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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.