Budget for financial needs

Description

Observe the status and availability of funds for the smooth running of projects or operations in order to foresee and estimate the quantity of future financial resources.

Alternative labels

budgeting financial needs
estimate financial needs
calculate financial needs

Skill type

skill/competence

Skill reusability level

cross-sector

Relationships with occupations

Essential skill

Budget for financial needs is an essential skill of the following occupations:

Mergers and acquisitions analyst: Mergers and acquisitions analysts oversee the execution of transactions for the purchase, sale, merger or takeover of companies. They negotiate and complete the deal on the client’s behalf, by working closely with lawyers and accountants. Mergers and acquisitions analysts conduct operational and legal risk assessments of a company, assess comparable companies in the market and help with the post-merger integration.
Financial planner: Financial planners assist people dealing with various personal financial issues. They are specialised in financial planning, such as retirement planning, investment planning, risk management and insurance planning, and tax planning. They advise a strategy tailored to the client’s needs. They ensure the accuracy of bank and other financial records while maintaining a customer-orientated approach and following ethical standards.
Supply chain assistant: Supply chain assistants work closely together with managers in the operations processes, namely purchasing, manufacturing, and distribution processes. They help with administrative and pragmatic follow up of actions such as invoicing, drafting and preparation of contracts and purchasing orders, reconciliation of inventory against documents, and communication with distribution channels.

Optional skill

Budget for financial needs is optional for these occupations. This means knowing this skill may be an asset for career advancement if you are in one of these occupations.

Credit analyst: Credit analysts investigate credit applications from customers and evaluate if the applications comply with regulations and guidelines of the financial loan-granting institution. On the basis of credit analyses they advise financial institutions whether customers are loan worthy. They perform tasks such as collecting data on the loan applicant, aquire additional information from other departments or institutions and indicating what sort of agreements the financial institution should reach with the credit applicant. Credit analysts also follow up on the development of the credit portfolio of clients.
Credit adviser: Credit advisers offer guidance to customers related to credit services. They assess the customer’s financial situation and debt issues arisen from credit cards, medical bills and car loans in order to identify optimal credit solutions for customers and also provide debt elimination plans to adjust their finances if needed. They prepare qualitative credit analyses and decision-making material in respect of defined customers in conformity with the bank’s strategy on credit policy, ensure the credit quality and follow up on the performance of the credit portfolio. Credit advisers also have expertise in debt management and credit consolidation.
Financial manager: Financial managers handle all the matters in reference to the finance and investments of a company. They manage financial operations of companies such as the assets, liabilities, equity and cash flow aiming to maintain the financial health of the company and operative viability. Financial managers evaluate the strategic plans of the company in financial terms, maintain transparent financial operations for taxation and auditing bodies, and create the financial statements of the company at the end of the fiscal year.
Credit manager: Credit managers oversee the application of credit policy in the bank. They decide the credit limits to be imposed, the reasonable levels of risk accepted and the conditions and terms of payment made to the customers. They control the collection of payments from their customers and manage the credit department of a bank.
Budget analyst: Budget analysts monitor the spending activities of public and private institutions and companies. They prepare budget reports, review the budget model used in the company and ensure compliance with the budgeting policies and other legal regulations.
Venture capitalist: Venture capitalists invest in young or small startup companies by providing private funding. They research potential markets and particular product opportunities to help business owners develop or expand a business. They provide business advice, technical expertise, and network contacts based on their experience and activities. They do not assume executive managerial positions within the company, but have a say in its strategic direction.
Pet sitter: Pet sitters provide animal-sitting services including dog walking, home-boarding, pet/home sitting, day boarding and animal transportation services.  They maintain records, use appropriate and safe handling techniques and do routine monitoring of the health and welfare of the animal.
Live animal transporter: Live animal transporters provide transport and transfer for live animals, including the monitoring of the health and welfare of animals, the planning of, and preparation for journeys, loading and unloading of animals, according to national and international legislation.

Investment analyst: Investment analysts undertake research to make informed recommendations to fund managers. They research investments globally but depending on the nature and field of their employer they can specialise in fields like retail, infrastructure, energy, banking and financial services. They focus on financial and economical information such as the political and economic developments that can impact financial markets, the financial performance of the target companies and use the interpretation of data from different sources to understand how it affects investment decision making.
Operations manager: Operations managers plan, oversee and coordinate the daily operations of production of goods and provision of services. They also formulate and implement company policies and plan the use of human resources and materials.
Programme manager: Programme managers coordinate and oversee several projects working simultaneously. They ensure workability and compatibility among projects ensuring that overall, each one of the projects under the management of project managers, turn out profitable and leveraging one to the other.
Animal trainer: Animal trainers train animals and/or animal handlers for general and specific purposes, including assistance, security, leisure, competition, transportation, obedience and routine handling, entertainment and education, in accordance with national legislation.

 


 

References

  1. Budget for financial needs – ESCO

 

Last updated on September 20, 2022