Budget Control Management
A budget is an outline of expectations for what a company wants to achieve for a particular period, usually one year.
A budget is an estimation of revenue and expenses over a specified future period of time and is usually compiled and re-evaluated on a periodic basis. Budgets can be made for a person, a group of people, a business, a government, or just about anything else that makes and spends money.
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Characteristics of budgeting include:
- Estimates of revenues and expenses.
- Expected cash flows.
- Expected debt reduction.
- A budget is compared to actual results to calculate the variances between the two figures.
