How might you be able to use QuickBooks’ budget tools to help a company plan their financials?

Answer questions 5 sentences each and then comment on person A and person B using only 2 sentences each. OverviewBudgets are an important business tool, both for planning and for measuring performance. For a merchandising business, inventory is in integral part of the business. Managing that inventory can be challenging but there are tools available to help with these task. Let’s look at how budgets and inventory management systems are used and some of the positive and negative characteristics.Question A:Budgeting is something most of us love and hate at the same time. Have you ever had either a positive or a negative experience with a budget? If not, what are some positives or negatives to budgets?How might you be able to use QuickBooks’ budget tools to help a company plan their financials?Person A1. I have personally never had a positive or negative experience with budgeting, but I think Budgets can be an advantage to a person or business to help control their spending. Especially if they are financially struggling, because they can keep track of every penny that is being spent. Then, they can make changes to the spending that is being done compared to the amount of income that is coming in. I also think that Budgeting can have some disadvantages as well. For Instance, if a person or business starts a budget because they are struggling financially , that usually means they are over spending. So, following the rules of a strict budget would require a person to adapt to a new lifestyle which can possibly cause stress on a person.2. A company can use Quick Books Budgeting Tools to help them plan their financials by predicting future revenues . They can create forecasts from scratch or from the previous year’s actual data.Person BPerson BI love a good budget, but sometimes it takes an army to get there. I have done bookkeeping for small business owners just to help them get organized. They started with receipts in boxes and last years bank statements. Basically they had no budget system other than what was off the top of their head. One company was a small medical beauty office. They sold products, and performed services. She had me working in quickbooks basically doing data entry of old bank statements. Trying to get the books up to date. The inventory was recorded in one system, services in another. Billing was done by hand and not by me the bookkeeper. I wish I knew what I know now. I could have set them up completely in QuickBooks! Everything they did or sold could have been reported in QuickBooks and they would have had all the office information right there at their finger tips. Which products are selling well. What time of year are certain services popular. Have they received all their orders, and once received was everything they actually ordered in the package. Being able to keep track of where their inventory is would greatly reduct all the double orders, or understocking they had issues with. I almost want to go back and check up on them to see if I can help now that I know more.