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Budgeting is an important part of financial success for any business. A budget is a business’s financial plan to better manage annual cash inflows and outflows. The purpose of budgeting is as follows:
- Provides a benchmark of evaluating performance against financial goals and objectives
- Helps an organization allocate financial resources between various operating groups
- An effective communication tool used to express financial goals and objectives of the organization
- Enables the organization to authorize the use of financial resources
What is an Annual Budget?
An annual budget sets out a company's estimated income and expenditure for a 12-month period. The process of creating an annual budget involves balancing out a business' sources of income against its expenditure.