Internal and External Stakeholders - Identify and Plan for Potential Variances - Evaluate Budget Management - Accounting Assignment Help

Assignment Task:

Knowledge Activity 1: 
Securing the support of different stakeholders
Consider the internal and external stakeholders that are impacted by your budget. What is important to each of them in relation to the budget? How might you secure their support for your budget?
Task 2 – Identify and plan for potential variances
Variances are the difference between the allocated budget and actual performance. The types of potential variance include: 
• sales volumes 
• sale price 
• material costs 
• material usage 
• staff costs
Create contingency approaches and plans to minimize the impact of any potential variances. At least two potential variances must be identified together with their type and the contingency plan suggested for each.
Task 3 – Set a realistic budget in line with organizational requirements 
Part 1
Use a range of sources of information to set your budget. These must include both internal and external sources of information. 
Part 2
Consult with relevant people in the organization to check assumptions. 
Gain agreement for the draft budget with at least two relevant stakeholders. Gaining agreement can be an iterative process involving revisions and redrafts of the original budget. The evidence supporting this task should reflect this natural process. 
Part 3
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 organizational financial governance and compliance requirements
•monitor spending in line with the organization’s required frequency (e.g. weekly/monthly)
•follow organizational 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:

Evidence your actual budget and any revisions and redrafts separately. Provide narrative to explain its place within the larger context of the master budget and how it meets organizational requirements. 
Task 5 – Identify and address variances to  the budget 
Use relevant methods to identify and monitor the causes of variances to your budget. At least two favorable or adverse variances arising from the operation of the budget must be identified. Then: 
• decide whether to investigate variances using relevant criteria 
• demonstrate that appropriate action has been taken to address each variance 
Task 6 – Provide budget-related reports and information 
Create at least two clear and accessible reports and information to meet set requirements. The documents may be produced for any stakeholder or stakeholder group within the organization. Evidence must be provided that these were produced within agreed timescales. 
Budget 
Task 7 – 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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