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  Checklist Guide to Better Budgeting

Introduction to a Checklist Guide to Better Budgeting

The success of the budget programme might well hinge upon proper administration, for the human element is so significant. To help the budget officer of any company in starting and selling a sound budget system, the Committee on Management Planning and Control of the Controllers Institute of America prepared the following checklist of "Do's and Don'ts

The following points should be referred with respect to budgeting policy, organisation and preparation:

A. Budgeting policy

1. Make Use of an organisation or operation chart to depict the functional responsibility of each executive whose activities validate a separate budget.

1. Don't install a budget system if management is not willing to accept or comply with full cooperation.

2. Make sure that the final responsibility for execution of the budget rests along with top management. If top management does not actually desire a budget, and your efforts to promote the principle are unavailing, better discard the thought altogether.

2. Before issuing statements don't fail to secure executive approval of budgets.

3. Adapt the budget procedure to the needs of the organisation, sales expense control, viz. cash requirements, inventories, capital assets, etc.

3. Don't split responsibility, below the level of policy determinations.

4. Keep in mind that it is a basic principle of budgeting process that the preparation of and responsibility for a sound budget rests along with the respective department heads and not along with the budget officer. The budget should always be considered as a consultant or advisor to the operating heads of a business.

4. Don't let the budget be a formation of the budget officer alone. It is fundamentally an operation function of department heads. The budget officer is the coordinator and advisor. Variances from budget are then the responsibility of the department supervisor to describe.

B. Organisation of Budget Department

1. Be correctly staffed for the budgeting job. Judicious expenditures for this department will pay dividends.

1. Don't fail to contain a definite plan for the administration of the budget after it is established.

2. Vigorously and repeatedly sell the values of practical budgeting. Promote it up the line of authority and down the line of authority. Dress it. Design it. Enthusiastically tout it at every opportunity- spoken and written.

2. Don't try to perfect the budget instantly.

3. Don't overlook the exclusive opportunity afforded to the budget director to act like a liaison officer among the several operating and staff departments.

C. Preparation

1. Choose the toughest foreman or division head in the company and sell him on it, then observe the gospel spread.

1. Don't allow anyone on the budget staff to have an indifferent attitude in the direction of budgeting. An enthusiastic attitude is a necessary of a successful budget staff.

2. Express budget aims and plans in writing. Supplement written material along with verbal instructions when needed.

2. Don't fail to circulate and keep an up-to-date budget procedure or budget manual. Consider to it often.

3. Budget accounts have to be corresponding with the established chart of accounts.

3. Don't fail to praise individuals that are responsible for good planning and performance and don't fail to help those whose planning is below par.

4. Prepare master budgets from summaries of departmental budgets.

4. Don't depend completely upon a tailor made budget from a publication. A usual outline of a budget may be presented for a particular industry but

5. Classify expenditures diligently and carefully. Avoid arbitrary allocation of expenses among departments. Generally this form will need an adaptation to your particular requirements.

6. Make the budget simple to accept. Suggest to test or trial run your ideas.

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