- What is under your scope of practice for budgeting?
Okay, budgeting the cost of the employees of my team. I budget out the equipment we assign to each person. I budget out the software licenses. I also budget out parties and social events. We budget out promotions, bonuses, and recognition.
- How often do you review the budget? Monthly? Yearly? Or more often?
I review the budget monthly.
- What do you feel are the most important things to consider when budgeting?
Probably consider two things: the goals of the company as a whole and the goals of our team.
- How do you determine what areas need to be cut?
I would look at the resource utilization and determine where inefficiencies can be corrected. For example, where certain tasks don’t return that much value. Basically, time is one of the larger things we budget.
- What are your fund-allocation priorities when there isn’t enough money to meet all of the current demands?
Fund allocation priorities go to the team’s core deliverables to our stakeholders.
- What happens when you exceed your budget?
We bring it to a meeting with senior leadership and discuss whether the budget should be expanded or where cuts can be made.
- Who manages your spending? Do you hire an accountant, or do you manage it?
I manage it.
- Who sets the budget for your company? If you, how do you determine what the budget is? Does someone in higher management set the budget?
The budget is determined by senior leaders and myself because I am the only one that knows the real needs of the team. I determine what the budget is because of my experience. That is what helps the most because I know the budget we need for the daily tasks.
- What criteria determines your budget besides employee salaries, facility costs, and materials?
The company’s current growth.
- Do you overestimate when setting up a budget?
NO, I try to be exact- after all, I am an accountant.
- What do you do when you go over budget? Under budget?
Over budget- talk with senior managers as we talked about before. Under budget: I would reassess the current value and determine if we can consistently meet this lower number.
- Do you find that you go over budget, under budget, or meet budget most often?
Meet budget most often.
- If you needed to make budget cuts, what would you cut first? Why?
We would cut resource allocation to discretionary work. Basically, the no-core. Those activities aren’t core to the business. We would like to get to them, but they don’t benefit our stakeholder correctly.
I found that interviewing Connor was helpful to my nursing career because there are a lot of decisions made on the hospital floors due to the budget. It helped me understand the things that would be cut of budget and why they would be cut. It is helpful to understand that managers have the best in mind, but sometimes budget cuts have to be made and as nurses we might be laid off because of it.