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A standardised system helps accountants and programme managers to keep track of an organisation's finances and to gain an understanding of the big picture. A clear internal budgeting process reduces the risk for mistakes and misunderstandings, as even staff not familiar with the budgeting processes of a specific grant will be able to follow the cash flow. Moreover, it will help auditors in analysing an organisation's finances.

Budgeting helps the organization to preparing appropriate allocation of resources to the planned projects which may be more easy to monitor and evaluate, and identify the challenges within the planned budgets. Using standard systems of budgeting also helps to eliminate small financial challenges that might face the organization in the future. Budgeting guides and supports the implementation of successful projects.

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well written answer, i think in a nutshell budgeting gives you a clear picture of where, how, when you have spent money and where else it should be spent.

Since budgeting allows you to create a spending plan for your money, it ensures that you will always have enough money for the things you need and the things that are important to you.As the case study shows as we will have organized money income and outcome. That may help us to be more profitable and also it will decrease our conflict with other companies or employees because of debt or shortage of money.

Having a well defined process of Budjeting helps to coordinate the over all expenses in a single centralized way of system flow. purposely, It gone clarify what expenses is needed before Planned out. and It lead us on the planned life of organization what things need how much cost effectively with a programic calender of the Budjet.

Budgeting helps create a spending plan which guarantees that you always have enough money for things to get done. Some benefits of organizational budgeting are ; easy to evaluate the organization management, Better communication with stakeholders and it is easier for departments to evaluate and plan to reach their goals.

A well structured budgetting process enables confirmity,accountability and transparency within an organisation. An organised planned budget facilitate the tracking of budget deficit.

The purpose is to run a well oil machine organization for all major players and stake holders to view and monitor at any given time. Generating a budget helps the organization to stay focused on the course and can help mitigate running out of pocket.

the truth is that if you do not know what your cost expenses are then you do not know how to convince your funders what you need

Proper budgeting helps in planning for the available resources especially the ginances

If you don't really know what you need in terms of finances, you can't figure out the deficit. It will be hard to convince a donor to fund what you don't even know

Classifying the expenses simplify your work

The purpose of budgeting is to accomplish the common goal of the organization and for resource allocation. Consistency is another purpose of budget. To track the organization (project) status and others

Having standardized budget helps an organization to allocate resources accurately, helps top management to make rights planning and it reduces misappropriate of funds. it also help organization to attract more donors to fund it.

budget is a controlling tool to utilize the resources

I am Ibrahim Jacob Maina, A budget analyst at JMBAWA Enterprise, Yobe, Nigeria

I am Ibrahim Jacob Maina, a budget analyst at JMBAWA ENTERPRISE, Yobe State, Nigeria

It is very important as it gives an organisation a bird eye on programs and running costs

having a well-defined budgeting system allows the organization to stay within its objectives, and it allows to have a general view of the organization, to clearly identify the costs according to the categories

Having a standardized system supports sustainable and organized operating budget for organization at present and in future.
In addition, we could see clearly our annual budget so we could manage our expense easily.

creating a detailed budget allows your org. to view accurate information fixing mistakes if needed. it creates growth and learning actual cost

It is important to budget in order to generate a plan and how to use resources.Budgeting helps to track the income and expenses or expenditure of an organization.

Budgeting is a plan for generating and using resource. It helps to track income and expenditure of an organization

Budgeting serves as a guide to the organization especially during project implementation, it also brings about clarity and orderliness to what and where money in the organization is used for/going to

Budgeting produces efficiency in operations by reducing costs, promoting effectiveness in planning and assisting in risk control

My name is Sifon Godwin Ekeruke, the purpose of Budgeting is to be able to track accountability and also track income and expenditure during a certain period of time.

A standardized budget ensures that you do not spend more than you earn, so you can plan ahead for short- and long-term expenses. It allows an organization to ensure when they see funding from donors for example they properly covering all their costs. There is a problem because if you do not understand what your program expenses are, it is difficult to convince your funders of what you really need. In addition, By omitting shared program costs from your budget, you will lose the money if your budget is not accurate. By having a standardized budget will help our organization ensure no shared costs are omitted, helps identify the sustainability of the finances and identify alternatives that need to be achieved to stay afloat i.e. sourcing for more funding in a specific period of time, clear picture of organization expenses other than project in order to know what amount to negotiate when submitting proposals for future projects. It will help project planning and fundraising.

