What do you mean by budget?Why is it important for any organization?
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budget means to estimate of income on expenditure in set of period
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Budget is the estimation point about the money to spend a certain sum of money on an available combination of product to satisfy the needs and wants. Whereas, Budgeting is a process of making a plan on How to When to, and How much to spend money.
Through budgeting plan, a firm can make a plan that gives a clear outlet to the frim on the money matter. It helps to channel the funds most efficiently.
It's important for a firm to -
Opt the best way of acquisitions of the funds.
Proper channels of funds to meet financial needs.
To create awareness about the financial needs of the firm as a whole.
Help to establish the financial condition of the firm.
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