Managing a Budget

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.