While Planning Your Finance - Budget a Core Componenat Component

by Sunanda K. Chavan on Friday 26 November 2010, 2:25 PM | Category: Banking and Finance| View: 1315 views
 
 
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While Planning Your Finance - Budget a Core Componenat Component  

 

Budgeting the core of any finance event needs a careful evaluation and avoidance of serious mistakes.  There are certain parameters against which the results are valued and the outcomes of the process help in decision making.  When blunders are made in budgeting process the effectiveness of the whole can get effected drastically. Hence even after long hours of tedious work once the budget prepared its detail evaluation is necessary so that the after the implementation there are no errors to point.  A budget has to be maintained in the excel sheet, the excel format gives convenience for the user for alignment, easy search and many other purposes.  The base of the budget should be proper and basis for the same should be firm like if it is based on seasonal fluctuations it is gonna vary often and no purposeful standing.  Thus minimizing the variance from the budget thus making it meaningful way of managing resources.  An unclear and undefined budget is of no use thus the process starting all over again waste of time. For this there should be a financial policy that specifies who is responsible for developing the budget, who is responsible for approving it, and the timeline for this to occur

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