Budgeting
Preparing organisational budgets to support short and long-term business plans through forecasting, allocation and financial policy setting
Type
Functional
Competency Area
Investment and Financial Management
Levels
Prepare business unit’s operational budgets
Analyse business function strategies, functional objectives and operational plans
Carry out forecasting and budgeting for the financial year
Calculate the business unit’s cash flow requirements
Determine the business unit’s financing needs for the financial year
Compare budget data with estimations to highlight discrepancies
Report budget calculations and discrepancies to organisation management to facilitate decisions on budget allocation
Ensure adherence to financial controls in accordance with relevant organisational corporate governance and financial policies, legislation and regulations
Manage budgeting and forecasting for annual financial and business planning
Recommend parameters and assumptions for budget forecasting in accordance with organisational needs and market conditions
Prepare financial forecasts to facilitate financial and business planning
Implement budget plans to manage resource allocation to business activities
Manage actual budget to enable financial operation n to be measured against forecasted business plans
Monitor budget outcomes to ensure proper utilisation and accounting of resources against their intended purposes
Present financial forecasts, budgets and budget outcomes to immediate supervisors for review and approval
Develop long-term financial plans and budget requirements
Determine short-term and long-term financial needs to assess current financial situations
Formulate financial plans aligned to overall organisational strategies
Allocate budget resources in accordance with organisational financial plans
Review financial forecasts to anticipate changes in business and operational circumstances
Review draft budgets in accordance with organisational guidelines
Monitor and evaluate actual expense figures against budget to identify and address variances
Report findings, recommendations and options to organisation management for review in accordance with organisational policies