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The most important is the business plan.
Budgeting is very essential to the success of the company. It Helps business personnel in decisions making and marketing process.
In order to Develop Budget we must assemble the budget team having clear knowledge about organization and business process also the budget team must be clear about budget calendar.
Following are the main factors must be consider by budget team while preparing budget.
Sale/income, Cost / expenses & Funds available, balances. All these working must be sported by best estimate available to Company.
For best estimates budget team must go through
-Analysis from Past trend
- Actual sale order/ projected sale order
- Market Research
-Economic condition
agree with answers ...................................
Past Trends, future plans, inflation, external factors
Excellent documentation (including Budget manuals) – even in EXCEL format
Training for all people involved with the feedback from them
Do not be in a hurry – start the budgeting process in advance just to have a plenty of time for deep analysis
Team work and brain storming will be useful in case you need to meet the aggressive targets
Be conservative
Get final confirmation from all the persons when they get the approved budget
Cost to complete
Balance cost to complete
Total Time Frame
Available resources
Know why you are budgeting. The reason for budgeting is to help you spend less than you earn. It shows you
Have a specific long term goal in mind.
Prepare a Budget on line with the profit you make.
Before making a Budget, have some accurate data when it comes to spending, both monthly and irregularly.
Whenever you plan your Budget, plan it based on real numbers.
Have a checking and saving accounts that have useful budgeting tools incorporated by default.
Be realistic
Set some short term goals that can easily achieve if you stay on Budget.
Don’t be afraid to adjust your budget , even radically.
Budgeting is the key to success for any company.
There are many kinds of budgeting.
If the company has been operating for a few months and budgeting is being carried out later, it would be useful to consider the historical costs incurred and take into consideration the inflation rates and market needs to assess the budgets going forward
If the company is a new establishment, and there are no records to look back at, the best practice is to use estimates based on the professional judgement and tweak the budgets going forward based on the actual expenses and variances. This is referred to as rolling budgets.
The most important factors to consider in budget development are:
* Ensuring that budget meets the organization objectives;
* Ensuring that the organization's objectives are conveniently communicated to all departments;
* Setting appropriate time to deliver the budget after all amendents; and
* Ensuring that budget is realistic and achievable.
The very important factors to consider in budget developments are the relable plans and all positif business projects ......thanks
The Important factors for budget plan are, company progressive projects, region's economic comditions and Macro level growth, along with detailed study of company's compatitors in the region and their progressive plans awareness.
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