What Is the Function of a Budget Officer?

Save

A budget officer is a trained professional who works to keep the budget balanced for a company over a set period. The budget officer is responsible for verifying how the funds are being spent, ensuring that the company's plans that require funding are possible within the budget limits and that the annual report for the company is created with truthful and reliable figures. The budget officer is often expected to plan and makes changes to the budget if it needs to improve over time.

Transactions and Verification

  • A budget officer is responsible for managing and analyzing every transaction the company makes. This includes both purchases or general expenses and earnings or sales income. A budget officer must determine the impact of each transaction on the company's financial accounts, as a company should not go into debt due to purchases. He is also responsible for verifying each transaction to ensure it is legitimate and completed.

Accounting Systems

  • A budget officer is also responsible for implementing accounting systems in a company to ensure the transactions, budgets and overall finances are maintained in a consistent manner. The implementation process includes compiling and analyzing the needs of the company through previous accounting data and using the available resources provided by the accounting and financial departments in the company. If the company uses a software program, the budget officer modifies the accounting systems to suit the company's needs.

Monthly Department Budget

  • Each department in a company will have its own budget. A budget officer must analyze each department's budget to ensure there are enough available funds to operate each month. If not, the budget officer must consult with the department managers to see how budget adjustments can save funds during a single month to stay on track. These modifications ensure the budget remains steady, so the long-term financial planning for the department and company are not affected.

Annual Reports

  • A company must write an annual report once a year to reflect on the past year's financial status. The annual report includes budgets for all of the expenses, purchases and salaries paid to keep the business operative, and all of the income statements that show how much the company has earned. The budget officer's responsibility in this regard includes examining the budgets in the report for completeness, figure accuracy and check to see if the annual report meets with the company's financial procedures and regulations.

References

Promoted By Zergnet

Comments

You May Also Like

  • Job Description for an Administrative Officer

    Larger organizations often have intricate hierarchical structures of management that are responsible for overseeing the operations of an organization, especially in the...

  • Budget Officer Job Description

    Budget officers (or budget analysts, as they're also called by the U.S. Bureau of Labor Statistics) are executives that are responsible for...

  • How to Create an Office Budget

    No matter what type of business you own, you must understand what it takes to run an office and prepare a budget...

  • What Are the Functions of a Budget Committee?

    A budget committee is a collection of individuals who come together to discuss, plan and improve a budget that serves a greater...

  • What Is an Accurate Budget?

    A company's budget, sometimes referred to as its financial forecast or plan, is a prediction of the expenditures necessary to operate the...

  • Relationship Between Objectives & Budgeting

    The professional objectives of a given company often are classified as the goals of the business. Objectives can be both long-term and...

  • Duties of a Chief Executive Officer

    Chief executive officers, or CEOs, are often the figures most closely associated with the business they run. However, no CEO operates autonomously....

  • Hospital CFO Duties

    Hospital chief financial officers (CFO) oversee the financial operations of a hospital and all of its departments. These officers make sure that...

  • Accounting Officer Duties

    Accounting officers work for private and public organizations, where they ensure the integrity and reliability of financial information. Their work involves supervising...

  • Operations Officer Duties & Responsibilities

    Usually employed by larger financial corporations that handle commercial loans, automobile loans and corporate investments, an operations officer is responsible for a...

  • The Disadvantages of Appointing a Chief Information Officer

    The chief information officer, or CIO, oversees all computer and other information technology systems in a company. The job requires the CIO...

Related Searches

Check It Out

Are You Really Getting A Deal From Discount Stores?

M
Is DIY in your DNA? Become part of our maker community.
Submit Your Work!