From the course: Excel: Creating Business Budgets
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Budgeting foundations - Microsoft Excel Tutorial
From the course: Excel: Creating Business Budgets
Budgeting foundations
- [Instructor] Time and time again I see businesses attempt budgeting without proper planning. And this can lead to wildly different results to what had been envisioned. So before building a business budget model, it's really important that we lay the foundations first. Firstly, let's be clear on exactly what business budgeting is. Well, budgeting is essentially a method of planning that is planning for spending money. But did you know that it's also something that we can use for planning expenses and revenue? In this sense, it can be considered a type of forecasting model and allows us to plan for unknowns. So why is budgeting important? Budgeting is important because it helps us manage day to day business cash flow. It also enables us to assess the viability of business operations. It's also a tool that can be used to determine the setting of prices. That is prices for products and services that the business sells. And finally, it's something that can be used for contingency…
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