Budgeting the plan
A budget is an essential tool for financial management and good governance.
Effective organisations prepare and work to annual budgets, which may be made up of several sub-budgets (department budgets or budgets set against specific projects or programmes).
Once the budget is formulated, agreed by senior management and approved by the board or management committee, it should underpin the work of the organisation.
Monitoring and evaluation takes place at regular intervals throughout the year and the effect of deviations are reported and acted upon in the best interests of the organisation.
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