It defines the purpose and objectives of the report.
The set of expectations with regard to outcome against the resources allotted makes it more output and performance based with a long-term budget.
It calls for skills and resources like teamwork, critical thinking, resource management and usage of various management tools like bench-marking, SOP and others.
Process of Budget Performance
A budget should be structured with a long-term vision to ensure that outcomes periodically align with objectives laid out by management in quantitative or monetary terms.
There should be identification and classification of individual function based on activity and responsibility so that sufficient resources can be allotted to them.
Bench-marking performance criteria is a critical phase that calls for more detailing and emphasizing on details so that resources are utilized in an optimum manner. This is also emphasized so that management succeeds in focusing on value addition activities.
Structuring financial plans for each of the functions, departments and activities is a must. They must be aligned with a comprehensive financial budget for the company as a whole.
The performance of each activity identified must be evaluated and validated with budgeted performance.
Analyzing and troubleshooting must take place to initiate remedial action if necessary. This step calls for more decision-making skills with agile corrective measures because if the actual results donâ€™t sync with expectations, management may fall way short of its objectives laid out. That could dampen relationships with stakeholders.
Role of a Manager
A finance manager who is presenting and reviewing a budget should be well aware of the constraints a company is facing. There should be well-defined time bound objectives in mind and resources on hand with assumptions phased out in the process. The manager should be able to navigate the company in case of adversities by performing variance analysis and initiating remedial action.
Advantages of a Performance Budget Report
It sets accountability of each activity, department and functionality, thereby eliminating contradiction and pushing the company to work in a unified manner for attainment of goals.
Since a company is proactively conscious to the resources on hand with constraints in force, it can gradually phase out negativity to ensure it is capitalizing on limited resources that can ultimately generate maximum returns.
It brings more transparency with the stakeholders of a company and helps in bridging a long-term healthy relationship.
As the performance parameters are periodically vetted, it enables management to fine tune its course of action.
This helps management be more adaptive and immune to change management.
It consistently helps in uplifting performance of resources in a productive manner.
Disadvantages of a Performance Budget Report
A particular department or functionality may distort figures to ensure they are attaining goals.
At times, if the flexibility is not extended to meet budgeted parameters results may not be favorable.
The success of a budget from its inception and planning to remedial actions lies in the budgeting teamâ€™s skill, competency and ability to follow a disciplined approach.
From the day of allocation of resources to outcomes, the period may be too long and may be difficult to justify results.
The process may result in disagreements among various teams on the basis of priority and resource allocation. It may also set expectations that may dent the chances of meeting budgeted expectations.
It may so happen that since this kind of budget is outcome oriented, the synergy of management is prioritized on certain factors only. Hence, it is more of a quantitative approach and may fail to deliver on the qualitative front.
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