Monthly would be the best bet. Weekly would be ideal but that takes up too much time. Monthly is safe enough to avoid falling into cash challenges and not too intrusive as well.

Everything is wonderful! The course justifies the hopes!

Everything is wonderful! The course justifies the hopes!

Having a standard budget for the organization allows each department to be on the same page with common managerial principles that will be served to convince donors. For our organization, having one single budget will allow clarity and help us save money from unnecessary expenses.

Budget Thing helps:
. In proper planning of expenses
. helps to estimate the costs .
. Used to carryout the costs and other expenses done
. Prepare and have standard plan for the organization.
. Helps in managerial decision making
. Acts as the for accountability.

Budget Thing helps:
. In proper planning of expenses
. helps to estimate the costs .
. Used to carryout the costs and other expenses done
. Prepare and have standard plan for the organization.
. Helps in managerial decision making
. Acts as the for accountability.

Il est important d'avoir un système de budget standardiser afin de mieux budgétiser les programmes de l'organisation, établir un budget qui répond à la demande de programmes et suivre les dépenses.

Dr. Rajnish Gourh clearly stated the problem with having unstructured budget, which I agree to.
In addition, it is very important to sub categorize the budgets like Personnel, Capital, Program, & Overhead expenses.
In a consolidated budget, we usually tend to miss the shared costs, which usually is a critical problem even in our organization. With a proper structured budget in place, the organization gets to sail in the right path without last minute time & cost overruns, or cross fund/cross utilize other program budgets.

Helps the organisation to be transparent about running costs and will help the organisation to budget effectively for programs.

Budget planning is vital to organizational survival in the sense that it'll help you to monitor, track and redeploy resources accordingly without causing any hinderance for the organization to achieve it's goals.

1. budgets helps to direct organizations.
2. budgets helps organizations to compare results from different projects.
3. budgets helps organizations to control cost.
4. budgets also helps organizations to avoid fraud.
5. budgets helps organizations to embark on capital expenditures.
6. budgets helps organizations to manage their finances (financial stability)
7. budgets help organization to have strong financial footing for long term investments.

A budget helps create financial stability. By tracking expenses and following a plan, a budget makes it easier to pay bills on time, build an emergency fund, and save for major expenses such as a car or home. It is important for every organization and it is helpful.

From my understanding, a budget serves numerous purposes. It provides a financial structure that guides you during the decision-making process. Budgeting also gives you complete control of your finances. A well-planned budget can help you achieve your dreams and eliminate the stress that comes with handling issues related to finance.

The good thing about creating a budget is that it helps you to allocate your resources evenly. Budgeting also helps you to prioritize. It enables you to understand whether you have the financial power to handle any project you are embarking upon from start to finish.

Having a budget can prevent the organization from owning too much debt and eliminate lack at the same time. And even if you’re currently in debt, you will still benefit from drafting your budget plan. It will help you to become debt-free.

A budget process helps align my programming costs with the expectations of our donors

It is very essential to properly define and organise your budgeting process in order for you not to underestimate or overestimate your targets. You also need to extensively engage all stakeholders during and before the budgeting begins. Especially when you are running a number of programs. Every program or activity needs to be adequately catered for to prevent a situation where you are unable to spend because you have not adequately budgeted for it.

Having a project budget is very important. I like the way Dr Rajnish organised the budget. I once worked for a local NGO which had alot of donors some small and some large. We realigned our budgets so that our salaries could be properly aligned. We produced one spreadsheet which showed common budget lines (expenses) by donor. It eased our reporting work and improved compliance with donors and what he said is heart of good finance management. Actually, it is not fun in NGOs to have donor queries.

Having a Standardised budget system will help the organisation anticipate the future projections and organise the budget in accordance with that. It is important to have a standard/customised org level budget planning for for a longterm benefits of the org. Having a clear budget projects will help organisation, expand or improve the quality and quantities of the programs the organisation is running.

A budget helps create financial stability. By tracking expenses and following a plan, a budget makes it easier to pay bills on time, build an emergency fund, and save for major expenses such as a car or home. Overall, a budget puts a person on stronger financial footing for both the day-to-day and the long term.

