budget

Examples of budget in the following topics:

• Creating a Budget

  • A budget is the financial expression of an organization's operating plan for a period of time, usually at least a year.
  • Then, as the year unfolds, actual income and expenses are posted to the accounting records, and compared to what was budgeted, and a variance from budget for each item budgeted (e.g., sales, selling expenses, advertising costs) is calculated.
  • Other essential functions of budgets include:
  • There are two basic approaches or philosophies when it comes to budgeting.
  • The companies that adhere to this approach have their managers develop their own budgets.

• The budget

  • Therefore, the organization must establish a marketing budget based on the required marketing effort to influence consumers.
  • The marketing budget represents a plan to allocate expenditures to each of the components of the marketing mix.
  • For example, the firm must establish an advertising budget as part of the marketing budget and allocate expenditures to various types of advertising media—television, newspapers, magazines.
  • A sales promotion budget should also be determined, allocating money for coupons, product samples, and trade promotions.
  • Similarly, budgets are required for personal selling, distribution, and product development.

• Budgets, forecasts, and alternative scenarios

  • An extension of the cash flow forecast concept is the operating budget.
  • "A budget is a financial document used to project future income and expenses.
  • Then, as the year unfolds, actual income and expenses are posted to the accounting records, and compared to what was budgeted, and a variance from budget for each item budgeted (e.g. sales, selling expenses, advertising costs, etc) is calculated.
  • Most organizations take budget variance to date into consideration each month, and then prepare a revised budget (or forecast) for the balance of the year.
  • This step is particularly important if variances to date vary from the original budget in a major way.

• Introduction to Building Better Buildings

  • According to the Building Owners and Managers Association (BOMA), normal utility costs for a 5,946 m2 building add up to around 20% of its annual operating budget.
  • PEEC's annual utility bills amount to only $25,000 or about 5% of its annual operating budget.
  • Furthermore, PEEC spends only 17% of its operating budget on repairs, security and ground maintenance, compared with the 23% that BOMA says is typical.

• The Role of Financial Managers

  • For example, government financial managers must be experts on government appropriations and budgeting processes, and healthcare financial managers must know about issues in healthcare finance.
  • Management must allocate limited resources between competing opportunities (projects) in a process known as capital budgeting.
  • Often, controllers oversee the accounting, audit, and budget departments.
  • Treasurers and finance officers direct their organization's budgets to meet its financial goals and oversee the investment of funds.

• Mistakes in Communication-Part I

  • Only an austerity budget could carry the institute through its next year.
  • The board sent the institute's founder and me out of the conference room to draft a pared-down budget.
  • Finally, we decided to look back on allocations from the previous budget.
  • We expected our suggested budget to be accepted, and perhaps even applauded.
  • From the moment we passed around our draft budget, though, the attorney's attitude toward the founder and me soured perceptibly.

• Financial Plan and Forecast

  • Most organizations prepare a revised forecast for the balance of the year, taking into account earlier budgets and forecasts.
  • This step is particularly important if there are variances from the original budget.
  • For example, if sales are less than projected because market conditions are less favorable than anticipated when the budget was prepared, managers may look for ways to increase sales or reduce expenses in order to avoid a loss for the year.

• Let the fruits of your labor blossom: the new product/service launch event plan

  • Have you determined your budget for the new product launch event?
  • Blog back: Develop a plan for your new product launch.Include the name and description of the venue you plan to showcase your new product as well as a detailed budget of the researched expenses and a forecast of the media coverage you hope to gain during the launch event.

• Promotion Objectives

  • A promotional plan specifies how much attention to pay to each of the five subcategories and how much money to budget for each.

• Brand Management Strategies

  • Each may use a different advertising agency, and each will have a separate advertising budget.