Reviewing & Controlling Costs

How can you use your financial records to review and control costs when setting a budget? This session showcases two areas to be concerned with in preparation of preparing a budget, income and expenditure. 

So for income, compare your actual income with your projected monthly sales and of course, analyse reasons for any shortfall like lower production volumes, flat markets and underperforming products. Don’t ignore expenditure, review that against your budget on a monthly finance review, it’ll help you predict future costs with greater reliability. The key thing for reviewing and controlling costs is being aware of how costs and sales, for instance, might’ve changed.

Learning outcomes:

• Understand the different between income and expenditure
• Establish why it is so important to keep financial records up-to-date
• Identify what information you need to create or take over a budget