Briefly discuss the important approaches to budgeting.

A budget is defined as a detailed financial plan which highlights projected revenues and expenses of an organization for a future period usually a year. It is prepared in line with the strategic plan of an organisation after considering the different internal as well as external factors prevailing at that time. The finance department plays a significant role in the preparation of the budget in consultation with top management and other departments. The budget helps in planning, performance management and helps in the decision-making process.

There are two major approaches that are used when preparing budget: namely, top-down approach and bottom-up approach.
Under the top-down approach, the top management is the only management level that prepares the budget according to the objectives of the organization as laid out in the strategic plan and gives it to the lower level managers to implement.

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