...finance directors, in drawing up a budget. For this reason, all managers are generally expected to have some financial knowledge in contemporary organisations, and to take some financial responsibility.

Drawing up a budget involves both number and people skills, such as negotiation and listening. It is not a mechanistic process, but a dynamic one, drawing managers throughout the organisation into considering their future plans and goals within the context of their organisation's strategy and aims.

This checklist is intended for managers who have responsibility for drawing up and presenting a budget.

National Occupational Standards for Management and Leadership

This checklist has relevance to the following standards: E: Using resources, units 1, 2

Definition

A budget is a statement of expected expenditure or income that has been allocated under a set of headings, for a set period of time.

Action checklist

1. Identify the key plans and objectives for the organisation

Key objectives need to be identified so that you know what over-riding factors to consider when preparing your budget. Budgeting is to...

NOTE: All illustrations and photos have been removed from this article.




More articles from Chartered Management Institute: Checklists: Managing Information and Finance
Controlling a budget.(Checklist 043), June 01, 2006
Complying with the Data Protection Act.(Checklist 220), December 01, 2005

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