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Master Budget

2. The first budget, and most important, is the master budget. The master budget is a company-wide blueprint that lists detailed financial plans for every department in the company. Several sub-budgets exist in the master budget, including separate budgets for operations, external financing, capital improvements and support services. Each budget contains information relating to specific financial goals for the company; after the individual budgets are prepared, accountants roll up this information into one large master budget for executive review. Because master budgets are a detailed and lengthy accounting process, they are completed on an annual basis. This schedule also allows time to prepare for the budget process throughout the year, noting changes in budget amounts or additional items that should be included in the following year's budget. Operating Budget

3. The operating budget is an important sub-budget because it represents all the information relating to sales and income for the coming fiscal period. Most operating budgets are created on an annual basis, although the main operating budget may include several monthly budgets for use throughout the year. The operating budget includes information on sales forecasts, manufacturing costs, inventory and operating expenses. These categories make up the necessary financial outlays needed to generate sales for the business. Operating budgets may be created for several different locations or product lines, depending on the size of the company.