Does anyone here work in budgeting?

[chipy]

i'm getting ready to enter the world of financial matters - specifically, a job with a concentration in budgeting. does anyone here do budgeting specifically? any upsides for a job like this? downsides? i'm interested to hear your personal experiences!

chipy

 

[Cdubneeddeal]

I'm a supervisor for the corporation I work for and basically every supervisor, manager, etc has to work within a budget. I'm not in Finance but I do see our budgets and have to work closely to them.

My biggest issue with budgeting is overtime. My employees think they're top dog and can go over the allotted budgeted overtime hours. They're in for a big surprise when I get to work in the morning.

 

[chipy]

interesting. so the biggest issue in general is staying within the limits once the budget has been formulated. thanx for the input.

 

[Cdubneeddeal]

Thing with budgeting is it's done a year in advance. It's hard to determine a year in advance what kind of output the business will be doing. So you estimate. Unfortunately when production output is higher than what is expected, labor costs increase, material costs increase, power, water, gas, etc, you're going to go over budget which puts a damper on revenue. And when you go over budget, your managers, finance director, stock holders, etc, let you hear it.

I guess what i'm trying to say is budgeting can be hard. And if you budget a certain amount of money per month, quarter, or year and happen to go over it, you're going to feel the strain of the job.

 

[Nebor]

Originally posted by: Cdubneeddeal
Thing with budgeting is it's done a year in advance. It's hard to determine a year in advance what kind of output the business will be doing. So you estimate. Unfortunately when production output is higher than what is expected, labor costs increase, material costs increase, power, water, gas, etc, you're going to go over budget which puts a damper on revenue. And when you go over budget, your managers, finance director, stock holders, etc, let you hear it.

I guess what i'm trying to say is budgeting can be hard. And if you budget a certain amount of money per month, quarter, or year and happen to go over it, you're going to feel the strain of the job.

I'm no accountant, but I remember college managerial accounting. Budget's can be predicted fairly accurately, and they can be setup to scale with increase production as well.

There are accountants out there that do nothing BUT budgeting. You'll work closely with the finance dept. too.

 

[Cdubneeddeal]

Originally posted by: Nebor

Originally posted by: Cdubneeddeal
Thing with budgeting is it's done a year in advance. It's hard to determine a year in advance what kind of output the business will be doing. So you estimate. Unfortunately when production output is higher than what is expected, labor costs increase, material costs increase, power, water, gas, etc, you're going to go over budget which puts a damper on revenue. And when you go over budget, your managers, finance director, stock holders, etc, let you hear it.

I guess what i'm trying to say is budgeting can be hard. And if you budget a certain amount of money per month, quarter, or year and happen to go over it, you're going to feel the strain of the job.

I'm no accountant, but I remember college managerial accounting. Budget's can be predicted fairly accurately, and they can be setup to scale with increase production as well.

There are accountants out there that do nothing BUT budgeting. You'll work closely with the finance dept. too.

So far it's been pretty accurate or under. However, I work in the aerospace field which is up and down quite a bit. During the year the Sales and Marketing team work with our customers to buy more of our Interiors. The promise them a certian time to keep their business and to show them we can do it. Unfortunately they forget how much work is really put into current projects within the shop thus causing costs to rise. I'm sure there's a plus minus percentage that we can go under or over but last year we were constantly at least $5000 over budget per month.