Budgeting Process Budgeting Information One Research Paper

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Due to Ford's international presence, this database needed to be accessible remotely, and so the database was created to have remote access from any browser in Ford's locations in 120 countries. Utilizing this technology is a fundamental piece of Ford's mission, therefore it was important to make sure that technology used would be accessible and easily manageable by its employees. Since the technology used is simple enough to be used on a regular browser, there is little in depth technology training needed by the majority of employees who would be using and accessing the system. This helps reduce training costs as well as ensures practical usage within the company. Since Ford's financial position has taken a tumble from its successful days of the past, this technology proves essential in reducing unnecessary costs and helps keep the company running as smoothly as possible without reckless spending. Eliminating unnecessary high maintenance costs have helped open up funds to other departments which are in greater need.

Another major element which has helped streamline Ford's budgeting practices is the company's move to adopt alternative performance evaluation mechanisms. A Balanced Scorecard is a great way to efficiently analyze performance and prepare for future moves and objectives. In many cases, traditional budgeting processes are too costly and too time consuming. In order to make the budgeting process as efficient as possible, "Some companies are shortening their annual budgeting processes to quarterly cycles to better accommodate market fluctuations and shorter product lifecycles," (Takana 2004:2). In the middle of a fluctuating market, Ford had begun to make the move to more alternative methods of budget processing and performance evaluations.

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The current market is a dangerous one, and in Ford's vulnerable position the company has to be flexible and careful with new objectives and policy implementations. Since Ford's strategy is changing towards a more downsized version of its older self, the budgeting process needed to establish that change must also develop into something much more alternative. Thus Ford's decision to use more adaptive strategies such as a Balanced Scorecard is a smart one, and one which may eventually pay off as this current market continues to change and forces Ford to keep adapting to curve balls left and right.

So within this seemingly ever-changing market, Ford has made the right decisions to ensure that it will not fall to the depths it is currently pulling itself out of. Pushing for improved use of technology within the budget process will help lower maintenance costs. Such use of technology also ensures that accounting data can be easily handled and analyzed remotely from all over the world. Using simple technology to revolutionize its budgeting process, Ford has secured a better future for itself. Along with adapting to changing technologies, the company is also changing initial accounting practices as seen with the move towards more alternative evaluation processes. This will allow the company to flow with the changing market better than the rigid system of the past. With all these new moves in place, Ford Motor Company will hopefully once again see a heyday similar to past generations......

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Latest APA Format (6th edition)

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"Budgeting Process Budgeting Information One" (2009, July 19) Retrieved June 13, 2026, from
https://www.aceyourpaper.com/essays/budgeting-process-budgeting-information-20498

Latest MLA Format (8th edition)

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"Budgeting Process Budgeting Information One" 19 July 2009. Web.13 June. 2026. <
https://www.aceyourpaper.com/essays/budgeting-process-budgeting-information-20498>

Latest Chicago Format (16th edition)

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"Budgeting Process Budgeting Information One", 19 July 2009, Accessed.13 June. 2026,
https://www.aceyourpaper.com/essays/budgeting-process-budgeting-information-20498
   

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