Budgeting is the key to financial management and helps in planning, developing and monitoring budget of the overall organization. Budgeting provides assistance in managing finances effectively. Budgeting involves preparation of the budget and this includes a document that translates plans into money.
Money is divided as one that which will be spent to get the planned activities done therefore expenditure and another way is money which will be generated to cover the costs of getting the work done, therefore income so in this planning is done for the expenditure and income with the help of proper budgeting.
In simple words, it is an estimate of what is going to be required in future to meet the monitor requirements to accomplish the work. Budgeting is a monitor way of planning the activities and it requires a lot of anticipation and guesses work about the future expenditures aw well as the incomes.
An optimistic and realistic picture has to be prepared in order to know the actual cost being incurred and it is of utmost importance to consult in the day to day work and monitor constantly by using creativity and innovation.
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