What is a budget? Explain the need for budgetary control. Discuss the steps needed for installing an effective system of budgetary control in an organisation.

A budget is a detailed financial plan that outlines an organization’s expected income and expenditures over a specific period, usually a financial year. It serves as a quantitative expression of the strategic plans and policies to be pursued by an organization. In the context of Accounting and Finance for Managers in the Tourism industry, a budget is especially significant because tourism businesses often face seasonal demand, fluctuating customer preferences, and external economic factors that influence financial planning. Budgets help tourism managers plan resource allocation, set financial targets, and control operational costs while anticipating market changes.

Budgetary control is the process of comparing actual financial results with budgeted figures, identifying variances, and taking corrective actions to align business performance with financial goals. It involves continuous monitoring, analysis, and adjustment of the budget to ensure financial discipline within the organization. In tourism businesses such as hotels, travel agencies, resorts, and transport services, budgetary control ensures that operations remain cost-effective, profitable, and sustainable, even in uncertain market conditions.

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