Recall – Coursework Example
Recall Budget analysts are very important in assisting an organization to effectively allocate heir financial resources. They help in developing, examine or analyzing and executing budgets as well as making estimations for the financial needs for the near future. Information from the US Department of Labor (2011) indicates that in private sector, their main responsibility is to analyze the budget and seek ways of increasing profits and efficiency. For government organizations, they are mainly concerned with efficient distribution of funds and other types of resources among the various programs and departments.
It is not easy for a first-time budget analyst to execute the above-mentioned roles. They face challenges that require them to adopt some strategies in order to ensure they become effective in their role. One of the strategies I would use as a first-time budget analysts to increase my efficiency is to develop much interest in the operations and programs of the organization and ensure I am very knowledgeable about them. In this way, I will be able to comprehend why each one of them is carried out the way it is done and hence get an insight or rough estimate of their financial requirements.
Another strategy is to utilize statistical and data analysis software to ensure I can compile, review and produce more data and information. In relation to this, I would also use financial analysis software, database and spreadsheets to enhance my understanding of various budgeting options and produce information that is accurate and up-to-date to the agency leaders. The third strategy is to make a constant and periodical monitoring of the budget in order to determine if the allocated funds have been spend as specified and if there were shortages or excesses. This is achieved through the reviewing of the financial records and reports submitted by each department or program. This will form a basis of perfecting budget estimates for the various departments or programs as well as correcting any errors.
US Department of Labor. (2011). Occupational Outlook Handbook ( 2010-11 Ed). Retrieved 7 September, 2011 http://www.bls.gov/oco/ocos003.htm.