Bsbfin010 - prepare and monitor budget. Budgets are used when developing financial reports as a way of determining if a business if financially on track with its goals and objectives. Answer the following questions on financial reporting procedures. a) Budgeted figures should be compared to what? b) How often should financial reports be prepared? c) Who should get the financial reports? d) List (3) three different types of budgets that can be used to prepare financial reports