I have looked and can not find this. can anyone help me out? What information is found on a flexible budget report?
Certainly! A flexible budget report contains valuable information that helps organizations better understand their financial performance and variance analysis. To access this report, follow these steps:
1. Identify the accounting software or system you are using, as the layout and available features may vary.
2. Access the budgeting or reporting module in your accounting software.
3. Look for the option to create or generate a flexible budget report.
Once you have reached the flexible budget report, you will typically find the following information:
1. Actual Results: This section provides the actual financial figures achieved during a specified period. It includes details such as sales revenue, expenses, and profit/loss.
2. Budgeted Amounts: This section contains the planned or anticipated financial figures defined in the original budget. It serves as a benchmark against which actual results are compared.
3. Variances: These are the differences between the actual results and the budgeted amounts. Variances can be classified as favorable (when actual results exceed the budgeted amounts) or unfavorable (when actual results fall short of the budget).
4. Percentage Variances: This section expresses the variances in percentage terms. It helps to highlight the magnitude of the variances and assess their impact on the overall financial performance.
5. Analysis and Commentary: Some flexible budget reports may include a section for additional analysis and commentary. This section provides explanations and insights to help stakeholders understand the reasons behind the variances and assess the financial performance from a qualitative perspective.
Remember, the specific information available in a flexible budget report may vary depending on the organization's needs and the accounting software being utilized.