Corporate Responsibility & Accountability

Paper details:

Financial Monitoring
Task
Analyse and monitor a budget
Criteria
• Monitor budget processes
• Check actual income and expenditure against budget
• Identify budget deviations
• Manage overspends and underspends in keeping with organisation targets – Commercial Services works on a 5% greater than or better than – 5% under budget needs an action and to be managed and reported on to Executive & Board of Directors, if 5% over budget no action required.
Task
Select a budget that you are familiar with and closely analyse your cost centres and pick at least 3 issues for a cost centre/s to comment upon.
Please outline these issues in writing:
Explain the issue and what it means :
For example – The salaries are over on the year to date budget and most of it appears to have occurred from the past month. If this continues this will mean that I will not have money that I have set aside for a community event which is critical to my contract targets.
• Need to ensure that you think beyond simply being under or over budget. Need to tie it in to contract requirements etc..
Budget attached to use