Most companies do not need to have a formal budget.

Question

Quizplus · Accepted Answer

Most companies do need to have a formal budget in place to effectively manage their finances, make informed business decisions, and prioritize spending. A budget provides a clear framework for tracking income and expenses, identifying areas for cost savings, planning for future expenses, and ensuring that resources are allocated properly. Without a budget, companies may struggle to control costs, overspend in certain areas, or miss out on new business opportunities.

Most Companies Do Not Need to Have a Formal Budget