The budget monitoring and control online assessment can assess how well your staff are able to monitor and control their budgets. This knowledge is fundamental to effective financial management. Budget monitoring requires an accurate base budget to compare with actual expenditure. Budget monitoring needs to be undertaken on a regular basis. However, this is not always the case. Staff responsible for budgets should all have a base level of skill and ability in this area and be able to take control of their budgets.
Organisations wishing to achieve value for money from their resources need effective budget monitoring and control. Our online assessment in this area is an excellent tool for organisations to use to identify and improve their staff skills. It is one of a range of online competency assessments available.
Bespoke assessments can also be developed to target specific areas of staff knowledge required by the organisation.
The budget monitoring and control online assessment provides access to our assessment tool; three attempts at our online questionnaire; and a feedback report showing the level of competency achieved in two areas – underpinning knowledge and practical application. A free trial of the online competency assessment tool is available.
The topic areas covered in the assessment includes:
• Budget Monitoring Process
• Income and Expenditure
• Commitment Accounting
• Variance Analysis
• Calculating Variances
• Reasons for Variances
• Taking Action to Control Variances
• Monthly Monitoring Routines
• Projecting Outturns
• Financial Management Information
• Budget Monitoring Reports