Budgeting as a planning tool

Budgeting as a planning tool

Hello I-Quassia, your post is very informative, and I congratulate you for it. A budget is a financial tool for planning (Bogsnes, 2016). Usually, it is a process that entails reviewing all income sources and projected expenditure over a given period. Budgeting as a planning tool needs to be carefully undertaken to ensure all organization requirements are considered and allocated adequate resources by priority. As you have spelled out in your post, budgeting has many functions among them providing a framework for long and short-term business objectives. If this framework is not developed correctly, an organization risks not meeting the set objectives. In the current uncertain economic times, budgeting can be challenging especially for nonprofit organizations that do not necessarily have constant income sources.

Most organizations have gradually moved from using excel and spreadsheets to make their budgets since they have realized using these applications are opening up chances for errors. In addition to Budget Maestro, other software like Quick books have simplified budgeting process allowing an organization, especially small ones to budget accurately and capture various operational aspects (Rubin, 2016).


Bogsnes, B. (2016). Implementing beyond budgeting: unlocking the performance potential. John Wiley & Sons.

Rubin, I. S. (2016). The politics of public budgeting: Getting and spending, borrowing and balancing. CQ Press.

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