Budgeting plays a pivotal role in the financial planning and control of any business. It is a tool that helps businesses make strategic decisions, manage cash flows, allocate resources, and ultimately achieve their financial goals. Here, we will delve into the seven primary types of budgeting that businesses commonly use: the strategic plan budget, cash budget, master budget, labor budget, capital budget, financial budget, and operating budget. For a real-world application of budgeting, you may want to explore the Union Budget 2021-22 Summary
If you're interested in diving deeper into the world of budgeting and finance, here are some additional resources you might find helpful: