Sometimes there may be required a bigger budget than initially estimated. For these cases there has to be made an additional budget request, where a lot of information has to be collected in order to release the budget. This should be made as fast as possible to prevent delays. By automating this process you can save valuable time and human resources as well.
Use the process template as it is or adjust and extend to your individual needs.
The Additional Budget Request Process is a critical aspect of financial management in any organization. It is the process of requesting and obtaining additional budget when the existing budget is no longer sufficient to meet the needs of the organization.
This process seems like ping-pong between the Process Owner and the Financial Department:
- The process begins when the Process Owner determines that additional budget is required. The Process Owner then provides general details about the budget request to the Financial Department.
- The Financial Department then reviews the budget request and obtains the necessary details to make an informed decision.
- If the request is approved, the Process Owner requests the budget transfer from the Financial Department.
- The Finance Department then provides the additional budget to the Process Owner.
- The final step in the Additional Budget Request process is the summary and documentation of the request by the Account Head. This documentation ensures that the request is properly tracked and recorded for future reference. The documentation process should include the reason for the additional budget request, the amount requested, and the allocation of the funds.
This business process example is also available in you Flower business process template repository. Or simply download the business process template for free.
