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The goals and reasons are as follows:
The Goals for planning budget and prepared are
1- it is a plan to use funds efficiently
2- it is a plan to achieve company objectives
3- it help in decision making.
4- it used as a reference for evaluation performance
5- it provides accurate information
budgeting goals are set for income ,cash flows and financial position
reasons of budgeting used for 1-planing -communication and coordination3-monitoring 4-evaluation
Budget is a part of overall planning process.Budgets set out the cost and revenues that are expected to be incurred or earned in future period. Most organizations prepare budgets for business as a whole. The following budgets may be prepared by organizations:
1.Master Budget
2. Departmental Budget (sales, production, material, labour, overhead)
The main aim of budgeting are:
A. Planning for Future
B. Controlling Costs
C. Coordination (working together to achieve common goal.
D. Communication-Budget communicates the targets of organisation.
Follow-up, monitoring and evaluation
Budget planning is the process by which a company or individuals evaluate their earnings and expenses and project their monetary intakes and outakes for the future. The goal is to lay out all necessary components and brainstorm future goals.
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