For any budgeting plan or mandate to work, there has to be coordination. This means that the upper budgeting department management should be able to keep track of all the ins and outs of money to and from the company’s treasury. This means that even the smallest expenses should be counted, listed, and audited if the company does not want to unnecessarily and unproductively lose any money.
As an employee, the most important thing I would look for when it comes to budgeting would be coordination. So, given the chance to create and submit my own budget proposals for a particular building or property that I am managing, for example, I would use the same budgeting format that the upper budgeting management has used when they released the budgeting forms indicating how large a percentage of the budget employees or individual project managers are allowed to spend for a particular aspect of the property.
This way, it will be easier for both us the employees and the budgeting managers to trace whether all employees and project managers are successfully doing one of the most important parts of their job—to live within the budget given to them and make both ends meet. By using a standardized budget management format, it will be easier to trace who is going out of line when it comes to spending. This will also improve the efficiency of the auditing and later on the entire budget management process because as we have previously mentioned, it will be a lot easier to monitor everything.
The budgeting department and the employees may also work together to automate the some aspects of budget management so that its efficiency can be improved even further. In this case, I am petitioning for additional funding for the 1st quarter of the coming fiscal year for the overhead and operational expenses.
Notice that all other areas are blacked out. This is because I only used this form to ask for additional funding from the head of the budget management department for certain aspects of the project management allocation fund which I think will need additional resources and attention. Nonetheless, whether we will receive the additional funds we requested still lies on whether the general manager will approve our request or not. In summary, using a standardized form can be a good way to simplify the budget allocation, budget requesting, and budget reporting processes.
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