SITXFIN004: You Will Learn The Process Of Drafting And Finalizing A Budget Through Examining The Influence: Prepare And Monitor Budgets Assignment, VU, Australia
|University||Victoria University [VU]|
|Subject||SITXFIN004: Prepare And Monitor Budgets|
If you have completed SITXFIN004 Prepare and Monitor Budgets, you learned about
different types of budgets and how to manage them. This unit takes this process a
a step further by teaching you how to analyze financial information, then create and
monitor budgets. You will learn the process of drafting and finalizing a budget through
examining the influence of internal and external factors, negotiating with relevant
personnel, and reflecting organizational policies and procedures.
Budgets are a forecast or a projection of future earnings and expenditure over a period
of time and can also be referred to as a financial plan, forecast, or target. Having a
robust understanding of an organization’s goals will assist in creating an attainable
budget whether for a project, department or the business as a whole.
Prepare Budget Information
Before a budget can be developed and implemented there must be an understanding
of exactly what it will detail and the period of time it will cover. Budgets should always
align with operational goals and discussions should be held with the appropriate
people before implementation.
The first stage of developing any budget is to determine the scope and nature of it.
The scope is the range of the area or subjects the matter that something deals with or to
which it is relevant. The nature of a budget is its features, character, and qualities.
Different budgets will have different scopes,, For example, it may be to increase
revenue through sales and revenue generation, it could be a budget to decrease
expenses and outgoings, or it may be to expand the products or services being
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