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Managing a Budget

  • Once approved, adopted and prepared, your budget should be monitored closely.
  • Set and maintain a minimum cash balance.
  • Formulate procedures and policies needed to achieve objectives.
  • Keep an accurate log of financial transactions (income/expenses); maintain a record book (check and balance regularly).
  • Set-up internal controls designed for safeguards and accurate accounting data.
  • Control cost - allow only approved expenditures.
  • Assess budget regularly.
  • After the budget period has elapsed, determine the outcome of each expense and revenue. Make suggestions for next year.