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While following a standardised budgeting, a company can improve its productivity, efficiency and profitability. In my organisation, we are preparing quarterly budget which helps us to improve a lot in our business. Through a proper budget plan, employees are more focused on the budget requirements and don't fall in any other shortcuts. Therefore we get a qualitative products and feedback.

Having a standardized budgeting system helps to control all costs of the organization, the organization will get the clear picture of their financial activity, the organization can reduce unwanted costs and the organization can use their income perfectly

A budget helps the organiation to know how much money is needed and how to spend it. this way will help the organization to spend money wisely and stay on track by avoiding unnecessary expenses. through this module we have learnt how to incorporate different part of a budget so that one can convince funders and have their project funded

As many contributers said, budgeting is the key to have a clear path for your organization. A path that defines the areas were you can grow and the areas where you need help to grow.
The three tipes of expenses are very useful to wee the organization budget as a whole.

For new and young organizations, it is important to have a well-defined process so that the organization not accidentally overspending the limited money they have. As an organization grows, it is important to stay organized early; that way, all members of the organization can see how and where each dollar is going or needs to go in order for their optimal success.

it's valuable because its give us the clear understand of about expenses may we have to incurred during the project. Some time's this is so much critical you can lose you grands.

The case study above teaches us to understand all the expenses of the programs within the organization. Once you understand your programs you ca clarify to your funders and partners how much you need. One must classify or group the expenses of the programs of the organization.

Having a standardized budget helps with achieving project set goals, taking into consideration all key players involved in achieving the deliverables.

budgeting helps us to estimate the costs required for the completion of the project

Its good to understand the program and have the standard system for budget for the organization to know the exact costing & Spending

Just as he stated and i quote ''until you have a sense of the financials, it is very difficult to know whether you can achieve your plans''. In my own opinion as deduced from the case study, the sole aim of creating a budget is to have sense of the expenses involved, thereby knowing if the plans can be materialized.

2. The reason to have a standardized system for creating a budget is for clarity sake. The value is to have organized knowledge of what the cost is about, which will give the funders a full idea or knowledge of what the funding is all about. This on the latter fosters trust, transparency and reliability before the NGO and the partners/funders.
3. The benefits attached to have a system of organizational budgeting is simply to organize cost.

This would aid proper planning for the organization, avoid loss of money due to un budgeted for items or due to misclassification of budget items.

the budgeting system is important , why? because if we cant handle that correctly our organization fell as well as 2008 stock market .

correct your word is absolutely
correct

Budgeting process needs to be handled carefully and by all members of the organization. This creates understanding by everyone in the organization and will improve transparency and coordination.

Budget systems acts as internal controls systems to maintain checks and avoid unplanned expenditures.
Equally it serves as a statistical tracker for comparison with future periods.
It also serves as targets thus giving the implementers an extra drive to meet them.

Having a Standardized system for creating budget helps the organization to monitor its budget expenses thereby, enhancing an awareness of an increase and decrease in budget expenses hence making SMART decisions on how to utilise the budget within the target(s) and therefore achieving the goal(s).

A well defined budget helps the organization better strategically plan for future goals, objectives and funding opportunities to advance each particular goal.

It's very important to create a standardized system of budgeting since it allows to follow the finances of the organisation and avoid bad surprises. very interested the categories shown in the case study as it may apply to many other different organisations

It is required to have a standardized system of budgeting then ensure that, the organization monitor all income and expenses, during the course of any projects.

The main purpose of budgeting is to have the clear detail of all the expense of the organization,all integrated in one,thereby streamlining all unnecessary spendings.

Having a standardized budgeting system will help ensure clarity. Clarity of expenses relative to income. Budgeting will help to ensure that there are no leakages or wastefulness of funds or resources. For a organization that has system of budgeting it will be beneficial to such organization in terms of not over utilizing their funds or resources or under utilizing their funds or resources. Having a system of budgeting will help managers to properly analyze and use budgets reports and trace the area where there are some errors or omissions.

