Budgeting is the process of creating a plan for the allocation of financial resources for a company over a specific period of time. The budget is typically based on revenue projections, expenses, and strategic goals, and is used to guide decision-making and track financial performance. Effective budgeting requires a thorough understanding of the company’s financial position, as well as clear communication and collaboration with key stakeholders. Properly managing budgeting can help to ensure that financial resources are allocated in the most effective and efficient way possible, support strategic decision-making, and promote long-term financial stability and growth.
