Organizations that come together for a purpose must make plans for future spending and have ways to keep track of what they spend.
Budgets are a detailed plan of how an organization plans to use its resources. Both the expected income and the expected expenses must be set out in the budget.
It is important for organizations to have systems in place to record income and expenses. They should also have checks and balances to ensure that money is being spent according to the budget.
Financial statements, including an income statement and a balance sheet, show funds coming into and going out of the organization.
Organizations spend a lot of time looking at what was spent and what is being spent right now. To be effective, they also need to look ahead to what income and expenses they expect in the future.
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