1. Introduction

4 minutes
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An introduction to the course, going through the course content so that participants can identify the areas that will be covered.


Welcome to HP budget monitoring and control. In this course, we will be going through how you manage, monitor and control your budgets. This course is relevant for all types of budgets large and small, and four organizations in the public and not for profit sectors. Your presenters today will be Jennifer and Charles. Now for the introduction, every country in the world delivers public services and they all require public funding of one kind or another. The people responsible for spending public money need to know how to manage their budgets, and they need to be able to show value for money.

This course is going to demonstrate how this is done. It will help anyone who has a budget To manage, or anyone who wishes to take up a role where managing budgets is required. We know you're going to enjoy learning with us, especially including the exercises and self development activities. I will now take you through the contents of the course. We will begin with budget monitoring. In this section, we will cover what is the budget and why should it be monitored.

We will take you through the steps in the monitoring process and discuss how to establish actual expenditure along with the importance of monitoring income. We will then go on to commitment accounting. This allows us to account for orders as well. As allocating budgets. Commitment accounting enables budget holders to know exactly how much of the budget they have remaining at any one point in time. variance analysis is a key technique for monitoring budgets.

We will take you through how to calculate a variance and the reasons for variances occurring. We will also outline what you can do in order to control variances. Budget Control drivers gives us an understanding of what actually controls the budget. This is important because it helps to inform the budgetary control techniques we can implement We distinguish between controllable and uncontrollable variances, and identify what type of control actions can be taken. We also introduce a technique of projecting the outcome. This enables budget holders to consider what the budget will look like at the end of the year.

It helps budget holders monitor the control outcomes based on the actions they have taken. Financial Management Information helps to underpin all the activities that we would have covered previously. We look at different types of budget monitoring report, and consider the sorts of monitoring routines and responsibilities budget holders and managers should undertake. At the end, we look at the next steps budget holders can consider In order to continue to increase the skills and abilities in this most important area let's get started. We are sure you're really going to enjoy this course. It will both inform and develop your skills.

And we'll get started on our first topic. Charles is going to take you through it

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