A budget comprising partial and main budgets sets the financial targets for your company. The budget also serves as your company’s monetary action plan. Remember to monitor spending and react to problems as soon as you notice them. You should also actively monitor your company’s liquidity, profitability and solvency by using a variety of different indicators and key ratios.
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The budget provides an overview of how your company spends its money and whether you have the money that you need.
In the budget process, you must analyse the previous period and anticipate the upcoming period. Prepare partial and main budgets.