Businesses have to prepare for the future, companies have to set out their goals that they want to achieve and aim towards them. The purpose of a budget is to estimate the income and expenditure of a business or a part of a business over a time period. It is essential for a business to have a good budget as it helps the company in a variety of situations, it is a detailed plan and blueprint of what the company wishes to achieve using figures and detailed action plans.
Budgeting however doesn't exist on its own; it plays an integral part in all aspects of a company from planning to motivation. …
