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Analyze and discuss the importance of budgets and explain basic approaches to budgeting.

Analyze and discuss the importance of budgets and explain basic approaches to budgeting.
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Answer #1

A budget is a comprehensive formal plan express in quantitative terms descfribing the expected operations of an organisation over some future period.

Importance of budget

1 - Budget don't gurantee success , but they certainly help to avoid failure.

2 - The budget is an essential tool to translate general plans into specific action oriented goals and objectives.

3 - Budgets give you control over your money A budget is a way of being intentional about the way you spend and save your money.

4 - Budget makes you aware what is going onwith your money.

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