Controlling a Budget
What is budget control?
Budget control is the process in which you compare actual costs, revenues and outcomes with those initially forecast, taking corrective action and implementing changes where required to stay within budget. The main purpose of budget control is to drive profitable spending to achieve desired results and outputs, highlighting what is required to maximise profits or service levels to manage finances effectively. As a future practice owner, your role will involve implementing budgetary policies, forecasting or accessing long-term budgets for your practice, and taking accountability for initiating action when problems are identified to address them in good time.
Budegt Control SKills
Gathering and using information
Understanding warning signs
Decision making
Monitoring results
Future Practice Owner.
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