Explain the purpose of budgeting and why it is beneficial for businesses.

[unmotivated]

^ Thanks guys

[Damoz.G]

^ Thanks guys

2 most important things:
* Planning - Indicates future requirements of the firm. Relates to issues such as Loan Repayments, and whether the business will be able to meet these cash requirements and short-term debts as they fall due.

* Decision-Making - Provides a standard against which trading performance can be measured. It allows problem areas to be identified, and then correct action to be taken by the owner.

[unmotivated]

awesome, thanks! good luck tomorrow man youre gonna destroy it

[shooterblitz]

Budgeting can also prove as a pathway for the business, as it can provide with direction and a 'goal' as per say to achieve.

[Damoz.G]

awesome, thanks! good luck tomorrow man youre gonna destroy it

Thank you!

All the best for you as well - You will be fine!