Having a

It will be valuable to have a standardized system for creating budgets in order not to lose too much amount of money that is avoidable

BENEFITS:

1. A budget forces you to map out your goals, save your money, keep track of your progress, and make your dreams a reality.
2. It will make you know exactly how much money you earn, how much you can afford to spend each month and how much you need to save.
3. Budget helps you to be aware of the unforeseen (Emergencies)
4. Budget helps to curtail unnecessary spendings

There are a lot of benefits from creating a professional system to manage budgets across all projects in my organization , I will mention some of them in the following:
1- Establish s separate budget save all project from suddenly closing because misuse of funds.
2- Give the donors a clear view about the process of expenses for budget which give us a trust view from the donors.
3- Establish a clear system for budget give trust and transparency from the community and governmental authorities.

Budgeting allows us to create a spending plan for our money, through the budgeting we can ensure that we always have enough money for the things we need and the things that are important to us, and we can plan our areas expenses as per budget. Planning budget gives us approximate picture to give shape our project and project expansion. Through the budget planning we can identified the coming expenses.

It's help managers to easily make decision

Budget also help in knowing the expenses of the organisation

Budgeting compels and motivates management to make an early and timely study of its problems. It generates a sense of caution and care, and adequate study among managers before decisions are made by them. 2. Budgeting provides a valuable means of controlling income and expenditure of a business as it is a “plan for spending.

Having a budget allows for the controlling of costs and the efficient allocation available resources to the various projects and operational activities.

with well defined operation budget, project implementation is effectivitely carried out for the achievement of the targeted objective of the organization

having this kind of system in can gives the organization a good budgeting system and they can also control all the activities in the organization especially to the cash inflows of the organization. also, by having this system they can ensure that they are doing the right step. the organization would gain more effective budgeting where they can see all the possible budgets are

A standard system is also helpful to non technical / non financial people to understand. Creating different designs, formats, and systems is time taking process and needs every time a special effort and attention to understand.

Why would it be valuable to have a standardized system for creating budgets? In addition to the benefits that Dr. Gourh has described, what might your organization gain? If you have already created a system for organizational budgeting, what benefits have you noticed?
ally, always remember to check your projections after the accounting period begins and before the next accounting period begins. Did the cash inflows you had projected actually arrive on time? Were your cash outflow projections.

If we have a clear concept about the organization type and activities. then we can have a understanding of what type of standard is to be maintain while budgeting, and of course a standardize system for creating budget would be very effective to minimize all possible wealth missuses and at the same time ensure the supreme utilization of the recourses.

Your explanation is one of the best for people to follow to understand what budgeting is all about.
It summarizes the basic fundamental ideas about budgeting.

To come up with a standard system of creating a budget for an organization, it all comes to first knowing the exact amount of money the organization is having a fund, after which you can design your budget.
The costs for all expenses against the income and see if the organization or projects or programs are running way considering your draft if not, making adjustments is always the best approach.

Summing all the expenses for programs, overhead expenses and shared program is the only sure way to know how much you're spending within your company or organization.
Proper coordination of such channel gives way for proper allocation of funds in the right channels.

Why to standardized your budget in an organization is the same as why we consider budgeting at our homes.
First, to know where our incomes are gonna come from and where they will go.
Second, helps to account on how we spend our money.
Third, to show progress as the result of our spending and cashing.

Collating budgets from other independent departments within an organization comes with transparency in order to get at least an estimate even if not the right amounts.
Meaning such needs a real coordinations, it needs someone who's very good at getting people feel easy working with them.

The purpose of budget allows you to prevent unnecessary expenditures and prepares you for a better savings.

The main purpose of budgeting is to allocated the budget for prioritize the activities to be performed at the organizations

Setting up a budget process can be useful for several reasons. It allows you to really know the costs borne by the organization and to be able to anticipate in the future the necessary adjustments for future projects and activities.

Organisational budgets help you know how much you need to execute your project and to later analyse how cost effective you are.

I believe it is important to track all expenses. Many times, executives under-estimate expenses that they are incurring, and that loop hole means you there is a under-estimation of what it takes to run your organization.

It is important because will help an organization to control money available and to reduce leakage and loss. However, a good budget will help the organization during the auditing and financial report.

standardized budget systems aid in effective monitoring of organisations budget reducing excesses and losses.this will inturn improve the integrity of the organisation and project efficiency.

Actually budgeting is a key to meet the targeted objectives set by the company. it is helpful to plan for the activities that will be done in the future in advance. moreover, companies prepare budgets in order to measure their performance after implementation.

