Budget Planning Basics

Budget planning is a process of evaluating the earnings and expenses of companies or individuals which is beneficial for their future. The objective of the budget planning is to arrange the necessary components and brainstorm future goals. It may be completed in one meeting or sometime it takes couple of weeks to evaluate the available data to decide.

Money and time are rare resources to the people and organizations but they can be utilized and managed efficiently and effectively by good planning. Budget is a tool which is used by managers to plan and control the rare resources. The budgeting planning focuses on company’s future objectives and profitability.

This informative unit provides a detailed examination of budget planning basics along with defining the term ‘budget’. It also explores the different types of budgets including various parts of a budget.

The unit also explains the budgeting process along with the budgeting tips and tricks. On the completion of this unit candidates will be able to understand where the budget fits in.