Budget Variance Report

A Budget Variance Report is a financial document that compares what an organization planned to spend (the budget) with what it actually spent. It highlights the differences, or variances, between these amounts. Positive variances indicate spending less than planned, while negative variances show overspending. This report helps organizations understand where they are financially, identify areas for improvement, and make informed decisions for future budgets. Ultimately, it aids in ensuring effective financial management and accountability.