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A budget is an estimation of revenues and expenses over a specific future of period of time. A budget is basically a financial plan for a defined period, normally a year.All budget get rollup into the master budget, which also includes budgeted financial statement, forecasts of cash flows and outflows, and overall a financial plan.

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A budget is an estimation of revenues and expenses over a specific future of period of time. A budget is basically a financial plan for a defined period, normally a year.All budget get rollup into the master budget, which also includes budgeted financial statement, forecasts of cash flows and outflows, and overall a financial plan.

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should be reviewed and edited frequently and costs can be divided into fixed and variable

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Budgeting is usually done on annual basis. It means planning carefully how to allocate resources.

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Budgeting is usually done on annual basis. It means planning carefully how to allocate resources.

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Also individuals have their own personal budgets

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Long term budgeting for bigger purchases

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Living without a budget is similar to traveling across the country without a roadmap.

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Living without a budget is similar to traveling across the country without a roadmap.

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Budgets help avoid failures and is an essential tool to translate general plans into specific, action-oriented goals and objectives

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Budgets help avoid failures and is an essential tool to translate general plans into specific, action-oriented goals and objectives

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Generally

- A budget is a tool that helps you track your finances—it’s a detailed plan of your income and expenses for a given time period.

- Plan for your money

- Creating a budget puts a stop to mindless spending

- Need to divide expenses into fixed and variable

- Expenses-income

- Method for budgeting: Checkbook method, Notebook method, envelope method

For a business

-       A company’s budget document is a detailed financial statement that projects expenditures on a monthly, quarterly or annual basis.

-       Budgets let companies compare how actual spending stacks up agaist predictions, thus allowing for more accurate planning moving forward.

-       Comprise of balance sheets, cash flow statements, and income statements.

-       Governed by GAAP

-       Essential for tracking the flow of cash into and out of a business

Budgeting disciplines businesses focus on

-       Capital budgeting

-       Operating budgeting

-       Cash flow budgeting

Capital budgeting: Plan for a companies large expenses, highlighting the fixed assets a firm expects to invest in.

It’s the process of budgeting or estimating the costs to obtain, expand, and replace fixed assets.

Operating budgeting: formatted as income statements and chiefly contain sales forecasts. These projections take into account sales revenue, costs of goods, and operational and administrative expenses in order to calculate net profit.

Cash flow budgeting: show expected cash inflows (receipts or sources) and cash outflows (expenses or uses). The cash flow budget shows whether the company will have enough cash to continue meeting its monthly expenses over the budgeted time period.

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-goal: to identify personal, professional and financial goals
-what you spend is what your value
-corporate budgeting: aids planning operations
-long & short-term planning

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ensures that you will have enough money for the things you need and the things that are important to you.

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ensures that you will have enough money for the things you need and the things that are important to you.

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Creates margin

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a fiscally prudent budget makes an investment in the present, as well as the future

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the budget is a tool for decision making

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Have Clear AND Measurable Goals

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Operating Budget
Capital Budget
Balance Sheet Budget
Cash Flow Budget

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"A well-constructed numerical estimate is worth a thousand words.”

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A good budget also allows anyone to make quality decisions

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A budgeting process is a plan for the greater plan that helps you make strategic decisions

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a good budgeting process generates discipline

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a good budgeting process generates discipline

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Budgeting is the tactical implementation of a business plan.

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Budgeting is the tactical implementation of a business plan.

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Monitoring performances and improve decision making

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Example: 50/30/20 for personal budgeting

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Example: 50/30/20 for personal budgeting

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50% for needs, 30% for wants, 20% for debt and savings

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Ensuring you can continue funding your current commitments

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1. Sale Forecast / Expectation (Sales, Price/unit, Cost of Sale)

-> 2. Production Plan (Raw material, machinery cost, overhead cost)

--->3. Procurement Plan (Raw Material Cost)

----->4. Financial Statement Forecast