The reading from the text this week discussed planning and researching as well as writing reports and proposals. We are going to apply this knowledge into budget preparation. Please read chapter 1 and 2 in Budgeting Basics and Beyond. These 2 chapters will give you a great foundation as to what makes a good budget. For this assignment, please assume that you are the manager of a property management company. You need your staff to put together a budget for you. This property management company is responsible for managing several office buildings, and you need the property managers to provide you with their projected costs for the coming year. A few things that you will want to provide guidance on:
- format of their submission (Word document, Excel spreadsheet, etc.)
- due date
- do you want the information broken down quarterly or annually?
- do you want them to provide explanations for every cost, or just those over a certain amount?
- think about the type of costs and income that you would like managers to address, you can be creative here ... the point of the assignment is for you to communicate effectively, not master the accounting system of a property management company.
While this list is not all inclusive, it should give you an idea of the type of information you will want to ask for from your employees. While I do not expect you to submit an actual budget to me, this is an exercise in providing good instruction to your employees. The better your instructions, the more accurate their response. In order to provide accurate instructions, you will need a basic understanding of the budgeting process. Please feel free to seek out additional information as you feel is necessary. This link will send you to atypical budget for an office building (https://media.buildingsmedia.com/pdfs/B_0606_AnnualExpenses.pdf). This should give you an idea of the type of information you will want your employees to provide to you.
Please submit your response in a Word document attached to this assignment.
Paper must include:
Cover Page
2-3 pages content
Reference Page
Wikepedia is not an acceptable source for this paper should you choose to use additional sources.