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This question is about employer.
What is a flexible budget?
A flexible budget is a budget that organizations use that allows for adjustment throughout a fiscal year, this depends on profits and cost changes during the fiscal year. Flexible budgets normally also account for expected unpredictability concerning certain expenses of an organization.
When flexible budgets are utilized, organizations first account for the fixed expenses and costs they expect. These should be costs and expenses that they believe won't change over the course of a fiscal year. Next, they allow for any fluctuating variable costs or expenses and finally review costs periodically over the course of the year to make live adjustments.
Flexible budgets require accountants or accounting departments at companies to use their imaginations and create hypotheticals for potential and unexpected costs. A flexible budget helps companies to adjust to their needs throughout a period as different key factors change, including things like;
A high increase or decrease in the demand for specific products and services
Seasonal hikes in labor costs
The development of new technology and its necessity and added value to a business
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