Budget and Financial Management

Budget and Financial Management

Introduction

Budgetary and financial management acts as central pillar to the economic and public sector reforms programs across many countries around the world. Given the growth in the need for transparency, accountability, and service delivery and the growing challenges for the fiscal crisis and budgetary shocks, there is a great need for an improved budgetary process and the innovative financial management method is particularly critical in the developing and emerging economies. According to Hughes (2012), a budget program is designed to provide the skills required for the budget systems and contribute to strengthening the management of the public finance in nations worldwide.

Jobs That Budgetary and Financial Management Professionals May Perform In the Public Sector

Budget analysts: They evaluate budget proposals from government departments, determine fund availability, forecast future financial needs, and carry out a comparison of previous years data to determine whether government or its unit is fiscally responsible.

Financial manager: They supervise budgeted creation, and prepare statements, reports, and financial forecasts of the department. The financial manager needs to understand the public sector as a whole and have ability to read trends, navigate various legislations and forecast challenges.

Finance controller: They prepare special reports, which are required by different regulatory authorities in the public sector, and they oversee preparation of financial reports, and supervise budget, audit, and accounting departments (Van et al., 2015).

How These Types of Jobs Are Similar To the Prevailing Theory within the Field of Financial Management

The public sector……………………………………

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