Page 153 - Budgeting for Managers

9

Tracking

Your Budget

He who has traveled ninety miles of a hundred-mile jour-
ney is best off thinking that he has gone only half the way.
—Chinese proverb
reating our departmental budget and getting it approved is
Cgood work and good management, but it’s really only the
beginning. A budget is just a plan for how we’ll spend money.
During the year, we have to make sure that we’re spending the
money according to the plan. We also have to change the plan
if we need to. We adjust the budget and request a change in
allocated funds if plans change and we spend or need more or
less than expected, so we can get our work done.
In this chapter, we’ll discuss:
• Authorizing and tracking expenses
•Closing a budget period
• Comparing estimated various actual budgets
•Overspending and underspending
• Adjusting the budget
•Reviewing financial statements

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