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Some of the issues, I noticed in revising the budget are;
i. Adequate provision for the change in Raw Material/product Cost
ii. Increase in cost due to inflation and,
iii. Volatility of oil prices
iv. Uncertainties of the sales forecast and demand
I have a monthly budget for the expenses expected for the next year
II have to compare, monthly, the actual expenses, year to date, to the budget, to control the expenses if it exceed the budget
The expeditures should be backed up with PSI or unusal asset potential purchases. Accountability of payroll increments should be taken into account especially those based on sales incentives.
Inflation rates in the relevant industry
Current trends in the industry like oil industry is highly volatile nowadays
Past trends and how they will replicate in the current budget
Allowance for budget or deflationary gaps
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