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Budgeting Purpose of Budgeting A budget is simply a financial plan for the forthcoming year, that is drawn up to help a business achieve its objectives. Budgets are often used to exert a degree of control over the costs of the business, in an attempt to achieve gains in efficiency. When a business draws up its budget, it is essentially a series of smaller budgets covering all areas of operation. The main budgets that are drawn up are : 1) A sales budget. This forecasts the number of units of each product that the business aims to sell next year, the price level that will be charged, and the corresponding amount of sales revenue that is likely to be received. 2) A production budget. This forecasts the number of units of each product that the business aims to produce over the next year. It will include the materials budget, which will indicate the raw materials...

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