Why managers use budgets

QUESTION

Why managers use budgets
Consider the budget for any business.
Requirement
1. List the three key benefits companies get from preparing the budget.
The companies get the following benefits from preparing the budget:1. Planning: Budgeting helps in planning the activities to be performed by the business and describes the course of actions to be taken.2. Coordination and communication: Budgeting helps in coordinating the different activities and also

municates to the employees the activities to be performed by them.3. Bench marking: Budgeting helps in bench-marking the performance by setting the standards against which the performance can be evaluated.

ANSWER:

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