Budget

Meaning & Definition

A budget is a list of planned revenues and expenditures to manage an organisation’s finances over a period of time. Budgets in HR and payroll can be used to control wage/salary costs, costs of recruiting, costs of training, and workforce planning in order to maintain discipline and stability in an organisation’s finances.

Features of Financial Planning 

• Manage HR and Payroll expenses.
• Manage the workforce and hiring plan.
• Manage the cost of training and developing employees.
• Support improved financial decision-making.
• Align HR expenditures with the business goals.

Statutory Compliances, Policies or Regulations for India

Statutorily Budget does not directly relate to statutory compliance.

However, HR Budgets must comply with the following:

• Financial policies of the Company.
• Income Tax Act 1961, (salary and Tax Planning).
• Labour laws obligations (PF, Gratuity, ESIC).

Legal Compliance and Financial Compliance will be ensured by Better Budget Documentation.