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BME- managment

TermDefinition
Variances Variance reports compare budget estimates with the actual results
Budget A prediction of the financial position and performance of the business. Used for planning, monitoring and controlling.
Purpose of a Budget To identify future financial problems and issues. Direct resources towards organisational goals.
Features of a Budget Estimated income and expenses, actual income and expenses, variance
How can budgets assist in monitoring profitability They provide estimates of income and expenses, and allow the business to assess how and why its profit is high or low
How can budgets assist in monitoring the sales of the business They compare what a business predicts it will sell to what it actually sells. Changes can be made to improve sales if the figures are poor.
How can budgets assist in controlling costs and cost reduction planning They allow a business to monitor how much it is spending of things and make changes if needed (eg change their suppliers, reduce wages, etc
Created by: user-1959570
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