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Last updated on 2024年10月7日

What are the main differences between budget monitoring and financial management?

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本文章的要点总结

Distinct roles:

Budget monitoring is like taking a regular health check for your project's finances, catching any issues early on. Financial management is the overall diet and exercise plan, aiming for long-term fiscal fitness.
Strategic vs. tactical:

While budget monitoring gets into the nitty-gritty of each expense, financial management steps back to see the big picture, steering your organization towards its financial goals with informed decisions.

本摘要由 AI 和以下专家提供支持

Sajda A.

Subaward and Compliance Officer |…

1 What is budget monitoring?

Budget monitoring is the process of tracking and reviewing the actual income and expenditure of a project or organization against the planned budget. Budget monitoring helps you to identify any deviations, risks, or opportunities that may affect the performance or sustainability of your project or organization. Budget monitoring also helps you to report on the financial status and progress of your project or organization to stakeholders, donors, or auditors.

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Douglas Kwenda

Financial Analyst
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Scope Budget Monitoring: Focuses specifically on comparing actual financial results to the planned budget Tracks variances between budgeted and actual revenues, expenses, and other financial metrics Financial Management: Encompasses a broader range of financial activities and processes. Includes budgeting, but also covers areas like accounting, financial reporting, investment management, risk management, etc. Purpose Budget Monitoring: Aims to ensure adherence to the approved budget. Identifies deviations from the budget to enable corrective actions Financial Management: Focuses on optimizing the organization's financial performance and position. Makes strategic financial decisions to support long-term goals

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Matthew Needham FCPA

Strategic Leader | Speaker | Author | Mentor | Accelerating Organisational Performance through Culture, Change & Strategic Prioritisation | Award-Winning CFO
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Budget monitoring entails the process of tracking, analysing financial activities in comparison to prior budgets. During budget monitoring the reports must be examined monthly and action must be taken when there is a significant variant. They are four steps of preparation, authorisation, execution and accountability. This monitoring is important as it allows the business to access the effectiveness of budget implementation and making informed decision, so the business can be financially stable.

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Dr. Kumar K - MD (AM), MPC, PGPC

As a Holistic Mental Health & Wellness Coach, I empower individuals and businesses to navigate challenges, optimize performance, achieve goals through personalized guidance, mentorship, therapy, and strategic consulting.
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It compares actual spending to the budget, highlighting variances. Financial management, on the other hand, is the steering wheel. It encompasses the entire financial landscape, from planning and budgeting to monitoring, analysis, and decision-making. While monitoring is essential for control, financial management provides strategic direction. Think of it as the difference between checking your car's speed and deciding where to drive next.

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Dr. Kumar K - MD (AM), MPC, PGPC

As a Holistic Mental Health & Wellness Coach, I empower individuals and businesses to navigate challenges, optimize performance, achieve goals through personalized guidance, mentorship, therapy, and strategic consulting.
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Budget monitoring is the rearview mirror of finance. It tracks spending against a set plan. Think of it as checking if you're staying within your monthly grocery budget. Financial management is the GPS. It's about charting a course, making strategic decisions, and ensuring long-term financial health. It's like deciding whether to invest in stocks or bonds for retirement. ? Budget monitoring is reactive, focusing on past spending. Financial management is proactive, shaping future outcomes. While both are crucial, financial management provides a broader perspective, driving growth and sustainability.

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2 What is financial management?

Financial management is the process of planning, organizing, directing, and controlling the financial resources and activities of a project or organization. Financial management involves setting financial goals and strategies, preparing and managing budgets, accounting and reporting, auditing and compliance, and ensuring financial sustainability and accountability. Financial management helps you to achieve your project or organization's objectives and mission, and to optimize the use of your financial resources.

