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Business book readings:.

Controlling a budget.

Voice activation software applied, apologize for typos.

 

Skilled budgetary control is an increased skill.Managers need to use a mix of approaches in controlling budgets.Information, early warning systems, decisions, and monitoring.

  1. Understand the figures.Which figures.Elements of the budget.
  2. Talk to your accounting department.
  3. set up the monitoring system.
  4. Decide on the appropriate intervals to monitor your budget.Stay with what you plan.
  5. Identify variances.Positive and negative variances.
  6. Donít assume the positive variances are a good thing.
  7. Tell the right people.Remember communication is a two-way process.
  8. Act now. Justify your assumptions.Prepare a forecast.Suggest corrective actions.
  9. Keep monitoring.Monitoring as an ongoing process.
  10. communicating changes.

 

Communicate upwards, downwards, and across. Take action when you need to.Keep the appropriate people informed. Verify monitoring system for efficiency and accuracy.Communicate well, plan your actions carefully.

End of data.

 

 

 

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