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Are you sure you're on the right track when it comes to your financial budget? Use this checklist to make sure you are

by , 11 July 2014
A financial budget is a financial plan for a future month, quarter, year or any other period.

It helps you plan for the future, stay in control of costs and make better financial and business decisions.

If you want to make sure your company's financial budget's a success, our accounting experts advise you to compare it to this checklist to make sure you're on the right track.

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Compare your financial budget to this checklist to make sure you're on the right track

#1: Is your budget flexible enough to take advantage of new opportunities that arise?

  • Experts at the Practical Accountancy Loose Leaf Service say if you hear yourself saying, 'there's no budget for it', stop! Think about the real goals of your business, for example, increased product diversity.

#2: Do you speak to your staff in person about issues, such as salary cuts, before you put them in the financial budget?

  • Think of the budget as the written instruction after you've communicated any news directly.

#3: Have the relevant teams given input on targets and agreed that their strategies are achievable?

  •  Use your financial budget to coordinate activities in the different departments.

#4: Are the goals realistic and clear?

  • Your staff will be motivated by the financial budget if they understand what you expect from them and their goals are clearly set out in the financial budget.

#5: Does your financial budget measure performance at the right level?

  • You must measure the divisional manager's performance at divisional level. This will keep your staff motivated and working towards their goals.

#6: Do all your staff have a clear picture of their deliverables and budget?

  • You must communicate and use your financial budget properly by keeping a close eye on how you allocate costs each week.

There you have it: Keep this checklist safe so you can ensure your financial budget is on the right track and you can continue to make better financial and business decisions.

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