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Carlos Roberto Kassai

Software: SBPL - Strategic Budget Plan | Planejamento Or?amentário | Custos | Pricing | Relatórios Gerenciais | Capacita??o em Controladoria e Finan?as
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Costuma-se haver confus?o entre gest?o financeira, que s?o os recursos disponíveis de caixa, bancos; com gest?o econ?mica, que é lucro. Devemos balancear os prazos médios de pagamentos com os prazos médios de recebimento, preferencialmente na média pagar depois que receber. Caso a média seja pagar antes de receber, poderá haver lucro sem caixa. CUIDADO. Até o EBITDA pode ser questionado, com isso. A palavra lucro é muito forte, e em minha opini?o nos critérios contábeis, deveria tratado também os prazos médios.

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3 How do they differ?

Budget monitoring and financial management differ in several ways, such as scope, frequency, purpose, and skills. Budget monitoring focuses on comparing the actual and planned budget and is usually done periodically, while financial management covers the whole cycle of financial planning, execution, and evaluation and is a continuous process. Furthermore, budget monitoring aims to measure and report on the financial performance and status of a project or organization, while financial management aims to plan and manage the financial resources and activities. In terms of skills, budget monitoring requires data analysis, variance analysis, reporting, and communication; financial management requires budgeting, accounting, auditing, compliance, and strategic thinking.

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Alex Satinsky
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I think the biggest difference is how they are viewed. Budget Management tends to be more focused on internal use, whereas Financial Management tends to be more externally focused. Financial Management includes what would be reported to external parties, whether customers as part of their due diligence of their suppliers financial stability, to the markets for publicly traded companies, and to regulators.

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Michelle Kovalski

FP&A| Modelagem Financeira |Controladoria| | Budget| Custos| Tesouraria | Entusiasta de IA| CNV| Entusiasta em disseminar o conhecimento | Eterna estudante
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Monitoramento or?amentário é acompanhar os dados reais versus o or?amento do ano corrente, e analisar as principais varia??es. Gest?o financeira é algo um pouco mais abrangente. Envolve estratégias de planejamento financeiro de LP, cria??o de novos cenários, gest?o de riscos, aloca??o de recursos. Ambos s?o importantes e devem ser acompanhados/ajustados.

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Carlos Roberto Kassai

Software: SBPL - Strategic Budget Plan | Planejamento Or?amentário | Custos | Pricing | Relatórios Gerenciais | Capacita??o em Controladoria e Finan?as
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No longo prazo ambos s?o semelhantes, mas no curto e médio prazo se diferem nos prazos. Na minha opini?o ambos devem ser balanceados, come?ando com prazos médios de pagamentos igual ou maior que os prazos médios de recebimento. Fazendo isso, o or?amento (econ?mico) também garantirá a gest?o financeira.

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Kerry Wright

Successful Project and Programme Manager Experienced in Driving Strategic and Transformational Change
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Budget management is a more locally devolved activity and should be closely aligned with operational/project management. At budget management and monitoring level, any changes will be clearly understood through the lens of (and aligned with) operational or project goals. Financial management is slightly removed from this day-to-day detail and is focussed on overall financial performance, adhering to accounting/audit processes and usually requires specialisation.

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4 How do they relate?

Budget monitoring and financial management are not mutually exclusive, but rather complementary and interdependent processes. Budget monitoring is an integral part of financial management, as it provides feedback and information that can inform and improve financial planning and decision making. Likewise, financial management is the foundation of budget monitoring, as it provides the budget framework and guidelines that enable budget monitoring. Budget monitoring and financial management work together to ensure the financial health and success of a project or organization.

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Michelle Kovalski

FP&A| Modelagem Financeira |Controladoria| | Budget| Custos| Tesouraria | Entusiasta de IA| CNV| Entusiasta em disseminar o conhecimento | Eterna estudante
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Ambos precisam ser acompanhados, porque est?o relacionados. O monitoramento or?amentário é uma parte crucial da gest?o financeira, que, por sua vez, abrange uma camada mais ampla de atividades voltadas para a saúde financeira e o sucesso estratégico de uma organiza??o.

