Principal benefits of a system of budgetary control

You are the newly appointed management accountant of Brewster Fitzpayne, a small manufacturing company. The management accounting information used in the company has previously been at a low level in terms of both quantity and quality. The finance director of the company was himself appointed only a few months ago, and he has decided that, as a priority, the management information system should be improved. He is planning, with your assistance, to install a budgeting system, but he needs to persuade his fellow directors that this innovation will be of benefit to the company. He has asked you to draft a briefing paper to the board setting out the principal benefits of a system of budgetary control.

You have recently started a new job as a management accountant in a medium-sized unlisted business. The board of directors makes all significant capital investment decisions using the payback method and written reports from department heads.

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