The job description of a budget manager involves the preparation, allocation and expenditure of a budget. The manager may work for a retail business, a corporation that provides products or services, a hospital, a government entity or any other establishment that spends money.
The main job of the budget manager is to enforce limits on spending to allow a financial process to function properly with maximum profits being the ultimate goal.
Essential Duties and Responsibilities of a Budget Manager
- Interprets budget directives and carries them out.
- Manages the annual budget.
- Participates in budget discussions.
- Prepares many reports relevant to the budget for various departments.
- Compiles and analyzes accounting records.
- Researches financial management issues.
- Responds to inquiries related to budget issues.
- Determines financial resources needed to implement certain programs.
- Analyzes department budgets to maintain control of expenditures.
- Directs the preparation of budget reports.
- Consults with managers to ensure that budget changes are implemented.
- Submits recommendations for the approval or decline of funding requests.
- Finds ways to improve efficiency and increase revenues.
- Ensures that budgets are executed in accordance with generally accepted accounting practices.
- Complies with state and federal laws and rules of regulatory agencies.
- Analyzes trends affecting expenditures and adjust budgets accordingly.
- Examines budgets for accuracy and compliance with rules and regulations.
- Performs cost-benefit analyses on all programs.
- Matches appropriations with specific programs.
- Approves distribution of emergency funds.
- Provides technical assistance with cost analysis.
- Communicates with management about budget issues in the various departments of a company.
- Answers and is accountable to the chief financial officer.
- Supervises purchasing and grants management.
- Reviews all budget amendments, strategic plans and performance measures.
- Implements and manages budgetary policies and procedures.
- Monitors revenue.
- Makes revenue predictions based on current economic data.
- Conducts presentation of budget analysis before an organization’s leadership.
- Generates budget explanations using spreadsheets and graphic illustrations.
Required Knowledge, Skills and Abilities
- Must possess exceptional math skills.
- Must have excellent verbal and written communication skills.
- Must have excellent interpersonal skills.
- Must have good computer skills and an understanding of budget and finance software.
- Possess superior analytical skills.
- Good reasoning and judgment skills are essential.
- The ability to multi-task and work on several different projects at the same time is preferred.
- Must have a clear understanding of accepted accounting practices.
Education and Experience
- Bachelor’s degree in Finance, Accounting, Business, Public Administration or other business-related field.
- Master’s degree in Business Administration or Economics.
- Previous experience working with budgets in a finance department.
- Continuing education hours must be taken each year.
- Certified Budgeting Professional designation.
- Time is spent primarily in a private office or shared office space.
- Must work regular hours of Monday through Friday 8:00 a.m. to 5:00 p.m.
- Must be able to work evenings or weekends during certain periods of a fiscal year.
- Must be able to spend many hours looking at a computer screen.
- Must be able to spend long hours sitting without much opportunity for walking around.
- Average salaries range from $50,000 to $120,000 depending on the size of the company.