Budgeting & planning

Budget versus actual

The monthly comparison of what was planned to what happened, line by line, with the variance and the reason.

Owned by: Entry analystTest band: Entry analyst

The formula

Variance = Actual − Budget

The variance is the start of the conversation, not the end. The number that matters is the driver behind it and whether it changes the forecast.

Revenue was budgeted at $500k and came in at $460k. What is the variance, and which way?

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