Budgeting and Financial Oversight

Budgeting and financial oversight involve planning and managing money to ensure an organization uses its resources effectively. Budgeting is the process of creating a detailed plan that estimates income and expenses over a period, helping to set financial priorities. Financial oversight involves monitoring actual spending and income against the budget, ensuring funds are used appropriately, and making adjustments as needed. Together, they help maintain financial health, support decision-making, and prevent overspending or mismanagement. This process promotes transparency, accountability, and strategic use of financial resources within an organization.