From the course: Accounting Foundations: Budgeting
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The next steps to grow your budgeting skills
From the course: Accounting Foundations: Budgeting
The next steps to grow your budgeting skills
- So now I guess we're experts in the budgeting process. - Well, not so fast. One becomes an expert at anything through consistent, and diligent practice, but what we can say is that we've now started down the road to becoming an expert. - When it comes to budgeting, the thing to always remember is that a budget involves a plan for the future. We are making a plan for the future to try and determine if there's anything about the future that we can see now that we would like to be different then. - So budgeting allows us to identify potential problem areas early, and to take steps to alleviate those problems before they really become problems. - One thing we've learned is how critical a sales forecast is. A lot of budgeting falls directly from the sale budget. Spend a little bit more time on the sales budget to ensure that you have confidence with the sales forecast numbers. - Remember that if we are systematic and careful, we can get a pretty good idea of what the future's going to…
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