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Explain briefly the budgeting process

Explain briefly the budgeting process

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Answer #1

Budgeting process is the process where the future cash inflows and outflows are estimated to make sure that there is no shortage of funds in future. It also assist in monitoring the income and expenses.

Following steps are generally followed in setting the budget: -

  1. Estimate the future cash flow
  2. Ascertain the source of funding
  3. Prepare a revenue forecast
  4. Prepare an expenditure forecast
  5. Draft the budget and issue for suggestion
  6. Update the budget and issue
  7. Feedback and monitor the budget

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