Budgeting and Profit Planning Homework Help
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Concept of Budgeting
The boundary to spend an expenditure over any kind of investment is called a s a budget. Usually related to monetary and cash equivalents, budgeting specifies the amount of cash required to complete a process. It also helps the manager of a process to plan and control the functions related to it. In this article for Budgeting and profit planning homework help we discuss the importance of budgeting and how profit is planned of it.
Important Features of the Budget
The following features generated by our Budgeting and profit planning homework help team holds a huge importance in profit planning.
1. Budget is a plan and it is comprehensive in nature.
2. Budget provides a plan that includes many departments of the company and their expenses over the project. Various sections and departments coordinate together to make the work a success.
3. A budget is pre-prepared in advance to justify its application. All the positive and negative aspects are considered first and then analysed.
4. It is a future oriented goal that is to be achieved.
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Purpose of Budgeting and profit Planning Homework Help
1. Planning the budget is the foremost thing. This planning is done by the help of managers forecasting the needs and supply based on the previous data.
2. Providing communication among the various departments to make things smooth. Even the vendors are provided with sufficient data for their delivery works.
3. Allocation of resources to the proper department, without any discrepancy is the must work. Profit planning directly starts from here.
4. Controlling the profits and operations
5. Through feedback evaluation for performances are done and the incentives are provided to the people working on it.
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