In this unit, we learn about master budgets and why budgets are a necessary part of the financial planning of any organization. A budget is an operating financial plan that managers use to coordinate business activities.
Benjamin Franklin, said, “if you fail to plan, you are planning to fail.” And so it is with budgets; an organization that fails to budget its financial resources could be setting itself up for financial failure. Ben was a REAL renaissance man!
Discuss the benefits of preparing a budget for an organization. Your post should list one benefit and briefly discuss why it is beneficial.