Finance forum for small business! Discussion on Funding your business, banking, loans, budgeting, tax, payroll, and exchange rates.

 

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Why is budgeting is important?

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    Why is budgeting is important?

    Budgeting is the process of creating a plan to spend your money. This spending plan is called a budget. Creating this spending plan allows you to determine in advance whether you will have enough money to do the things you need to do or would like to do.
    If you don't have enough money to do everything you would like to do, then you can use this planning process to prioritize your spending and focus your money on the things that are most important to you.
    Since budgeting allows you to create a spending plan for your money, it ensures that you will always have enough money for the things you need and the things that are important to you. Following a budget or spending plan will also keep you out of debt or help you work your way out of debt if you are currently in debt.

    #2
    In marketing, budgeting is important. Actually in worlds industry, budgeting is important. Everything has to declare limits, without budgeting it will be difficult to manage finance.

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      #3
      In business or in spending money even in the house budget is really important. In budgeting you have a plan on what you are going to spend in the next month. Monitoring of daily expenses is the best way to determine if you spending too much, and then compare it. Its just a simple explanation of balancing your expenses and your income.

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        #4
        Budget is a financial for ensuing financial period. Budgeting includes budget and the processes involved in the preparation of budget. Budget encompasses the entire business. It helps in setting financial goal for the business. When budgeting, all the resources, a business has are put into into consideration. Targets are set each unit, department, and segments of the business. Budgets usually includes cost of production and operation. The estimated cost of production and operations of all units, segments, departments, and sections of the business is determined. This helps the budget prepares and management to peg the appropriate estimated inflow from each part of the business. Each par of the business is expected to generate more revenue in order to offset the cost. A unit leader may be fired or replaced if he is unable to meet this target.

        Budgeting produce budget which is the biggest standard for the organization. Budget is used to measure the overall performance of the organization as an entity. If after evaluation, a positive variance is achieved, commendation would be given to those who deserve them, and when an adverse variance is achieved, the consequences are served to defaulters. To achieve a good budget performance, the entire organization is usually made involved in the budget. Because the budget has input of everyone, makes it more realistic, and easy to achieved. A budget handed down from top management is less effective.

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          #5
          Simply put, a budget is an itemized summary of likely income and expenses for a given period. It helps you determine whether you can grab that bite to eat or should head home for a bowl of soup. It is typically created using a spreadsheet, and it provides a concrete, organized, and easily understood breakdown of how much money you have coming in and how much you are letting go. It’s an invaluable tool to help you prioritize your spending and manage your money no matter how much or how little you have.

          Planning and monitoring your budget will help you identify wasteful expenditures, adapt quickly as your financial situation changes, and achieve your financial goals. When you actually see the breakdown of your expenses, you may be surprised by what you find; this process is essential to fully grasp how things can add up. Creating a budget will decrease your stress levels because, with a budget, there are no surprises.

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            #6
            Budgeting is very important in the sense that it helps us to determine how much money we will spend or save for a certain thing. It allows us to fully utilize our earnings and help us to know directly if we will be able to buy all we needs or we just limit them due to a tight budget. It really give us an advance knowledge to know our priority bill in the future. Budgeting are one of the best method that is being used by the different business entities due to it's beneficial factor that it gives to everyone. I could say that it must be given an importance since it is very useful in all aspect.

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              #7
              Budgeting is very important both for business and personal. Wise budgetting is also a secret ingredient for a successful business. You should know the right amount needed for each and every necessity. Prioritize your needs before your wants, and rest assured that you'll go far. One of the best tip on budgetting is making a list of everything that you will need to spend money on and as well include your bills so that you can keep track of your finances. Just follow these simple tips and it could save you so much time and money.

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                #8
                Budgeting is an important aspect not only in business but also in the household. As a housewife, budgeting is really hard to do. Planning on how to spend the money on food, bills, savings and others with only limited amount. But if you have goals, surely budgeting would be easy. Just think about the future, we have to be financially for emergencies.

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