Describe the importance of budgeting

10. Dec 2022
Describe the importance of budgeting

Importance of Budgeting

The budget is a statement of the estimated income and expenditure of the government for each financial year. It is the process of estimating the availability of resources and then allocating them to various activities of an organization according to predetermined priorities. At the same time, it is also an attempt to balance scarce resources with the needs and objectives of the public.

 The budget also represents the preferences, policies and principles. It is the allocation of resources among competing priorities, and these priorities may also include issues of fairness or social justice. Budget indicates the direction and path chosen by a country to achieve its objectives.

 Budgets are not only a model for resource flows with financial projections, balance sheets and indicators of income; But also as a set of activities which are based primarily at the strategic level and to a lesser extent at the operational level.

The purpose of the budget is to plan for the future of the organization, to manage the company's funds and amounts, income and expenses, to coordinate and relate the activities of the organization, and to achieve the results of periodic operations. The budget is that which is based on the integration and implementation of expenditure and revenue to be generated in the future as compared to the previous year.

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