Manage Budgets and Financial Plans (pdf)

Added on - Dec 2020

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MANAGE BUDGETSANDFINANCIALPLANS
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11. Five roles to perform in a team and accessing the budget/financial plans..............................12. Steps to implement to ensure the clarification of budget/financial plans for measure theoutcomes.....................................................................................................................................13. Vary the initial plans...............................................................................................................24. Impact and negotiated process................................................................................................25. Competencies should a team leader possesses to assure about team member's performancein respective roles competently...................................................................................................36. Methods to disseminate the budget/financial plan details to team members..........................37. Role of financial management process...................................................................................38. Cost variations and expenditure overruns in a project............................................................49. Process of implement in a project to monitor actual expenditure to control cost...................410a Basic accounting principles that are used to monitor and modify contingency plans tomaintain financial objectives.......................................................................................................510b Two accounting principles...................................................................................................511 Accounting techniques that are required to prepare, access, monitor the budget andimplement the agreed changes in the budget..............................................................................612 Books and record keep by organisation to analysis of data and information.........................6CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................7
INTRODUCTIONBudget is a predication of revenues and expenses over a specified future period of time. Itis used for planning and performance measurement purposes which can involve spending forfixed assets (Van Dooren, De Caluwe and Lonti, 2012). Every organisation managing theirbudgets and financial plans to get success and growth in future time period. It is helping to knowover come risks and aware for that. In the report consider on different type roles of financialmanagement process and team and analysis of requirement of initials plans. Beside explain aboutaccounting principles and describe role of leader.TASK 11. Five roles to perform in a team and accessing the budget/financial plansThere is described five roles while perform in a team and accessing the budget/financialplans -As a team member conduct market research to estimate about expenses and incomeregarding to following year.There is playing role as a co-ordinator because when assessing budget that time all teammembers helping to estimate and monitor performance of company's each section.Give contribution to overall projects objectivesCompleting individuals deliverables according to their roles & responsibilitiesWorking with users to establish and meet business needs.2. Steps to implement to ensure the clarification of budget/financial plans for measure theoutcomesThere is described about the steps which can ensure the clarification of budget/financialplans and to measure if the documented outcomes are achievable, accurate and comprehensible -The first step of this plan to create plan on the accrual basis which provides accurateinformation.In second step the information can be classified according to their departments.There is taking third step that all information can be reliable and presented in effectiveway so understand it can achievable(Hawkins, 2015).In fourth step present authentic information about their project and estimate it on thebasis of future.1
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