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Having a standardized system creates more organization for the budget. In addition, having all components of the budget within one system also allows you to see the project components, where they overlap and where possible gaps are within your programming. The organization would gain a more streamlined project view from the budget and a cohesive budget to see where possible budget "leaks" are.

The importance of budgeting lies in the ability to prevent unnecessary costs and to allocate the correct amount of the budget to each corresponding need and activity

It is important to have a well-defined process for budgeting in an organization because it creates a culture of responsibility, transparency and credibility. When managers are involved in the budgeting process they develop a sense of ownership which helps smooth implementation of budgeted activities.

Budgeting is something that our organization should be thinking about very carefully each and every year. The budget allows our organization to plan and track our financials for a defined period of time. It acts as the guide and dashboard for project implementation.

Budgeting helps to give clarity, if my organization does not have a clear budgeting procedure, we won't know the area in which investors funding we be required, giving account on how much capital has been spent, where, what and when we be difficult.

If when does not have clarity as earlier mentioned it will be difficult to measure the status of organization, what can not be measured can not grow.

Major importance of budgeting is for clarity.

If there is no clarity, organization can not know areas that need improvement.

The purpose of a budget is to plan, organize, track, and improve your financial situation. In other words, from controlling your spending to consistently saving and investing a portion of your income, a budget helps you stay on course in pursuit of your long-term financial goals.

The purpose of a budget is to plan, organize, track, and improve your financial situation. In other words, from controlling your spending to consistently saving and investing a portion of your income, a budget helps you stay on course in pursuit of your long-term financial goals.

How much financing will your farm business require this year? When will money be needed and from where will it come? A little advance planning can help avoid short-term shortages of cash. One useful tool for planning the use of capital in the farm business is a cash flow budget.

A cash flow budget is an estimate of all cash receipts and all cash expenditures that are expected to occur during a certain time period. Estimates can be made monthly, bimonthly, or quarterly, and can include nonfarm income and expenditures as well as farm items. Cash flow budgeting looks only at money movement, though, not at net income or profitability.

A cash flow budget is a useful management tool because it:

forces you to think through your farming plans for the year
tests your farming plans, such as if you will produce enough income to meet all your cash needs
projects how much operating credit you will need and when projects when loans can be repaid
provides a guide against which you can compare your actual cash flows
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Budgeting gives proper direction of the organisation in its activities. controls expense and helps track and improve the finances

Having a standardized budgeting process add conformity and minimizes discrepancies that lead to errors.

The consolidation of budgets so that you can see where each department overlaps and shares resources is vitally important to understand the pull of each department on a budget overall. You can see which departments use more resources and where resource allocation could be better managed in the future to tackle specific issues. It also allows you to keep better track of your cash flow so that you know when and where you have greater liquidity for emergencies which is critical in the non-profit, crisis- relief sector.

Having a standardized budgeting process add conformity and minimizes discrepancies that lead to errors.

The purpose of budgeting is planning allotment of money you have to different expenses.
You must allot amount due to a post according to priorities and not neglect any.

Having standardized system for creating budgets will make it easier for everyone, from the new recruits, current staff, management, board and auditors. The organization will benefit from opportunities to reallocate and repurposing of budgets if necessary and proper planning of resources, and cater to the need of reallocating resources across departments/projects if needed to optimize resources (as resources available for NGOs are usually limited). It can also be aligned with timelines to properly track progress.

Having a standard system of budgeting ensure that the organization tracks all expenses and income generated during the implementation of the project and how such project is achieved during the phase of reviewing such project and on how to discover leak, flaw, failure and on how to input necessary correction to similar project being embarked upon in the future.

A well defined process allows for better organization and makes it easier to accomplish your project goals.

Budgeting is an important step for every organisation, since it provides an insight of how much resources we have for conducting every activity. It is also a tool of monitoring and evaluating the activity. Monitoring means we can measure how much resources have been incurred into an activity, and how much left. Evaluating means at the end of activities, we can decide whether it has been finished under planned limitation, or over the limit and thereby have we done it well or bad.

I think standardized budget is key features for organizations to flow their expenses, debts to better track expenditures which lead to good gouvernance and management. It also helps the organization to see the overall funds, the rest of funds to compare them with their upcoming expenses and events so they can distribute and manage the money according to that.

Standardized system is important for every organization because when a lot of projects have come, budget process can be complex and costs cannot be traced anymore. On the other hand, estimates for coming projects cannot be specific and others will not believe the organization because it does not have standard financial procedure.

By having an standardised budget, the organisation will be able to have a clear picture and analysis of its financial status and will be able to operate more efficiently and to identify budget lines that have been over or under budgeted, as well as to avoid duplicating costs.

Why would it be valuable to have a standardized system for creating budgets?
I have found that it makes it easier to present program financial reports and statements to management and auditors. Additionally, it makes it easier for management to understand program financial reports and statements, consequently attracting less questions and increasing more support for future programs.

What might your organization gain?
Less time spent on creating and presenting financial reports.

What benefits have you noticed from your created system?
Easy flow of work between departments and program teams.

It enables one to understand and coordinate how various projects may complement each other in order to improve efficiency in terms of fund allocation and bring about greater achievements in project outcomes.

A standardized sytem allows an organization to know and calculate well all its costs, income sources, and plan out expenditure accordingly to finance its programs efficiently .

