Usefulness of Budgeting:
1. It creates estimates for the cost and quality of labor, equipment & date of consumed or applied.
2. Easily detect when budgets have been missed and take corrective action quickly to protect cash flow position.
3. Compare actual costs with estimated costs at any time in real time.
4. Analyze budget figures & actual figures grouped by land, produce etc.
5.Use estimated quantities of materials to assist with the creation of purchase orders and supply from materials provides.
6. Define labor cost for each type of labor rate and pay rate.
7. Define hourly or per running unit cost for equipment and plant or machinery.
8. Use estimated quantities of labor to assist with the planing of human resources.
1. It creates estimates for the cost and quality of labor, equipment & date of consumed or applied.
2. Easily detect when budgets have been missed and take corrective action quickly to protect cash flow position.
3. Compare actual costs with estimated costs at any time in real time.
4. Analyze budget figures & actual figures grouped by land, produce etc.
5.Use estimated quantities of materials to assist with the creation of purchase orders and supply from materials provides.
6. Define labor cost for each type of labor rate and pay rate.
7. Define hourly or per running unit cost for equipment and plant or machinery.
8. Use estimated quantities of labor to assist with the planing of human resources.
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