Wednesday, 12 September 2012

Enter Budget Figures

Why do we need to budget?
We budget in order to control spending and that it does not get out of hand. If a budget is followed, there will be no nasty surprises in the future with regards to financial matters. This can also help reduce wasteful spending that can save a lot of money.

Click on this link to learn more about the various forms of budgets:

What type of budget shall we look at?
Two main types of budget that will be examined. A household budget and a business budget.

Household Budget

Here is an example of a household budget

Just because there is an emphasis on budgets for companies, there are also household budgets. This is very important in life to have a personal or household budget. This will help control money and prevent people from going into debt if they stick to the budget. From the links below you will learn how to enter budget figures into a budget.

Click on this link to see how to design a monthly household budget:

Check out this video on how to create a household budget:

Click on this video to see how to create and enter budget figures,

How to Create a Budget

Uploaded by  on 26 Apr 2011

Business Budget

Here is an example of a company budget

Madeup Ltd. is a newly formed company. It sells hardware goods to businesses and individuals. The company realises that it must design a budget in order to control spending. The company must identify its expenses both fixed and variable. The company will then put in what they would like to spend i.e the budget figures. At the end of the year the firm will have recorded the actual figures spent. The difference will be either an over spend or and under spend. If its an over spend, this does not mean it spells doom for the company. This might mean more goods were bought in order to cope with demand. If there was an under spend, this might mean that business was slow and goods were not needed as expected. 
The same must be done for incomes. The company must budget figures of what they expect to take in and also record the actual take in figures.

Click on this link to learn more about creating a budget for a business:

Check out this video to learn more about master budgets in business:

Budgeting Process-1 Overview

Uploaded by  on 21 Sep 2007

To learn more about a business budgets check out the other uploads of  on Youtube in the suggestion box.

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