Managing a BudgetOnce 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.