transcript 4

The interview was organized upon strategic management in the industry with the managers of a food and beverage firm that can be incorporated as follows:

1. Do you agree that activity based budgeting helps to improve the managerial decision making?

Yes we agree that the quality of services is facing problem due to high staff turnover. But activity based budgeting coordinates in channelizing effective labour force as well as other resources in the right place at the right time and in the right way. Managers considers the process in terms of raising the productivity of the organization when there exists deficiency of one resources and no substitute resource is available to cover up the deficiency. The budgeting techniques helps to utilize the funds as well as resources available to the organization in the most feasible that are accountable as well as profitable followed by helping the managers in maximizing the performance of the organization in a cost effective way.

ii.How budgeting helps managers in taking managerial decisions regarding human resource management?

 The frequent entry and exist of staffs increases the recruitment cost as well as hinders the organizational culture and working environment. Thus the quality of services get deteriorated as a consequence. But through budgeting an organization understand the feasibility of recruiting staffs or removing them in order to enhance the organization performance and making managerial decisions by managers. The budgetary measures cuts off the excess cost that the company may bear if it do not take action in channelizing its skilled human resources or training unskilled human resources. It also mains the tracks the funds which are investments that are allocated for maximizing human resources management.

iii. Do you agree that budgeting helps to enhance the reputation of a company through providence of managerial effectiveness?

Yes the goodwill of the managerial sector depends upon the services that it renders to its target consumer base and which optimizes their satisfaction level. However, high staff turnover fails to maintain the quality of services and consequently the satisfaction level of consumers do not remains up to the mark. Thus, the level of satisfaction varies due to high staff turnover. The utility that is being generated from the services provided by the managerial sector maximizes the satisfaction level of the consumers and is largely dependent upon the end producers of the services and employees, working labour force, etc. since they are the bottom line of the managerial sector that provides services to the end consumers. Hence, on a logical context the staff turnover hinders the progress of the business as well as the reputation of the managerial sector as it fails to maintain the quality of services intact towards the targeted potential consumer base.

Interview Transcript 5

The interview was organized upon strategic management in the industry with the managers of an international fashion designing firm that can be incorporated as follows:

i.Do you agree that budgeting helps in raising managerial performance through market penetration and business expansion?

Yes we agree that budgeting helps in market penetration and business expansion for managerial sector. This is due to the reason that budgeting helps in investing resources based on the customer demands followed by developing new initiatives to cope up with the customer wants. The level of consumer demand is that level where the consumer’s ability to pay is matched with their willingness to pay. However, the consumer’s want is reflected when within the two i.e. consumer’s ability to pay and willingness to pay, anyone among the two becomes higher than the other. So it becomes necessary to understand which one is higher than the other and how to compensate it so that the consumer want becomes its demand. Budgeting helps in understanding this aspect through identifying organizational needs as well as requirements of the target consumers and work upon it so that productivity gets maximized and business gets expanded gradually.

1. Do you agree that budgeting injects innovation in the managerial decision making process?

Yes, we agree on this issue because with respect to continuously changing demand of the customer it is important to incorporate innovative initiatives to meet with the customer demand. With time the interest of the customer’s changes and hence it is necessary to anticipate what the consumers want and how the services can be provided coupled with innovation so that their satisfaction level remain intact.  We ensure that the current experience of the customers should be better than their previous experience and hence we enhance the responsibilities of the managers by preparing effective budgets that can raise or maintain scope for investments in innovative managerial activities and decision making. This will necessarily help the organization in meeting up with the continuously changing demand as well as point of interest of potential consumers.

iii.Do you agree that budgeting helps in giving taxes and maintaining fairness within business through managerial effectiveness?

Yes we agree that budgeting helps in giving taxes and maintaining fairness within business through managerial effectiveness. This is due to the fact that the raw materials we pursue for our production are in general not always domestically produced rather imported from international market. Since the tax rate is high and we have to maintain transparency within our business activities we prefer to prepare effective budgets as it helps us to pay our taxes as well as other liabilities and also ensure that the business activities runs through fair means of business.

