Budget Monitoring Checklist ( FINANCE )

This checklist is designed to ensure effective monitoring of the budget throughout the fiscal period. It helps in tracking expenses against the approved budget and identifying variances in a timely manner.

• Review Approved Budget

  Ensure you have the most recent version of the approved budget for reference during monitoring.

• Collect Expense Reports

  Gather all current expense reports from departments to compare against the budget.

• Compare Actuals to Budget

  Analyze the actual expenditures against the budgeted amounts for each department.

• Identify Variances

  Note any discrepancies between budgeted and actual figures, highlighting areas that exceed the budget.

• Communicate Findings

  Prepare a summary of variances and communicate findings to relevant stakeholders for discussion.

• Adjust Forecasts if Necessary

  If significant variances are observed, adjust future forecasts and budgets as required.

• Document All Findings

  Keep a record of all findings, communications, and adjustments for future reference and audits.

• Schedule Regular Monitoring

  Establish a schedule for regular budget monitoring to ensure ongoing compliance and adjustment.