A standardised system for creating budgets helps an organisation to quickly check its budgets make changes as to where needed.
The organisation would gain the benefit of not under budgeting because every aspect/program is linked in the organisation's budget.
A created system of organisational budget helped me in simply upgrading budgets from one period to the other

A standardised system for creating budgets helps an organisation to quickly check its budgets make changes as to where needed.
The organisation would gain the benefit of not under budgeting because every aspect/program is linked in the organisation's budget.
A created system of organisational budget helped me in simply upgrading budgets from one period to the other

Budget allows and enables to understand and coordinate how various projects may complement each other in order to improve efficiency in terms of fund allocation and bring about greater achievements in project outcomes.

Budgeting helps in planning for resources needed to finance the business operations needed to achieve the service, revenue and or profit for the financial year.

Standrdized budget system is the guidlines for all projects in the organization. Every projects will have the same method to manage the budget. Moreover, project leader that has no budget skill would work more effectively by following this budget guidelines. In the past, my organization did not bring overhead cost into account. We think that cost for accout auditor should not share to each project because it only done one a year.

from controlling your spending to consistently saving and investing a portion of your income

Having a standardized system creates more organization for the budget. In addition, having all components of the budget within one system also allows you to see the project components, where they overlap and where possible gaps are within your programming. The organization would gain a more streamlined project view from the budget and a cohesive budget to see where possible budget "leaks" are.

It will save time. It help you to ensure every expenses is included in the budget. And each expense will be give a standard budget code/budget line.

Budgeting ensures that all project activities are accounted for. Stakeholders can have a clear understanding of what each component of the projects cost. Some projects even do set a target of cost of each component. For instance our projects requires that overhead cost should not exceed 30% of total costs.

It is key to have a well-defined process for budgeting at your organization as this will allow you to track expenses based on estimated costs or budget. By standardizing the budgeting process, all projects can be monitored in an organized manner, which will allow for more efficient planning.

When you have a standardized and organized system for creating budget, it will be easy to estimate and plan for funds that will come into the organization and also help to minimize wastage of resources.

I loved your answer!

The purpose of budgeting and having a structure to do this activity is to ensure that we have every component of what we need to spend on, in place. This makes it easier and transparent to show any donor or funder why we need the money that we ask for. For any activity, a structured process makes it easier for everyone to follow and understand the whys and hows of what needs to be done. In the case study, the shared components expenses was a great example of good structure. Without it, the cost needs could go haywire

Budgeting is a simple way of planning the financial path of a company , how it spends money, what percentage it spends, how it recovers from expenses and more, inorder to ensure the company remains sustainable

It would be valuable to have a standardised system for creating budgets to as to ensure all expenses in every project are well catered for.

In addition to the benefits mentioned by Dr. Gourh, my organisation would gain a well controlled expenditure exercise as well as give standardised quality of implementation services to the project beneficiaries, leading to achieving 100% project goals at the specified time.

My organisation has a system of organisational budget which has several benefits such as , having all organisation expenses catered for, having a control over project and non project expenses and makes it easier to monitor expenditure in a specified time as well as extracting annual reports.

he importance of budgeting lies in the ability to prevent unnecessary costs and to allocate the correct amount of the budget to each corresponding need and activity

Having a comprehensive budget will strengthen the organizational financial management and fully focus on activities with clear knowledge of the expenditure tie to that activity.

The purpose of budgeting

1. Managing current expenses effectively
2. Projecting the future expenses
3. An operating budget should be liberating instead of restricting. It can help you reduce debt as you work toward a goal of building financial reserves.
4. With a well-written and closely followed operating budget, you can establish financial accountability instead of spending haphazardly and losing sight of your goals.

Budgeting process varies with type, size and stage of the organization and the competitive nature of the operating or business environment

But here is my question can we see the organisation culture too while form a budget strategy for our business

It allows the programes to have an idea if it has the necessary finance to achieve its goals. A budget gives the organisation a road map of how the spending should be, so that it does not overspend.

Having a standard budget makes transitions of power cleaner and more transparent - everyone is on the same page about the financial nuts and bolts of the organizations

A standardized system will help us to know exactly where we need to focus our improvement strategy for that particular period of time.
The organization can gain a lower cost in expenses for business operations

It may also become apparent in the course of implementing the budget that certain areas have been underresourced and corrections must be made by reallocating resources from other areas or from a contingency reserve. The budget must be live and flexible, particularly an operating one.

Over time certain activities become recurrent and predictable in nature but if the organization is in a fluid operating environment then it has to be constantly learning from its experiences and 'careful' budgeting is key indeed-especially in social impact work where generous funding levels are not always THE defining element for successful program outcomes.

Budget guides your entire operations and therefore you need a clear and comprehensive expense plan for your activity implementations.

You need to clearly identify what cost elements are categorized under programs and also what cost elements go for your overhead. This is crucial to your organizational operations.

Budgeting helps to plan and execute projects/organizations and ensures expected outcomes. Furthermore, it guides the activities to be performed on time and with resources available. Simply put, the success of a project or organization depends on budgeting for two reasons- timely completion and with the allocated money.

Having a standardized budget helps the board and staff has an ideal of the cost of operation and programs.

Having a budget is essential to the organization. It informs organization staff of how much funds is available for operations and program cost.