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.
•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.