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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.
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
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
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.
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.
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Good question and answers
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.
I am With Mr. George Answer.
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.
Thanks for valuable contribution by the experts
