Budget And Budgetary Control: A Managerial Tool For Planning And Control (A Study Of First Bank Nigeria Plc Umuahia, Abia State)

ABSTRACT

The study reviewed the theory of budgeting and how budgetary control can impact on the performance of First Bank. It stresses the usefulness of budgeting and budgetary controls in management efficiency and profitability. The major problems are the inability of organizations to plan and accomplish goals which can be traced to their inability to apply controls and efficiency in the budgeting system. The objective was to evaluate budget and budge1ar' control as ci managerial tool for planning and control. The study utilized descriptive and retrospective research designs. Primary data (Questionnaire) were used. A population study of the 40 staffs of First Bank Plc. Umuahia Branch was carried out with a sample size of 36 which was determined using Taro Yamen Formula of finite population. Ethical considerations of this study ensured confidentiality on part of respondents and set clear researchers purpose to all respondents. Data were analyzed using the Pearson Correlation Method of data analysis and presented carefully in form of frequency tables and charts. Findings show that budget implementation affects actual performance of an organization. Based on the findings, the researcher recommends that institutions should adopt a method or strategies that are easy to understand by their managers and staff.