ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Budgeting is an ongoing process rather than a one-time exercise because your business revenue and expenses could change at any time. Revisit and rework your budget monthly, quarterly or after changes to your business, such as big expenses, occur. This will help you stay on track to achieve your goals.

Detailed explanation-2: -What is a rolling budget? A rolling budget, also known as a continuous budget or rolling forecast, changes constantly throughout the year. When one month ends, add another month at the end of the budget. For example, your budget covers January-December of 2021. When January 2021 finishes, you can add January 2022.

Detailed explanation-3: -budgets. Also called continuous budgeting, rolling budgets always involve maintaining a plan for a specified time period in the future. To implement rolling budgets, many advocate leveraging new technological resources, which means software.

Detailed explanation-4: -The budgeting process lets an organization plan and prepare its budgets for a set period. It involves reviewing past budgets, identifying and forecasting revenue for the coming period, and assigning amounts to spend on a company’s various costs.