It is paramount because it serves as a guiding tools and the organisation will benefit because having a well defined budgeting process in itself serve as a control measure.

A budget helps you figure out your long-term goals and work towards them. A budget forces you to map out your goals, save your money, keep track of your progress, and make your dreams a reality.

Benefits noticed after creating organizational budget;
manage your money effectively.
allocate appropriate resources to projects.
monitor performance.
meet your objectives.
improve decision-making.
identify problems before they occur - such as the need to raise finance or cash flow difficulties.
plan for the future.
increase staff motivation.

having a standardized budgeting system saves on time and resources that would be otherwise wasted in trying to reconcile conflicting budgets from devolved units . It gives clarity and makes it easier for auditing and reviewing.

Budgeting allows for a methodical comparison of projected and actual results, as well as the coordination of future actions and the formulation of reasonable goals. It is a useful management tool with the following advantages: It specifies the amount of time that must be spent in order to maintain financial management. Emphasizes cash flow issues, financing requirements, and so forth.

A budget is first so then we have some steps likes to do some questions to obtain real answers to the project.

It is important to have a comprehensive budget for the organization since this will facilitate effective and efficient allocation of funds to various cost centres or activities of the organization. It also helps the organization to know beforehand, how much funds that should be raised for smooth running of the organization.

A good standardised bugger-ting system makes it easier to identify fraudulent activity during audits

Standardized system for creating Budget, allows a smooth planning and management of resources. It brings about clearity and transparency, saves time and ensure the effective running p
of an organization.

Using a Standardized system, brings about planning for resources,it allows clearity, transparency. It saves time and ensure effectiveness. It will protect the organization from wastage of resources.

Budget is a tool through which we can identify the type and amount resources that an organization needs to accomplish its objective.

Budget is a tool using which an organization can estimate and identify the type and quantity of resources it needs to accomplish its objective.

Budget is a term that often organizations come across when they need to plan and implement a project activity. Any donor funding for organizations is limited and a proper and planned budget is required to convince the donor to access this funding. In some cases, as businesses, budgets can also include the money that the organization is going to generate. In another sense, budget is all about planning your expenses and saving your costs.

In order to improve the efficiency of you business in during up your budgeting plans
you need to prioritize your spending and focus your money on the things that are most important to you.

A standardized system for creating budget helps one to plan, account for every expense incurred in the organization and come up with an estimate value that the organisation will be working to achieve.From the case study my organisation will gain in accounting for all shared costs as i have learnt it should be included in the budget.I will also be categorizing all the expenses.

Having a well-defined process for budgeting is important to achieve the organizational goals. It will help plan and acquire the needed funds, limit and control the expenses and avoid losses while achieving the targets. A well-defined process will help us to effectively compare and evaluate the budgets every year with other departments and most probably with other organizations.

A comprehensive budget capturing recurrent and capital expenditure of an organization ensures accountability and also helps the organization to properly manage it's programs with the required finances.

A standardized budgeting system is imperative for our organization to plan and prepare for the year ahead. It gives clear boundaries for cost allocation and allows team members to clearly understand the financial goals and the direction the organization is heading.

A standardized budgeting also makes it practical to develop, build and transfer skills within the organization.

It would be interesting to have a standardised system for creating budgets because it would allow us to better estimate our project budget; to include the costs of shared programmes in our budgets.
Our organisation could benefit from the implementation of new budget development methodologies; more clarity, transparency and better understanding of donors and partners of the budget development process.

The purpose of a budget is to simply plan for resources.

A standardized system for creating budgets reveal important since it can allow management to track the performance of an institution compared to a single foecast of future results. It enuress that the organization has funds for every project that is important for it.

I see it is very important to have a standardized system for creating budget because if you don't have a standardized system for creating budgets you won't know the priorities of your expenses and also you can't measure your performance.

Creating a standard budget system help Program manager to have the general picture of what is going now and will predict what is going to happen in the near future and at the same time it will help to manage and be able to detect where there is need to put more focus.

You can't share what you don't know to donors or funders unless you know what to share. But through centralizing your budget management is very creative and managerial tools for internal and external benefits.

i believe its some standar

i think its wonderfull

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

My previous project did not standardize the financial policies while different projects had shared stakeholders. This caused conflicts between the stakeholders and one of the projects, because each project had defined its procedures.

