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What is the Difference between Budget and Financial Plan ?

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تم إضافة السؤال من قبل Malik Khalid Mahmood , Regional Finance Manager , Leosons International FZ LLC
تاريخ النشر: 2014/12/12
georgei assi
من قبل georgei assi , مدير حسابات , المجموعة السورية

Financial plan is a financial study prepared in advance prior estimates are taken as an instrument of control on the work during the fiscal year is in the plan

Budget are the rights and obligations the facility at the end of the financial year and with the formation of the final accounts (h / trading and h / profit and loss) who Biodhawwa result Activity property gain or loss for the previous financial period.

Fawzy Ahmed Salim El-Shabiby
من قبل Fawzy Ahmed Salim El-Shabiby , Accountant , Servtel Information, Security, and Telecommunication Network Limited

Budget: is a type of formation to set out targets which is believed are possible to adhere to or to reach to for the processes going to be carried out as to gain such an achievement from what is being planned..

Financial Plan: it comes prior than the budget, it is an estimation of the evaluation of resources and what amount of finance is going to be required as to commence such a process or project

Faizan Hussain
من قبل Faizan Hussain , Accounts Receivable Accountant , Future Health BioBank

Financial planning is the task of determining how a business will afford to achieve its strategic goals and objectives.

Budget is the planning of future operation there executable time of task

VENKITARAMAN KRISHNA MOORTHY VRINDAVAN
من قبل VENKITARAMAN KRISHNA MOORTHY VRINDAVAN , Project Execution Manager & Accounts Manager , ALI INTERNATIONAL TRADING EST.

Financial plans are based on Feasibility and feasibility reports before actual exercise of the estimates for budgets.

Agreed with the expert answer provided by colleagues especially Mr. Gerogei Assei.

Carasel Dsouza
من قبل Carasel Dsouza , Senior Consultant , Vatchi Technical Services

A financial plan is prepared by the finance dept keeping last year figure and management inputs in mind. While a Budget is prepared by the departmental head, then put up for management approval and once approved it is implemented in the system.

A financial plan has a top down approach while a budget has a down to top approach

A financial plan is first prepared then the budget is prepared keeping in mind the financial plan in mind.

A financial plan is prepared, discussed and implemented at the start of the year and lot of effort is put in the initial time of the financial year. While a Budget is prepared in the start but discussed in detail at the fag end of the year.

 

FITAH MOHAMED
من قبل FITAH MOHAMED , Financial Manager , FUEL AND ENERGY CO for transportion petroleum materials

GOOD ANSWERS FROM ALL PROFESSIONALS 

mohamed Hakim CMA CPA Candidate
من قبل mohamed Hakim CMA CPA Candidate , Accounting Manager , Andersen saudi arabia

Good question and answers 

 

Anthony D'mello
من قبل Anthony D'mello , Warehouse Manager - Operations Supply Chain , Almarai Company - Western Bakery

A budget is basically a set of guidelines regarding proposed expenditure, which are categorically broken down for a certain period of time, usually yearly.  The budget is periodically reviewed (monthly) so that necessary steps taken to avoid overspending can be taken.

A financial plan is a tool to help achieve long-term financial objectives.  It is similar to a budget as to breakdown of expenditures but more specific to achieving certain financial goals.

Abdallah Abu Zeyad CMA
من قبل Abdallah Abu Zeyad CMA , Finance Account Manager , Toyota - Abdul Latif Jameel Motors - KSA

I am With Mr. George Answer.

Khurrum Iqbal
من قبل Khurrum Iqbal , Accountant , Akun Logistic Services

Agreed to Mr. George.

 

In addition, Financial Plan is a fool proof strategy which sets the timing and method for implementing a budget or a what if analysis statement, in the event when things going away as it planned. (namely "Plan B" or "Plan C" etc). 

Budgets are simply depicts corresponding estimated numbers (values) for the up-coming revenue and expenditure, without a strategy. Budgeted are documented, since approved by top Management unanimously, by mutual consent.

 

 

Malik Khalid Mahmood
من قبل Malik Khalid Mahmood , Regional Finance Manager , Leosons International FZ LLC

Thanks for valuable contribution by the experts

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