Budget Variance

Budget Variance

In accounting, the difference between the estimated and actual cost of a project or other operation. See also: Budget report.
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Learning from an audit budget usually occurs after the audit, during budget variance analysis.
It can also be integrated with Apptio Cost Transparency for budget variance analysis, data-driven budget justifications, and financial benchmarking.
The manager then should be evaluated on a sort of prorated standard to extract the uncontrollable components from the budget variance.
5 million positive budget variance in wage tax revenues, and expenditures are tracking close to budget.
Each pair of variances can be added together to get a flexible budget variance for that material, and the 10 flexible budget variances can be added together to get the total $144,395 direct materials variance.
Two related techniques can help keep the financial ship of state on course: cash flow analysis and monthly budget variance analysis.
They may hear terms such as budget variance, vacancy loss and NOI; but they are never told what those words mean, how the concepts work or how the maintenance staff can influence them Consequently, they may go about their routines until they unknowingly exceed budget.
In practice, however, decisions on budget variance correction must be taken in a wider context in the light of the pursuit of innovation, which implies a degree of inefficiency, and also of unexpected financial requirements.
Long-term care administrators are familiar with monitoring their budgets, and they soon learn from experience that some sources of undesired budget variance (such as cost overruns or revenue shortfalls) can be controlled and others can't.
Enhancements to PeopleSoft's CFO Portal includes 30 additional key performance indicators and financial views including Projected Capital Activity to Plan, Operating Budget Variance, Receivables Aging Summary and Bad Debt Write-off by Customer.
Account Description 2002 Budget Variance Actual Net Sales 950 1000.