Abudget is a planning tool and without it the orgaization is bound to failing.

A good budgeting plan and a strategic plan work hand in hand to protect organizations and stay on tack to achieve goals aligned with the mission and vision of the organization. This creates trust and good relationships with stakeholders. It also prevents being side tracked by internal, external or political agendas not well aligned with the purpose or the organization.

in order to control 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 reason for standardization system is to synchronize the organization expense which will help the organization in cost containment and justification. It gives a first hand clarity and narrow now expense to a subhead.

It is important for an organization to have a well defined process for budgeting to ensure that all department expenses are captured and this will be achieved by including departmental heads in the budgeting process, also the organization will be able to fore cast their expenses based on the actual expenditures for the preceding period, ant therefore plan well for the activities to be done over time.

A budget is a tool that managers use to plan and control the use of scarce resources. A budget is a plan showing the company's objectives and how management intends to acquire and use resources to attain those objectives.

The importance of having a clear budgeting process allows and organization the ability to clearly view the true cost of the organization as well as how each project is being managed. This process allows the organization to view their weaknesses and thereby allow the organization to create as way to manage these weaknesses to achieve the stated goals and objectives. Accountability is the key phase that one uses in reporting to funders.

Having one organizational budget will help to make sure items are not left out, of fairly split between different projects. Not having one budget in the past has left one project unfairly paying for more administration cost, then other programs.

Budgeting is one of the most important managerial functions in any organization. Budgeting helps the management in proper utilization of scarce resources and also helps in controlling expenses.

Budgeting has very big important to my organization because it enhances coordination between departments, ensures effective program implantation, promotes accountability and builds donor confidence.

having well structured budgets, allows the organization to make better plans and good expenses and trace well the finances of the company.

I agree with you sir..

It's much more important to define all costs for an organisation to grow

In my organization we have systematic budgets tools for reach project and one file for the all of them but unfortunately these tools is preparing by program team and Finance tear at our Head Quarter, sometimes I provide some information when requested, then I’m obligate to deal with this tool that I didn’t not take the first step with them to draft it, in fact I work with it these tools in good way but still I need to have deep knowledge about its fundamental base and other techniques to avoid some problems such as sharing cost, overhead percentage and how it applied, exchange rate and reaction toward affiliation rate in poor countries which is predicted, also working with Co-funding projects

the purpose of budget is to give clarity to the organization

It would be valuable to have a standardized system for creating budgets as it is important for decision making and create a transparent management within the organization. If each project managed by an organization has each a standard budget, it will allow the organization’s leadership to evaluate any eventual shortfall and help them plan ahead of time to find a solution before the problem really occurs.
Besides, having such standardized system would help increase the donors’ trust towards the organization (talking about non-profit) and may help get more funding if such budget is well managed. It is very good for the organization’s image.

I agree with you. A well-structured budget helps in tracking the expenses by category and do some forecast. It helps us know ahead of time if we have sufficient revenue to cover the planned expenses.

Personal the importance of budget is to avoid the unnecessary cost that may hinder the development of company goals and in turn into company expenditures to be more than company revenue.

So, basically the core Principle of Budgeting is to clarify ourselves about our expenses , so that we will be able to arrange our funding more prominently and will be able to efficiently utilize our findings.

A standardized system engaged the stake holders to differentiate and separate the cost based on its' function. it ensures that the organization will always have enough money for the things they need and the things that are important to them. There wont be any loss because everything has been planned and estimated based on its function such as operational cost, project cost, saving cost, etc. In another side, the organization can evaluate the cost spent for the company and forecast the following income target. Following a budget or spending plan will also keep the organization out of debt.

That's very correct.

That's very correct.

Its to help you know weather your going to achieve a certain goal or plan by preventing unnecessary costs and allocating a budget to a corresponding activity

Standardized system for budgeting is important because it will enable the team to make proper estimates which will prevent loss of money from funders. The organisation will be able to make better estimates for the funds required to implement the project. Also it will be easy to track expenditure. Using a standardized system will reduce duplication of tasks carried out by different stakeholders during implementation.