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Budgeting For My Adoption And Consultation Agency

510 Words3 Pages

Budgeting for any business can be a challenge and require assistance from other professionals that have the experience to set up a proper budget. Looking at the definition for a business budget, Entrepreneur states that a budget is establishing a planned level of expenditures, usually at a fairly detailed level, the budget can be planned and maintained either on an accrual or cash basis (2016). The biggest challenge that I see with setting up a budget for my adoption and consultation agency is that I have never actually setup a budget for a business and am not aware of all the cost that would have to be included. I know that I will have to include overhead cost and production cost, but there are so many other cost that will need to be included for the budget to show the true cost to run the business. …show more content…

There are different types of budget plans that I can set up, not having the knowledge of which one would be best for my business is going to be a challenge also. A line item budget is a very simple budget that list all the items included in the budget by single line items, but is not specific about how the resources in the budget will be applied to the program to accomplish goals that are in place (Lewis, Packard, & Lewis, 2012). A program budget would be a better budget to set up due to it shows how resources are tied to the activities that are included in running the agency (Lewis, Packard, & Lewis, 2012). Setting up a program budget would be a challenge since I do not know all the resources that I will need to run the adoption and consultation agency

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