Budgets are financial plans that outline the expected income and expenses of an individual, organization, or project over a specific period. They serve as a roadmap for managing financial resources and achieving specific financial goals.
Budgets are crucial tools for financial management, helping individuals and organizations plan, allocate resources, control expenses, achieve goals, and make informed decisions. They provide a comprehensive framework for managing finances, promoting financial discipline, and contributing to long-term financial success.
However, merely having Budgets in place is not enough. Budgets should be measured against actual results and variances investigated, to prevent bigger issues.
While Budgets are a great tool to have, most businesses do not possess the skill set to make Budgets, and then implement and monitor actual performance against them.
Let us at SDF Consulting help you design and implement a Budgetary control regime.
Email us at arshad@sdfconsulting.ca to learn more about how we can contribute towards your business growth and sustainability.
