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Funding a business
Why is budgeting is important?
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[QUOTE="behappie, post: 789, member: 57"] 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. [/QUOTE]
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Why is budgeting is important?
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