Question

Budgeting skills can be used in business or personally. How will what you have learned during...

Budgeting skills can be used in business or personally. How will what you have learned during this topic impact budgeting for you personally or for a business you own or work for? Please explain.

Business   Accounting   
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Answer #1

Budget is the plan to control your finances and to ensure that you have enough money for spending on future expenditures. Budgeting is all about a developing a numerical plan which is a process for setting financial goals. People, technology and other various factors will involve in the process of budgeting to get most appropriate and accurate information to develop a budget plan. Budgeting helps to assist in future planning and preparation. It also provides an informal benchmark against the actual performance. It is the most effective way to control the control the cash outflows and helps to search for new oppurtunties and invest in them at appropriate time.

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