I think it is important to have a standardized system for creating budgets, because all of the ingredients or components that make up the budget would be easy to sort through them; observe the openings and rectify unnecessary overlapping that negatively affect the budget. The entity would be able to glean better outcome from the project when the budget is properly organized and implementing the operating budget easily without realizing much difficulties.

Avoir un système standardisé crée plus d'organisation pour le budget et permet aussi de réduire les dépenses de l'organisation. De plus, le fait d'avoir toutes les composantes du budget dans un seul système, vous permet également de voir les composantes du projet, où elles se chevauchent et où les lacunes sont possibles dans votre programmation.
L'organisation obtiendrait une vue de projet plus rationalisée à partir du budget et une cohésive pour voir où les fuites budgetaires sont possibles.

Avoir un système standardisé crée plus d'organisation pour le budget et permet de réduire les dépenses. De plus, le fait d'avoir toutes les composantes du budget dans un seul système, vous permet également de voir les composantes du projet, où elles se chevauchent et où les lacunes sont possibles dans votre programmation.
L'organisation obtiendrait une vue de projet plus rationalisée à partir du budget et une cohésive pour voir où les fuites budgetaires sont possibles.

For a non-profit, financial planning is crucial. A well-defined process for budgeting will put things in perspective as to which programs are to be prioritized, which projects within the programs need to be completed first. As per the need, the resources can be allocated in phases, shared expenses and overheads should be calculated with enough margins to overcome a crisis situation. It is important to have a standardized system of budgeting as it saves time and is easy to implement. Teams may change, but standardized systems give stability. The organization will benefit from good financial planning, if there are standardized systems for creating budgets

The purpose of budgeting is to provide a financial framework for the decision making process i.e. is the proposed course action something we have planned for or not.
In managing a business responsibly, expenditure must be tightly controlled. When the budget for advertising has been fully expended, the decision on "can we spend money on advertising" is likely to be "no".

It is important to have a standardized system for creating budgets in order to most accurately take into account all of your project costs to be able to explain these costs to your donors. The more accurate your budget, the easier it is to communicate project needs to your donors.

having a standardized system for creating budget will help you understand more the functioning for your organization, this make ask questions about some aspect of your organization, for instance think of how you could save money in some area or spend more.
our organization gain in confidence

The budget provides guidance as to which activities to implement in a particular time frame.

It is good to have a standardized budget system because when new people join the organization they can easily adapt and become useful for the organization.

Also comparability of all the work of the people involved.

Also, having a overal protocol on how to do things decreases insecurity and confusion of people doing the tasks

When we have a standardised system that records all our expenses, it will be beneficial because the project knows all its costs (direct & indirect), and plans directly how to merge control these. For programming and operations, the financial records through budgeting will help Marie Stopes Sierra Leone plan effectively on an annual basis all activities and their costs. This informs donors of our capacity to pull resources together and merge our costs accordingly. Thus, streamlining our expenses according to "cost centres" will help us monitor the way we are spending as opposed to what is available. And as such, we will deliver on our donor commitments all what we have promised, with money being less of a burden to us.

Ok I like it

Hi, i am Ballé Emmanuel

let do it together

why it will be valuable to have a standardized system for creating budgets is because it brings in a strategic direction and a clear road map while creating the budget.
what my organization might gain are much. which includes a clearer picture of what is stable or not, record system got easier, and then we will be able to create processes for each documents.
The benefits includes loss reduction.it helps to keep future prove budget ,it saves cost, etc.
conclusively, A recorded process becomes a clear map for future prove and a strategic guidance for a subsequent project.

Why would it be valuable to have a standartized system for creating budgets?
-It`s much more easier to have one standartized system for all departments and programs- to create it, to accumulate information from different sources, to compare and analyze.

My organization already have standartized budget for 2 programs included. Benefits- clear to understanding, analyze differences and ways to correct these deviations in the future.

A standardize budget for all programmed activities shared all cash resources into a manageable chunks. Also, allocations as as required, monitoring and controlling as time goes by.

Having a standardized budget practice allows organization to view the overall expense and income and compare with program wise spending and income so that pinpointing would be easier and will also help any future budgeting activity since it is not done in an isolation.

