The importance of budgets for organizations

IB Business Management: The importance of budgets for organizations

A budget is a detailed financial plan for the future, usually involving the expected costs and revenues or a cash flow forecast, for a pre-determined period of time. A budget is produced in order to help a business to achieve its organizational objectives. Budgeting does not guarantee success, but it can certainly help to avoid business failure.Budgets are important for a number of reasons, which can be remember using...

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