If you are asked to write a budget report, you may be at a loss as to how to format the report. While some budget reports are used to present financial data, others are used to propose new budget ideas or changes or discuss the results of budget changes. Make sure that you know which format you need to use before you start putting together the budget report.
Quarterly Budget Report
A quarterly budget report is a detailed outline of the overall income and the monthly expenses and spending information of a company. These types of reports are composed for companies that frequently spend money or sell products or services. For example, a company selling several hundred products per day may benefit from a quarterly budget report to keep track of all the sales and expenses. A quarterly report usually covers a three-month period.
An annual report covers the entire company's financial situation during a one-year period. The annual report differs from the quarterly report as the annual report also focuses on the assets owned by the company and its liabilities. These may change each year, so these two topics are discussed in the annual report. An annual report also focuses on the company's overall earnings and monthly expenses as a quarterly report does.
Budget Proposal Report
A budget proposal report proposes an idea or strategy to change the budget structure or make budget cuts to save money. A proposal will discuss the current problems in the budget, present new methods of running the budget so the problems will be eliminated and a list of key people who will be responsible for making the budget changes. The proposal report is not an outline but rather a suggestion of how the problems can be solved. There may be more than one proposal report for one given budget problem.
Financial Business Report
A financial business report is often written after a project or idea has been implemented and completed. The business report structure is often used to discuss any findings or results that have come from using new ideas or new methods for doing things. For example, if a budget proposal is used to cut expenses in order to save money, a business report would be written to determine whether the budget cuts have improved the overall budget. A financial business report would also analyse whether the business or its employees have been affected by the budget cuts. Essentially, a financial business report analyses the results of the project and determines whether further changes need to be made.
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