Budgeting
Preparing organisational budgets to support short and long-term business plans through forecasting, allocation and financial policy setting.
Proficiency Level
Level 1 (Follow)
- Understand basics of the budgeting process, including purpose and use.
- Analyse historical revenues and expenses to determine seasonal patterns and anticipate annual requirements.
Level 2 (Assist)
- Anticipate operational and capital requirements.
- Develop financial budgets to support goals of a small to midsize organisation or department/division.
- Validate assumptions made by departments.
Level 3 (Apply)
- Prepare business unit’s operational budgets.
Level 4 (Ensure)
- Manage budgeting and forecasting for annual financial and business planning within the business unit.
- Develop long-term financial plans and budget requirements.
- Recommend an appropriate budgeting methodology (e.g., flexible, continuous, rolling, zero-based) to use in a given business situation.
- Link budgeting process to forecasting and strategic planning process.
- Integrate and consolidate information from diverse departments.
- Communicate budget to organisation effectively.
Level 5 (Strategise)
- Endorse organisational financial and treasury management policies, systems, budgets and plans.
- Design and lead budget and financial planning process across multiple business units in a complex organisation using advanced software tools.
- Understand complex budgets and communicate them to others.
- Serve as an expert in the field.