THE BUDGETING PRACTICES OF NILE PETROLEUM SERVICE COMPANY: A CROSS-SECTIONAL SURVEY.

Abstract

Background

This study aims to assess the budgeting practices of Nile Petroleum Service Company.

Methodology

The study used a case study descriptive survey design, targeting 140 respondents from Nile Petroleum Service Company, the sampling size was 100 respondents. By the use of questionnaires and interview manuals, the researcher gathered data from respondents which was the primary concern of this survey design approach. The main data collection instrument that was used in this study was the questionnaire.

Results

70% were male and only 30% were female. This implies that male comprises of high number of employees in Nile Petroleum Service Company

48% and 32% of the respondents strongly agreed and agreed respectively that budgetary plays a great role in the financial performance of an organization like Nile Petroleum Services Company, 10% disagreed, 7% Strongly disagreed and 4% were not sure whether budgetary control plays a great role in the financial performance of an organization like Nile Petroleum Services Company South Sudan.

Conclusion

The study concludes that the budgeting practices incorporate four major processes that are budget planning, budget formulation, budget execution, and budgetary control at Nile Petroleum Services Company. Hence proper execution of those four processes will realize considerable performance at Nile Petroleum Services Company.

Recommendation

Since the findings show that Pearson Correlations Budgetary planning was positively and significantly correlated to financial performance The results conclude that there is a significant positive and high relationship between budgeting and financial performance (r= 0.715) and at a level of significance 0.05, this implies that the budgeting improves on financial performance Budgetary control is the system of controlling costs through budgets. It involves a comparison of actual performance with the budget with the view of ascertaining whether what was planned agrees with actual performance.