Question

Budgeting is important for both businesses and individuals. Are you involved with budgeting at your work? Please give details. If you are not involved with budgeting at work, please give examples of how an individual might budget.

Do you budget your revenues/expenses on a regular basis? Do you use any sort of ‘APP’ or other software to help you track your budgeting/finances?

Answer 1

I am working as a manager in a DTH industry wherein my job profile is to make sales target, thus I prepare sales budget. A sales budget is refers to the direct outcome of sales forecast. It is based on the consideration of future prediction of sales, competition in the market, past sales trends, demand and supply situation, seasonal changes that affect sales and so on. For example: examining the outside forces or market trends that may impact the sales, historical data, new competitors. After preparing the sales budget it can prepare other operating budgets such as materials budget, production budget, direct labor budget and overhead budget.

I always make a flexible budget to budget my revenue and expenses on a regular basis. A flexible budget refers to a budget that adjusts expenditure based on changes in actual revenue or other activities. It scale the initial budget to provide a meaningful comparison; thus informs whether the business is under or over-budget; and determine what caused business to fall or exceed below the expected gross profit. Flexible budgets provide better cost controls because it react more rapidly to adverse conditions. These are constantly updated with current data thus managers are regularly updating their projections and cost controls with current information. For this purpose I am using the Budgetpulse app that facilitates me in tracking money and better budgeting