budget process

The budget process involves planning how to allocate a company's or organization's financial resources over a specific period. It starts with setting financial goals and estimating future income and expenses. Departments submit their needs, which are reviewed and adjusted to fit overall priorities. Once approved, the budget serves as a financial plan guiding spending and investments. Throughout the period, actual performance is monitored against the budget, allowing for adjustments as needed. This process helps ensure resources are used efficiently to support objectives and maintain financial stability.