A budget is the plan for the whole organisation expressed in terms of money.
Budgeting, falls under the planning financial foundation stone, and is important for the financial health of all organisations.
Your organisation should have an annual budget for the whole organisation but you may also need to budget (or cost) for a funding bid or a project within the organisation.
Budgeting – Action Checklist
- Start planning in good time
- Consult stakeholders (staff, committee, members)
- Prepare a clear plan of what the organisation will do
- Work out costs for continuing work based on current year’s figures
- Work out costs for new work by researching similar projects
- Double-check salary costs
- Think creatively about sources of income
- Check likely grants from funders
- Compare income with expenditure and adjust if necessary
- Present budget to committee for approval
- Compare budget with actual figures throughout the year
If you are still asking yourself questions:
- Why do I need to produce a budget?
- How do I produce a budget?
- When should I create a budget?
- How do I use a budget?
Help with budgets and more...
A range of services provided by WYCAS (West Yorkshire Community Accounting Service) are available to help your organisation with its budgeting, including a Budgeting: Good Practice Guide. To find out more contact WYCAS.
“The WYCAS budgeting course was really great for someone like me who needed a realistic view on finances and budgeting.”
West Yorkshire Theatre Network