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This question is about employer.
What is a budget variance?
A budget variance is an accounting term that refers to a situation where actual expenses are lower or higher than the standard or projected expenses. Budget variances indicate any difference between the amount of money a company has budgeted for a specific expense and the actual cost of the specific expense.
There are two types of budget variances:
Favorable budget variance
A favorable budget variance happens when the actual cost of an expense is less than what a company had budgeted for. Favorable budget variances can also occur when an organization receives more profits during a fiscal year than what was initially projected.
Unfavorable budget variance
An unfavorable budget variance happens when the actual cost of an expense is more than what a company had budgeted for, resulting in a loss for the company. Unfavorable budget variances can happen if a company receives fewer profits than it initially projected for a fiscal year, or if the costs the company experiences are higher than the amount it budgeted for.
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