Budgeting
Support, prepare, forecast, and manage the budget for a specific organisation, period of time and/or project, in order to create a financial plan.
Type
Functional
Competency Area
Budgeting
Levels
Supports the budgeting process
Supports budget process through data collection and data entry
Recognises internal and external sources of information used for preparing the budget
Identifies internal financial systems and their uses
Understands the budgeting process
Supports budget process by analysing historical revenues and expenses to forecast income and expenditure
Demonstrates purpose and use of budgeting for planning, coordinating, authorising, and cost control
Identifies legal and regulatory requirements associated with budget execution
Anticipates budgeting requirements
Anticipates and calculates independent sections of the budget using historical data Identifies priorities and mandates, and links them to potential issues in the budget Demonstrates knowledge of budgeting methodologies that can be used to maximise resources within legal and regulatory requirements
Prepares budget
Prepares different types of budgets using historical data, forecasting techniques, and plan assumptions
Integrates information from various stakeholders into the budget
Recommends budgeting methodologies keeping in mind legal and regulatory requirements
Manages budget
Designs, reviews, and adapts the budget to reflect changing environments
Provides strategic input from a budgetary standpoint
Understands and reports complex budgets to stakeholders in a clear and appropriate format