World Business View

What Is The Difference Between Budgeting and Forecasting? Budgeting is the financial representation of a planning process, usually annual as in the University. It is finalised before the beginning of a financial year and actual income and expenditure are measured against it as a means of reviewing performance and controlling expenditure. Forecasting is a shorter-term activity, usually performed at regular intervals e.g. quarterly and limited to updating our view of the current year. It takes into account actual income or levels of expenditure and projects these forward to the end of the financial year. For enterprises in today’s fast-paced, competitive and ever-changing business environment, dependable business forecasting is essential to future success. As such, CFOs are relentlessly striving to gain insight into corporate data to make informed, real-time decisions and forecast their financial standing. Part of that process is the annual budget, which remains central to...

An amount that has to be paid or given up in order to get something. In business, cost is usually a monetary valuation of effort, material, resources, time and utilities consumed,  risks incurred, and opportunity forgone in production and delivery of a good or service. All expenses are costs, but not all costs (such as those incurred in acquisition of an income-generating asset) are expenses. Types of Costs (Cost Classifications): Costs can be classified into different categories for different purposes. Costs may be categorized according to their: management function, ease of traceability, timing of charge against revenue, behavior in accordance with activity, and relevance to decision making. According to Management Function: 1. Manufacturing costs  - incurred in the factory to convert raw materials into finished goods. It includes cost of raw materials used (direct materials), direct labor, and factory overhead. 2. Nonmanufacturing costs ...

Online Accounting software program describes a kind of utility software program that facts and procedures accounting transactions within useful modules together with bills payable, accounts receivable, journal, fashionable ledger, payroll, and trial stability. It capabilities as an accounting statistics gadget. it may be evolved in-house by way of the company the use of it, may be purchased from a 3rd birthday celebration, or can be a combination of a 3rd-celebration software software bundle with local changes. Accounting software program may be primarily based, accessed anywhere at any time with any tool which is internet enabled, or may be desktop based totally. It varies substantially in its complexity and cost. What Is The Best Accounting Software For Business? 1. Fresh Books: Freshbooks is one of the leaders in our accounting software class. Our team determined freshbooks to be the most smooth-to-use accounting answer for freelance accountants and small corporations pres...