Budget management is about the day-to-day organization of the financial resources for operations or projects, in particular, about allocating funds and monitoring expenditure. It applies to all aspects of the activity or organization. Resources include all financial resources such as cash, cheques, grants, bank accounts, debts receivable, investments. Resources may also include physical resources such as premises, equipment, intellectual property, etc.
The same principles apply for not-for-profit or commercial activities, although the reporting requirements may vary greatly. At the end of the day, most organizations want to see:
First of all, ask what budget monitoring systems your organization has in place, and speak to your supervisor. He or she may have particular expectations.
Ask also who the reports are for? Accountants usually want the fine detail, and some managers want a simple report that highlights issues that they might need to make a decisions on.
It will be your job to make sure that everybody who needs to know is informed of budgetary decisions. And they probably also need to know who to discuss any problems with. So it is your job to make a list of who you need to be talking for and about what.
Make sure that your colleagues are aware of the importance of budget control. It might sound obvious, but don't take it for granted.