Chapter 5
Business Budgeting
In This Chapter
Discovering the benefits of budgeting
Designing accounting reports for managers
Budgeting in action: developing a profit plan and projecting cash flow from profit
Investing for the long haul
Staying flexible with budgets
Abusiness can’t open its doors each day without having some idea of what to expect. And it can’t close its doors at the end of the day not knowing what happened. In the Boy Scouts, the motto is ‘Be Prepared’. Likewise, a business should plan and be prepared for its future, and should control its actual performance to reach its financial goals. The only question is how.
Budgeting is one answer. Please be careful with this term. Budgeting does not refer to putting a financial straitjacket on a business. Instead, business budgeting refers to setting specific goals and having the detailed plans necessary to achieve the goals. ...
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