Periodic Budget Review

If a client’s engagement includes monitoring performance against a budget, these steps show what that process might look like. This is not a ‘one size fits all’ solution – but an example of what this process might look like. Make adjustments as may be appropriate for each situation.

• Schedule budget review meeting with client. Create a recurring appointment on your and the client’s calendars to help ensure we stick to the agreed upon schedule.
• Prepare Budget v Actuals reports for the appropriate time frame (monthly, quarterly, etc) in whatever format the client has approved. Review and research any possible coding mistakes or anything that doesn’t look quite right in the books prior to sending to client.
• Review report and note any variances of more than 10% (or whatever threshold you and the client decide upon).
• Research these variances and document findings to review with client. Be able to inform the client as to what caused the variances. Consider any recommendation we could make to help prevent future overages (enforce spend policies, identify vendor with better pricing, update budget).
• Conduct budget review meeting with client. Specifically review the variances identified above and any recommendations, listen to client’s feedback and determine whether a modification of the plan may be warranted.
• Perform any action items identified / assigned in the review meeting. Assign tasks in the practice management system.
• Confirm date for next meeting.