Budgeting is very important part financing as it puts all financial plans into perspective, it guide spending also gives an overview of financing in an organization,.
My organization will gain a lot from proper budgeting, because it will help inform our donation drive, help report out financial plans and expectations to our donors, which in turn build trust in the donors.

Very useful tool

It is valuable to create a standardized budgeting system because;
-It brings clarity especially to the stakeholders that have an oversight or are implicated in the process in one or another.
-It eases accountability because budget heads are well defined and can be easily assessed.
-It builds a positive impression with donors and top management.
-It can help avoid omissions that can eventually lead to major losses.
-It reduces ambiguity in the process of budgeting.

This is very true, having a well defined and standardized budget helps in having clarity. It helps you understand the program expense thereby reducing necessary cost. It further helps to attract funding from donors who want clarity. Lastly it promotes prudent management of resources.

Effective budgeting system requires proper identification, classification and inclusion of relevant expenses. This will ensure proper tracking of expenses and easier allocation of costs to different cost centres within an organization. A sound budgeting system aid effective communication in an organization as well as performance evaluation.

This is very true, having a well defined and standardized budget helps in having clarity. It helps you understand the program expense thereby reducing necessary cost. It further helps to attract funding from donors who want clarity. Lastly it promotes prudent management of resources.

I think it would really help to make mid and long term decisions. It would also reduce time when preparing new proposals and will help gain better insights on how and where we're spending funds, and if we're doing so efficiently. Also, I think it is important for us to communicate to funders the real costs of any given program, because we often leave costs outside to fit into the available funding opportunities, that we then cover from other sources, and funders dont really dimension what operating projects really cost.

The purpose of creating budget in any organization is to have a clear road map on financial management and prudence. Establishing a standardize budgeting process will minimize ineligible expenditures in an o organization.

Having a standardize system of creating budgets would help the stakeholders to a project know what is needed to deliver the project on time and within scope. It brings a level of organization that sustains the project through it life cycle.

A budget is a plan for future income and spending, including any necessary savings to meet financial goals. A budget should ideally be documented (on paper, in a computer spreadsheet, etc.) with explicit categories of income and spending as well as monetary amounts. Budgeting provides "guardrails" (i.e., specified boundaries) for spending, helps achieve financial objectives (if savings is included as a fixed "cost"), and provides piece of mind.

One of the purpose of Budgeting is knowing you have a decent budget to fall back on each month will give you the confidence and peace of mind that you have control over your money. It's preferable to the 'spend and hope' strategy, in which you don't pay attention to your bank balance and hope there's money left in your account when it's time to pay.

Budget is one of the main things to be very specific about while writing a project. With a detailed budget everyone knows what economic reward they'll be getting for their work, also shows transparency on managing funds and gives everyone a plan to follow. I don't know about the system of organizational budgeting of my organization because I'm usually more focused in answering volunteers and community members. This makes me think that our staff can benefit if we all have a general understanding of how our budgeting works.

A budget allows a business to plan out expenses, reach business goals and anticipate operational changes.

Having a standardized system for creating budgets allows an organization to have a guide that will serve as their basis when they create their budget. This allows them to know what to include and exclude in the budgeting, giving them a clearer picture of what they are budgeting for. This also prevents the overlooking of important budget components.

Having a standardized system for creating budgets is valuable the system will put every expense into its place and into perspective such that it will be easy to account for every expense made be it a program expense, shared expense or overhead expense. apart from that, a standardized system will manifest any discrepancies with the projects and whether or not expense management principals are being followed.

Overall, the organization will benefit by having a clear estimate of the budget needed for the entire project which makes it easy for the project manager for example to even ask for more funds without having difficulties to clarify to the donors why the mentioned amount must be given. Apart from that, a standardized system will create transparency with regards to how expenses are used.

Other benefits i have noticed include the ability to track and record every expense and this will translate into saving money which could have been lost due to having a poor road map.

Purposes of Budget are as follows;
To organize costs
To know the amount of money available and how to spend; income and expenses
For clarity and easy allocation
Even for complex legal requirements, Proper Budgeting makes you see and view the earlier shortcomings and way forward to have a transparent system.

Having a standardize system is better and ensure to manage the projects of your organization and can reduce the risk in project budgeting.

