A budget variance is a discrepancy between the predicted cost or revenue in a given account. A budget variance may include a revenue shortfall due to an inaccurate estimate, or a sudden and unexpected ...

Budgeting is how a business plans for future production cycles. An initial budget - known as a "static" budget - is a necessary planning tool; creating a second, flexible budget allows a business to ...

Static budget variances are the differences between what a company or individual thought it would spend in its budget versus what it actually did. In a static budget, a company or individual creates ...

Discovering that your company’s financial performance has veered off course early in the year can stir a whirlwind of emotions for small-business owners and managers. You might find yourself ...

Discover how efficiency variance reveals the gap between expected and actual inputs in production and its impact on labor, materials, and costs.