How To - Consider Business Budgeting

Most of us do not really think much about it, but we are preparing a budget every time we estimate how much cash we are going to need for a particular purchase and how much money we will have left over at the end of the month after paying our bills.

A budget is simply an estimate of what is going to happen in the future as far as our income and our expenditure is concerned.

Business Budgeting is a term often used to mean forward planning in a business. It has, of course, a wider meaning than planning because it also includes coordinating, managing and controlling. In simple language, a business budget is the financial plan of a future period in your business and represents a suggested way or plan of achieving a particular result. It is a means of expressing the goals of your business in financial and monetary terms.

In a wider sense, a budget is really an estimate of the future performance of your business which encompasses the income you will receive, the expenditure that you expect to pay, the profitability that will result and the information generated to measure the ongoing operation of the business against this predetermined plan.

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