Purposes of Budget are as follows;
To organize costs
To know the amount of money available and how to spend; income and expenses
For clarity and easy allocation
Even for complex legal requirements, Proper Budgeting makes you see and view the earlier shortcomings and way forward to have a transparent system.

creating a budget is an important pillar of the overall success and security of ant organization.this is because it allows tho organization to oversee and better understand whether the organisation has enough revenue to pay its expenses.making a budget can make you make more informed financial decisions.

If you have a standardized system of budgeting, there will be 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.

An organized system can be important for our organization because when a lot of investors or projects come to us we can properly plan for the future of the projects and the investors have all they need to plan forward with us. These are just two of many ways that standardized systems and an organized budget can benefit our organization.

One should have a sense of financial management principles to helps create financial stability. By tracking expenses and following a plan, a budget makes it easier to pay bills on time, build an emergency fund, and save for major expenses such as a car or home. Overall, a budget puts a person on stronger financial footing for both the day-to-day and the long term

from my own point of view,I think that budgeting is an b budgeting is an important tool in building organization,we should also note that when we don't budget we definitely do not have the capacity to overcome an impromptu cost

As my understanding unstandardized budgeting help my organization of obtaining funds from different donors. it means that they foundation of the budget system has clear transparency and accountability of every nature of expense that we have. either its program cost / share cost and other support cost. in meantime it helps my organization to cover more area or beneficiary with accurate planning and forecasting as well follow up of real expenses in the field.
In my organization, logistic Manager and program manager wants to regularly follow up my budget. as both mentioned positions are in charge of program and logistic expenses, and they are responsible for closely follow up of the expense and have better planning for future

Budgeting helps in knowing your expenditures and also helps in controlling of cash out flow of the organisation

the benefits of budgeting, to get the right financial decisions associated with the business or organization, predict the future expenses and cash flows

i think the person who needs to use the budget is the project mangers because he should know the activities that will occur and translate them to the expenditures that will spend and unified them

in my opinion, depends on the type or activity of the project

Having a standardized budget system is crucial to an organization to avoid missing funding as mentioned above by Dr. Rajnish which will in turn ensure optimum output; be it providing the best services for social organizations or profits for the for profit companies. It will avoid unforeseen financial constraints that comes with unstandardized budgeting ensuring the organization runs smoothly for the whole financial period in question. It also help the firm make informed future budget estimation and planning decisions since the correct figures are reflected in the current and past budgets.

Q1: it is very important to have a well-defined budget to exactly know where the finances are coming from and where does it goes? it helps us to prioritize the expenses needs to be incurred and minimize or avoid the unnecessary expenses.

Q2: My organization could gain a surplus and the amount may be spent on the more important projects. the finances will not be wasted.

Q3: I do create a simple budget every month and it has really helped me to know exactly what are my income sources for that particular month and where does my money goes.

By having standardized budgeting system will allow the organization to have clean plan about what is coming and where it will be coming in one place. by planning well my organization can save time and cost to run the organization and also we can reduce errors to achieve the goal smoothly. after creating standardized system i have noticed that employees morale are increasing because they can predict thier activity in systematic why reducing burden of not knowing what to excpect and also donors understandably started to trust our process and reports

To have a good budget, one must be very clear and have full understanding of all expenses, whether direct or indirect.

An operating budget is a detailed projection of what a company expects its revenue and expenses will be over a period of time. Companies usually formulate an operating budget near the end of the year to show expected activity during the following year.

*Operating budget components
Sales.
Production.
Direct materials.
Direct labor.
Overhead.
General and administrative expenses.

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

budgeting is also important because it accounts for the growth of an organization and the staff of that organization. if everything is out in the open and planned for, then things like layoffs or overhiring can be avoided.

The organization should have plan and estimation for each activity and developed a budget section.

A budget helps to create financial stability. By tracking expenses and following a plan, a budget makes it easier to pay bills on time, build an emergency fund, and save for major expenses such as a car or home. Overall, a budget puts a person on stronger financial footing for both the day-to-day and the long term.

actual comparison is extremely important for small businesses because it allows them to alter their future financial forecasts based upon the numbers collected in the monthly reports. Small business owners can see where the budget can be improved, as well as parts of the budget that were very accurate.