Task 4 – Be able to manage a budget
Regularly monitor costs and expenditure against the set budget, within own area and limits
of authority and:
follow organisational financial governance and compliance requirements
monitor spending in line with the organisation’s required frequency (e.g.
follow organisational processes and guidelines for reporting against set budgets
You must show you have monitored the budget on at least three different occasions.
Describe what you have done in order to meet this:
These requirements affect a budget hugely. Whenever a budget is formulated, requirements of organization are kept in mind. For the marketing budget, costs and expenditure are kept at an average rate. This is because organization does not want to spend too much upon marketing. While printing advertisement in newspaper, content has been kept brief and small so that less expenditure will occur. UK Aid Direct budgets is a compliance standard that dictates process of making calculations for expenditure of grants (Ukaiddirect.org, 2019). This directive has been referred to while monitoring costs and expenditure of budget.
Spending that has occurred for set budget has been done weekly according to frequency of organization’s spending plan. This kind of spending will help in keeping record of spending on a regular basis that will inform extent of expenditure incurred in budget on a weekly basis. There had been an instance when expenditure was needed to be done for two consecutive days. This act was barred and concerned official was asked to manage till end of week.
Organizational process and guidelines are fixed when one is to report against set budgets. Most of the organizations follow similar procedures with minimum variation. Outline of budget was communicated to all relevant staffs as soon as it was formed (Sheffield.ac.uk, 2019). This kind of monitoring had helped in proper communication of budget details. Furthermore, budget tasks have been delegated to ‘named’ individuals so that people may know who had received which kind of responsibility.