Preparing organisational budgets to support short and long-term business plans through forecasting, allocation and financial policy setting



Competency Area

Investment and Financial Management


Prepare business unit’s operational budgets

Analyse business function strategies, functional objectives and operational plans

Carry out forecasting and budgeting for the financial year

Calculate the business unit’s cash flow requirements

Determine the business unit’s financing needs for the financial year

Compare budget data with estimations to highlight discrepancies

Report budget calculations and discrepancies to organisation management to facilitate decisions on budget allocation

Ensure adherence to financial controls in accordance with relevant organisational corporate governance and financial policies, legislation and regulations

Manage budgeting and forecasting for annual financial and business planning

Recommend parameters and assumptions for budget forecasting in accordance with organisational needs and market conditions

Prepare financial forecasts to facilitate financial and business planning

Implement budget plans to manage resource allocation to business activities

Manage actual budget to enable financial operation n to be measured against forecasted business plans

Monitor budget outcomes to ensure proper utilisation and accounting of resources against their intended purposes

Present financial forecasts, budgets and budget outcomes to immediate supervisors for review and approval

Develop long-term financial plans and budget requirements

Determine short-term and long-term financial needs to assess current financial situations

Formulate financial plans aligned to overall organisational strategies

Allocate budget resources in accordance with organisational financial plans

Review financial forecasts to anticipate changes in business and operational circumstances

Review draft budgets in accordance with organisational guidelines

Monitor and evaluate actual expense figures against budget to identify and address variances

Report findings, recommendations and options to organisation management for review in accordance with organisational policies