Brookson Managing BUdgets.pdf

W RITING

A B UDGET

G ATHERING

I NFORMATION

A NTICIPATING

R EVENUES

E STIMATING

E XPENDITURE

U NDERSTANDING

C OSTS

P RODUCING THE

F IGURES

U NDERSTANDING

C APITAL B UDGETS

P RODUCING

C ASH B UDGETS

C ONSOLIDATING

B UDGETS

F INALIZING

A B UDGET

M ONITORING

A B UDGET

A NALYZING

D ISCREPANCIES

M ONITORING

V ARIANCES

A NALYZING

B UDGET E RRORS

I NVESTIGATING

U NEXPECTED V ARIANCES

M AKING

A DJUSTMENTS

R ECOGNIZING

B EHAVIORAL P ROBLEMS

B UILDING

ON B UDGETING

A SSESSING

Y OUR S KILLS

I NDEX

A CKNOWLEDGMENTS

I NTRODUCTION

T he managers most likely to succeed in

today’s business environment are those

who understand how to use budgets as business

tools for departmental and personal success.

Managing Budgets is an informative and

practical guide to the essential skills needed to

produce accurate and useful budgets. The three

key stages to budgeting – preparing, writing,

and monitoring – are clearly explained to help

you significantly improve the quality of your

budgets. Practical advice is given on how to

challenge figures logically and how to monitor

procedures sensibly. One hundred and one

concise tips scattered throughout the text give

further vital information. Finally, a thorough

self-assessment exercise allows you to evaluate

and improve on your budgeting skills.

U NDERSTANDING B UDGETING

U NDERSTANDING

Budgeting is the process of preparing, compiling, and

monitoring financial budgets. It is a key management tool for

planning and controlling a department within an organization.

A budget is a plan for future activities.

W HAT I SA B UDGET ?

It can be expressed in a number

of ways, but usually it describes all of

a business in financial terms. It is the

yardstick by which an organization’s

performance is measured.

Always remember

that if you fail to

plan, you are

planning to fail.

MANAGEMENT SKILLS

As a manager, you must be able to

communicate your budgetary

requirements effectively.

D EFINING A B UDGET

A budget is a statement of monetary plans

that is prepared in advance of a forthcoming

period, usually one year. Budgets are often

thought to include only planned revenues

and expenditures (the profit-and-loss account),

which show the income that each part of an

organization is expected to generate and the

total cost that it is authorized to incur. However,

a budget should also include an organization’s

plans for assets and liabilities (budgeted balance

sheet) and the estimates for cash receipts and

payments (budgeted cash flow).

B UDGETING

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