Q1. What is Budget?

A budget is a financial plan for the future concerning the revenues and costs of a business. Budgetary control is the process by which financial control is exercised within an organization. Budget is compared to actual costs and actions are taken to make sure organization makes profit. It is a plan for saving, borrowing and spending. You will need to hire or appoint a Budget Controller or Budget Director to drive this module. A Budget Committee needs to be formed to guide Budget Controller and approve the budget. Aim is to Maximize Profits.

Q2. What is Envelope Budget Control System?.

Designated Envelopes allocate your money to specific expenses. Envelopes help you control spending. Envelopes show balances as you spend.

Q3. What are Advantages of Budgetary control system

Controls overspending, Increases Profits if costs properly controlled, Tells us performance or achievement of each department, managers, employees and sales persons in the organization. You can decide your rewards based on this outcome.

Q4. What is Intelligent spend or expense management?.

Good spend management is the key to success for every business. ... Intelligent spend management includes three key capabilities: managing every source of employee spending, across categories, and bringing that data into one unified view.