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Budgetary control is the process of ascertaining several budgeted figures for the future of a business enterprise and then making comparison of these budgeted figures with the actual results for finding out discrepancies, if any. The comparison of budgeted and actual figures will allow the management to take curative actions at a proper time.

Budgetary control can be defined as, “A means of achieving the financial control of an entity whereby the actual results for a defined period of time are compared with the budgeted results, any differences (or variances) being noted, and some corrective action taken to bring the actual activities back into line with the budgeted ones if such variances need to be dealt with.”

Proper maintenance of finance is very essential for the success of a business enterprise. After starting a business firm, it is your duty to map and supervise its financial position. Budgeting is the most efficient tool, which keeps your business and its finances at right path.

A budget is a statement of expected results expressed in numerical terms. It is prepared in advance for the particular period to which it applies. It is an instrument of planning as well as control. It controls your finances for achieving present and future objectives.

Budgeting can be defined as, “Budgeting is the process of predicting and controlling the spending of money within the organization and consists of a periodic negotiation cycle to set budgets (usually annual) and the day-to-day monitoring of current budgets.”

A budget delineates your future spending and the way to finance that spending. Budget serves as a standard against which actual performance can be compared. It is prepared for definite period of time into the future and it expresses everything in precise numerical terms. Budgets elucidate programmes and determine the steps to be taken to achieve goal. The main features of a budget are as follows:

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Capital Budgeting is a process of making investment decisions in capital expenditures. It is an expenditure the benefits of which are likely to be received over a period of time exceeding one year. Capital Budgeting decisions are very important to every organization. Any fallacious investment decision may prove to be lethal for the survival of the business concern.

It is also known as the expenditure incurred for acquiring or improving the fixed assets, the benefits of which are expected to be received over a number of years in future. The basic aim of capital budgeting is to allocate the available funds to a variety of proposals. The essential factor that regulates the capital budgeting decisions is the success of the approaching investment.

Financial plan is a statement estimating the amount of capital and determining its composition. The quantum of funds needed, will depend upon the assets requirements of the business. The time at which funds will be needed should be carefully decided so that finances are raised at a time when these are needed.

The next aspect of a financial plan is to determine the pattern of financing. There are a number of ways for raising funds. The selection of various securities should be done carefully. The funds may be raised by issuing of capital and debentures, raising of loans etc. Once a pattern of financing is selected then it becomes very difficult to modify it. A financial plan also spells out the policies to be pursued for the floatation of various corporate securities, particularly regarding the time of their floatation.

A financial plan should be carefully determined. It has long-term impact on the working of the enterprise. It should ensure sufficient funds for genuine needs. Neither the plans should suffer due to shortage of funds nor there should be wasteful use of them. The funds should be put to their optimum use. The main objectives of financial plan are as follows:

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Financial Management is one of the crucial functional areas of management, because the success of a company wholly depends on the proper use of its financial resources. The significance of financial management cannot be overstressed. Sound financial management is necessary in all organizations whether big, small or medium.