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Title: Budget essay Name: University: Date due: Abstract Budgeting plays an important role in business and concept of budgeting is important no matter how small the business is. Without budgeting, most businesses are likely to fail while those that do not budget correctly are likely to have the same effect. Many businesses ignore the significance of budgeting or do not budget correctly as they feel it involves a lot of paperwork that consumes time that can be used elsewhere. The importance of budgeting is well beyond description Introduction A budget is a quantitative or financial statement that is prepared and approved before a definite time period, of the policy that is to be pursued during that time for the purpose of achieving a certain goal. They include expenditure, income and employment of capital. Budgeting is essential in planning, controlling, coordinating, motivating, evaluating and communicating. It can also be said to be a plan that ensures you have money for future activity, control finance and make sound financial decisions by relying on figures that would otherwise be based on guesswork and instincts. Consequently, a budget is a plan of outcome of future that the business wants to attain. Budgeting therefore ensures sound financial management in a company or in domestic level.
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