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Budgeting is the process of creating and maintaining on ongoing plan on spending money in your business.
It I an estimation of the costs, revenues and resources over a specified period of time, planned in alignment with the financial goals you set in your business.
Reasons why budgets are crucial to businesses:
Budgets should be kept on a regular basis, whether weekly, monthly or yearly. You can have better control if you do them more frequently such as monthly, depending how quickly come into your business and goes out.
It is important to compare your actual financial figures against the budget and record the variance in order to establish the trends of your business and allow you to plan more accurately in the future. Spreadsheets allow you to do this easily.
Reviewing and revising budgets is a normal practice and should be done to adjust your financial opportunities for your business. This allows you to have an up to date document to work with, which will help you to stay on track with your financial goals.