The word budget originated from a latin word “bulga”.
The word budget, is known to be a little pouch or knapsack balancing your expenses with your income.
It helps business owners to focus on their cash flow.
It also helps to reduce their costs, improve their gains and increase the money they invested.
This means that, budgeting is the basis for all business success. This helps with both planning and control of the finance of the business.
Therefore, the need to have a budget structure in microfinance institutions cannot be overlooked.
The types of budget includes:
They are;Balanced budget, surplus budget and deficit budget.
Hence, microfinance banks needs to monitor closely their budget using Sysbanker EE.
With Sysbanker EE, a core banking solution, the budget module is fully implemented.
The benefit is to help microfinance banks predict and plan their income and expenses.
Kindly reach out to us at Mira Technologies for our pocket friendly software.
Sysbanker EE: your reliable partner in microfinance banking.https://miratechnologiesng.com/products/sysbankeree/