JOB DESCRIPTION AND RESPONSIBILITY
KEY RESULT AREA(KRA) & KEY PERFORMANCE INDICATOR(KPI)
finance
Budget Manager Career Guide
Introduction
The budget manager also sometimes referred to as budget supervisors play an important role in any organisation. They are the ones responsible for creating, implementing, and evaluating budgets and cost projections within the business. The Budget manager works in a variety of different environments such as a retail business, a corporation that provides products or services, a hospital, a government entity or any other establishment that spends money.
The projects and accounts that are undertaken and managed in such places have a specific budget, It is the work of the Budget manager to ensure that projects and accounts are managed cost-effectively to maintain adherence to the organization’s financial objectives. Such projects should not take more money than required in the short, medium or even the long term.
Do You Want to be a Budget Manager?
To build a career as a Budget Manager you need to first understand the Job profile and responsibility of the job
This blog gives you a detailed idea of what it is to become a Budget Manager in the Banking and Finance Industry of India.
The budget manager works in an organisation where they have to liaise and discuss the budgeting issues, plans and strategies with a number of people such as the managers, the staff, the head of departments, etc. To get their ideas across the table good quality interpersonal and communication skills are required.
The budget manager’s core job role is to create, assign and track the budget of the organisation and also different departments individually. For this, they have to analyse the accounting books and keep track of the expenditure and available resources. For a budget manager, good math and accounting knowledge are very important.
The ability to reason and take unbiased judgements is very important for a Budget manager to listen to the needs of the department managers and reason with them to provide them with the resources they need but also not spend too much in one place.
The Budget manager needs to analyse the different requirements of all the departments and set the budget accordingly. To do so the Budget manager has to properly study the market and analyse all the risks and opportunities that the investment is subject to.
Job Description
The Budget Manager is required to oversee the business’s budgeting procedures and strengthen relationships with financial stakeholders. In this role, The Budget Manager will be required to analyze the business’s budgets, determine and approve key strategic and growth plans, communicate with external stakeholders, and produce reports on projections, costs, and expenditures.
A successful budget manager should be skilled in negotiations, business strategy, calculating key business indicators, and making financial decisions. To be the best in the business, the budget manager should be a skilled communicator, excellent at relationship building, and able to independently manage the company’s finances. In an ideal situation, they should plan, evaluate, design and implement the company’s budget, ensuring business growth and compliance with the law.
The core objective of the Budget Manager remains constant throughout all the different firms, companies or businesses they might work for, which is to enforce limits on spending to allow a financial process to function properly and gain maximum profits.
Job Roles & Responsibilities
- Interpret budget directives and carry them out
- Manage the annual budget
- Participate in budget discussions with the clients or finance managers
- Preparing many reports relevant to the budget for various departments
- Compiling and analyzing accounting records
- Conduct Research on financial management issues
- Conduct inquiries related to budget issues
- Determines the number of financial resources needed to implement certain programs
- Analyze department budgets to maintain control of expenditures and prepare the budget report
- Consults with managers to ensure that budget changes are made
- Submits ideas for the approval or decline of funding requests.
- Finds ways to improve budget efficiency and increase revenues
- Ensure that budgets are executed in accordance with generally accepted accounting practices and policies.
- Forecast future budget needs
- Design and implement effective budgeting policies and procedures
- Communicate complex accounting concepts and policies to management and staff
Create an Annual Budget for the organisation:
The Budget manager is to create a budget for the organisation to utilise the resources in the best possible way
Manage the annual Budget:
After Creating the budget it is important to manage the budget according to the plan so that the expenses do not go over budget
Analysing accounting reports:
After Creating the budget the budget manager must also analyse the budget, to find out the expenditure in the year and which departments need more money and which one is making more profit.
Operating Expense:
The Budget manager has to analyse all the departments and their needs to keep the Operating Expense at minimum
Optimum use of resources:
The Budget manager has to allocate resources in such a way that the maximum ROI is gained.
Department Morale:
A good budget manager will allocate resources to all the departments equally and on basis of their requirements and merit. Thus keeping good morale.
Work Environment
The Budget Manager is mostly found working in a private office or shared office space. The Office timing may vary but they are usually between, Monday through Friday 8:00 a.m. to 5:00 p.m.
Sometimes there can be certain issues or projects that may require the Budget manager to work overtime, evenings or weekends. The majority of the work is done on a computer and they have to spend much of their time sitting.
Salary Package
The Average Salary for a Budget Manager in India can range somewhere between 5 Lakh to 20 lakh INR per annum.
The Amount may vary through different banks, and cities depending on workflow and workload.
The Budget manager job is not easy. You would have to take important decisions and some people in the organisation might like it, others might not, However, the main responsibility is to see that all the resources are allocated properly and there is no over spending and the organisation maintains profitability. It is a high paying job if you have enough experience in the industry in this role. If you have talent and passion for managing the budget, taking money decisions and everything of that sort, The Budget manager job could prove to be a highly successful career option for you.
Wait. What is WordPress?
How long do I get support?
Do I need to renew my license?
Explore Occupations
Guide to Banking Branch Operations in the Lending Sector
Front Desk Officer
Account Assistant in BFSI Sector
Lending sector of BFSI
Have Doubts??
Explore Job Opportunities
Administration And Finance Manager: Complete Guide
JOB DESCRIPTION AND RESPONSIBILITY KEY RESULT...
Read More
