Guangzhou Artgift Trading Ltd.

The connection and difference between budget and plan?
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The connection and difference between budget and plan?

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Update Time : 2022-07-09

What are the differences and connections between planning and budgeting?

Generally speaking, the plan aims at matters and activities, and uses descriptive language to explain whether to do it and when to do it. Budget is the quantification and refinement of the plan, which is a digital plan. Generally, there is a business plan before a financial budget.
Take an example to illustrate the difference between plan and budget: your girlfriend suggested that you drive around the world this year, and then you have to calculate how much travel equipment, tolls, fuel, accommodation. Your girlfriend's proposal is a plan, and your plan is a budget. It can be seen that the plan precedes the budget.
The company's operation should first have a strategy, then a goal, and then a plan to serve the goal. The plan is generally aimed at economic matters and activities. It uses descriptive language to explain whether and when to do it. Generally, there is no expression of the amount, such as "next year plans to develop geothermal projects". Budget is the quantification and quantification of the plan. It is a digital plan. To put it bluntly, it is to monetize the plan.

When we prepare the annual financial budget, we should first have the business plan and then the financial budget. This is like saying that only when the company determines what to do first, can it estimate how much it will cost to do these things.

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