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Sitxfin003

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Learner guide

Manage finances within a budget SITXFIN003

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Version number 2.0

Copyright 2016

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Contents

Overview ........................................................................................................ 3

Section 1: Allocate budget resources ............................................................. 3

Section 2: Monitor financial activities against budget ................................... 19

Section 3: Identify and evaluate options for improved budget performance . 39

Section 4: Complete financial and statistical reports .................................... 63

Glossary ....................................................................................................... 73

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SITXFIN003 Manage finances within a budget

2016 Edition 3

Overview

Everyone at some point in their life has made a budget. Have you ever wanted something that you had to save for? A new bike? A new pair of shoes? The latest computer game? Or, later in life, maybe a car or house? If so, then you probably set yourself a goal, calculated what you needed to save each week and worked towards achieving your goal. In other words, you prepared a budget and managed your finances to achieve the desired results.

Budgeting in business is essentially the same. It is about estimating and planning for something that you want to achieve (a profit!), working towards your goals, and then reviewing your budget at a later date to see if you achieved it.

Personal budgets can be changed or altered and may not be strictly adhered to. However in business, budgeting requires careful planning and is crucial in the day-to-day operation, profitability and growth of your business.

A budget is only as reliable as the information it is based on. Accurate information on your business’s operation, analysis of previous budgets and an understanding of your industry will help you manage your current budgets.

So let’s look at how you can successfully interpret your budgets and manage your finances.

Let’s look at what you will learn on completion of this unit.

Section 1: Allocate budget resources.

Section 2: Monitor financial activities against budget.

Section 3: Identify and evaluate options for improved budget performance.

Section 4: Complete financial and statistical reports.

Section 1: Allocate budget resources

In this section you will learn the following.

• How to allocate funds according to budget and agreed priorities. • How to discuss changes to income and expenditure priorities. • How to consult and inform personnel about resource decisions. • How to promote awareness of budget control. • How to maintain detailed records of resource allocation.

1

SITXFIN003 Manage finances within a budget

2016 Edition 4

What is my role when it comes to budgets? As a manager, you must allocate resources within the business to achieve the best results. Budgets provide a framework for your decisions.

In many businesses, particularly medium and large ones, the person who prepares the budget is not necessarily the same person who manages the budget.

Click on the tabs to learn more about your role.

Control

Managers control operations with the help of a yearly sales budget. From this, the person responsible for preparing budgets can calculate forecasted sales for each day, week, or month of the year. This, in turn, helps them determine the stock, staffing, equipment and finances they require to meet forecasted sales.

Evaluation

At the end of the budget period, you can compare the actual figures of the business or specific outlet with the goals set in your budgets. Then, you can evaluate your performance. Did you perform better than expected? Or worse? Did you meet your targets? The person responsible for preparing budgets can use your reports and budget outcomes to assist with future planning and identify opportunities for improvement.

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