The findings from the qualitative data is dependent upon sorting and coding the information through thematic analysis. The procedure encompass drafting the effective aspects that are focused much more by the respondents with relevance with the objective of the research. The information are coded and categorized and finally matched with the existing theories. The gap in the actual scenario that is being put forth by the respondents and that is being perceived are tallied and evaluated. From that information obtained the transcripts, information can be categorized and theme can be incorporated to obtain the results of the thematic analysis as follows:

Interview Transcripts	Codes	Categories	Themes	Results
Interview Transcript 1	Diminishes risk related to labor cost	Increases financial control followed by improving managerial effectiveness	Financial Efficiency	Controls expected and unexpected costs through funding plans and profitability Review
Improves Quality of Service deliverance	Increases Service Quality	Operational Efficiency	Performance Evaluation
Reduces financial uncertainty in seasonality of business	Increases financial control followed by improving managerial effectiveness	Financial Efficiency	Controls spending and earning
Interview Transcript 2	Managerial efficiency enhances customer satisfaction	Increases Customer Satisfaction	Operational Efficiency	Bottleneck Analysis
Channelization of Funds in utilization of Technological Equipment’s	Increases Operational Efficiency	Financial Efficiency	Cash Allocation
Mitigate Revenue Challenges	Increases financial control followed by improving managerial effectiveness	Financial Efficiency	Financial Efficiency
Interview Transcript 3	Organizational  Productivity Maximization	Increases Productivity	Operational Efficiency	Operational Efficiency
Employee Involvement & reduction in Staff Turnover	Operational Efficiency	Operational Efficiency	Operational Efficiency
Mitigating Security Challenges regarding customers, products and services	Operational Efficiency	Operational Efficiency	Operational Efficiency
Interview Transcript 4	Optimal allocation of activities	Operational Efficiency	Operational Efficiency	Operational Efficiency
Managing human resources	Operational efficiency	Operational Efficiency	Financial Efficiency
Organizational Goodwill	Building Intangible Assets	Financial Efficiency	Managerial Efficiency
Interview Transcript 5	Business expansion & Tax payments	Operational Efficiency & Financial Efficiency	Managerial Efficiency	Managerial Efficiency
Market penetration	Product Development & Service Development	Operational Efficiency	Operational Efficiency
Innovation	Organizational Development	Business Development	Managerial Efficiency

 From the thematic analysis it is been found that managerial performance is a response variable and budget is an explanatory variable in the context of an organization. The innovative approach towards business coupled with maximizing the financial as well as operational efficiency are the major themes that are being developed from the thematic analysis of the interview transcripts. The codes comprises of business expansion, market penetration through channelizing funds and allocation both funds as well as resources in an optimal manner so that no segment of the organization gets better off by worsening off the other segments and vice-versa. Along with this enhancing productivity of the organization followed by channelizing human resources in an effective manner raises employee involvement and hence retention of managers and employees prevails. Security challenges, challenges related to labor cost, taxes, equipment cost, factory overhead, raw materials, etc. gets reduced which incorporates the indirect of effect of budgeting over optimizing managerial decision making through maximizing operational efficiency as well as financial efficiency. Thus budgeting enables monitoring of expenditure and income as well as controls expected and unexpected costs through funding plans and profitability review. The cash allocation becomes optimum and the performance evaluation process of the human resources becomes much more credible through performance based budgeting. Apart from that the overall business development and improvement in the organizational culture takes place due to managerial efficiency and enhancement in the performance level of managers. The responsibilities of each and every stakeholders gets estimated and based on that the organization can ensure credible decision making based on the future objective of the organization.

Conclusion

It can be concluded from the results that the managerial performance is a dependent factor of the budgeting that influences the organizational activities. Notably budgeting improvise the operational efficiency as well as the financial effectiveness that altogether ensures that the managerial efficiency gets optimized. Every organization needs effective budgeting initiatives to optimize its managerial decision making through the implementation of budgetary measurements.

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