Information to Set a Budget - Budget Management - Finance Assignment Help

Assignment Task:

Introduction:

In this section, we are going to put into practice some of the techniques and tools covered in Finance and you will:

• gather information needed to set a budget
• use a budget to monitor costs and expenditure
• act on variations from the agreed budget
• revise budgets
• report on budgets
• evaluate budgets
• identify successes and areas for improvement

You can do this and demonstrate understanding by completing the following tasks. You need to base your answers on skills you use in the workplace, to show that you put your knowledge into practice.

As some of the information you use and describe may be sensitive, do make sure that you have full permission from your line managers before using real organisational data. You also need to make sure that information is used, stored and disposed of correctly, in line with your organisation’s policies and procedures.

Task 1 – Gather the relevant information to set a budget:

Access the different types of information to set a budget. This could include:
• previous budgets
• planned activities
• sales forecasts
• current staffing levels and their costs
• overhead costs such as premises, equipment, utilities, telephones and insurances
• industry and market trends
• supplier data
• organisational sales forecasts, strategies and targets 

Evidence must show that an appropriate range of sources has been used to gather the information required in order to be able to satisfactorily set the budget. The gathered information must be summarised and the salient points identified.

Task 2 – Evaluate budget management:

Conduct a review of all aspects of the budgeting process undertaken in the previous tasks. Include in the review:
• the three or more sources of information used to conduct this review
• all aspects of the process (setting, revising, monitoring and reporting)
• areas that have been successful and why
• areas where budget management could be improved and why
• recommended improvements for setting the budget for the next financial year

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