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Budget Management
Sorry to hijack this thread. ive tried in vain to start a new post but cant seem to findtab. This is my first post. Im really struggling with my last unit 327 budget management. I cant find any posts here.Thank you in advance.
327.4 explain the purposes of budgetary systems in an organisation describe the area of responsibility to which own budget applies.
summarise the factors, processes and trends that affect the setting of budgets in own area of responsibility.
explain the vision, objectives and operational plans for your area of responsibility
summarise own organisation guidelines and procedures for
limits of own authority in relation to budgets
budgeting periods
preparation of budgets
monitoring of budgets
reporting on financial performance against budgets
degree to which budgets can be varied without approval
revising budgets
procedures to follow when there are suspicions of fraud
327.5
1. identify sources of available information to prepare a budget
2.explain how to evaluate available information to ptepare a budget
3.clarify the importance of consulting with others when preparing a budget
4.summarise the key factors that need to be covered when discussing , negotiating and confirming a budget with the people who control finance in an organisation.
327.6
1.explain how to use a budget to monitor and control performance for an area of responsibility
2. desribe the main causes of variances that may happen
3. explain how to identify the causes of variances
4. summarise the types of corrective action that can be that can be taken to address budget variances
5. explain the importance of using the implementation of a budget to identify information and lessons for future budget preparation.
Many many thanks !!!
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playwork
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