In your new position it will be important for you to understand various financial ratios and reports. How to avoid headaches connected to creating a budget? Look at these tips from the about.management.com website.
1) Learn right from the start
When you are completely new to an activity you have never done before, it is the perfect time to ask even some “stupid” questions. It is always better to ask immediately rather than wait until someone finds out you have made mistakes. Consult your manager or your predecessor and also be willing to spend some time with someone from the finance department of your organisation. The person concerned may be even flattered that someone is interested in their experience and expertise.
2) Take a course in finance for non-financial managers
You might check out what your local colleges and universities are offering as courses for executives. Perhaps there is such a course prepared by your corporation. You can also always discuss your needs with your HR or training departments, who may even arrange such a course for you.
3) Be a team player
Take an interest in the budget of your manager because even if you are responsible for your own budget, you are still a part of a larger entity. When there is a desperate need for some resources in another department, be proactive and offer help to your peer manager if you have some surplus money available. You will be seen as a strategic and collaborative partner.
4) Track your expenses on a monthly basis
If necessary, make proactive corrections. Don’t expect that someone will warn or stop you if you are exceeding your budget. You yourself should be aware of how much money you have already spent. Be accountable, measure your spending and report to your manager without being asked. Both of you need to remain informed.
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