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Carlos Roberto Kassai

Software: SBPL - Strategic Budget Plan | Planejamento Or?amentário | Custos | Pricing | Relatórios Gerenciais | Capacita??o em Controladoria e Finan?as
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Eles s?o semelhantes somente no longo prazo. No curto e médio prazo, eles podem ser diferentes devido ao regime de competência (contabilidade) e regime de caixa (Fluxo de caixa). Podemos dizer que ambos s?o, como irm?o, que podem andar juntos lado a lado, no entando a qualquer momento podem seguir rumos diferentes. O bom resultado empresarial se abrange na administra??o de ambos.

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5 How to improve them?

Budget monitoring and financial management are skills that can be improved with practice and learning. To do this, you should use appropriate tools and systems such as spreadsheets, accounting software, or online platforms. Additionally, you should follow the principles and rules of financial management and budget monitoring, like accuracy, transparency, consistency, and accountability. It is also important to seek feedback and support from your colleagues, managers, stakeholders, donors, or auditors to learn from their insights and suggestions. Lastly, keep learning and updating your knowledge and skills on budget monitoring and financial management by taking courses, reading books or articles, or attending workshops or webinars.

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Carlos Roberto Kassai

Software: SBPL - Strategic Budget Plan | Planejamento Or?amentário | Custos | Pricing | Relatórios Gerenciais | Capacita??o em Controladoria e Finan?as
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Use da melhor forma possível as ferramentas que tiver ao seu alcance. Mas, por detrás, parametrize os critérios contábeis e também financeiros. A jun??o destes, tornam o cérebro eletr?nico coach, direcionando o caminho certo para a boa saúde empresarial

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6 What are the benefits?

Budget monitoring and financial management are beneficial for your project or organization, as they can help you to achieve your goals and objectives, enhance your performance and efficiency, demonstrate your impact and accountability, and increase your credibility and trust. By planning and managing your financial resources and activities effectively, you can ensure that you have enough funds and capacity to deliver your outputs and outcomes. By tracking and reviewing your income and expenditure against your budget, you can identify any gaps, issues, or opportunities that may affect your performance or efficiency. Furthermore, by reporting on your financial status to stakeholders, donors, or auditors, you can demonstrate your impact and accountability. Finally, by following best practices and standards for budget monitoring and financial management, you can build positive relationships with stakeholders, donors, or auditors.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Carlos Roberto Kassai

Software: SBPL - Strategic Budget Plan | Planejamento Or?amentário | Custos | Pricing | Relatórios Gerenciais | Capacita??o em Controladoria e Finan?as
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O Or?amento pode ser econ?mico (lucrativadade e valuation) e financeiro (fluxo de caixa. Convém, na minha opini?o, integrá-los sempre. Acompanhar as variáveis controláveis (custo, despesa e investimento) perante a receita de venda, pode garantir a lucratividade, e por detrás dos prazos médios (pagamento e recebimento), pode garantir o caixa. De autoriza dos pesquisadores de nossa empresa, criamos um Plano de Contas Contábil (econ?mico), com um nível a mais: o Fluxo de Caixa (gerando as respectivas partidas dobradas também em regime de caixa). Isto torna a contabilidade econ?mico-financeira!

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Carlos Roberto Kassai

Software: SBPL - Strategic Budget Plan | Planejamento Or?amentário | Custos | Pricing | Relatórios Gerenciais | Capacita??o em Controladoria e Finan?as
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Na minha opini?o o Or?amento deve abranger tanto a gest?o econ?mica, apontada no DRE e Balan?o Patrimonial, quanto a gest?o financeira, apontada no fluxo de caixa, que s?o as disponibilidades reais de caixa. Elas s?o interdependentes apenas nos prazos (pagamento e recebimento), que balanceados podem andar juntas. As regras contábeis n?o levam em considera??o o balanceamento dos prazos, dexando o EBITDA questionável.

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What are the main differences between budget monitoring and financial management?

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1 What is budget monitoring?

2 What is financial management?

3 How do they differ?

4 How do they relate?

5 How to improve them?

6 What are the benefits?

7 Here’s what else to consider

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