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The budget should be prepared by agent at the start of year for listing the estimated revenue from various sources and expenditure necessary to obtain this revenue. During the year budget should be used on a regular basis to measure actual performance so that an early indication can be obtained of possible problems, which may adversely affect profitability and timely remedial action, can be taken. It is important for agents to prepare cash flow budget to lists cash inflows and outflows in order to fore cast when agency may need additional financing. |
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