ADMINISTRATION SECTION
A budget identifies the planned expenditure for a project, programme or portfolio. It forms the baseline against which the actual expenditure and predicted eventual cost of the work is reported. Initial cost estimates are based on comparative or parametric estimating techniques. These are refined as the achievability and desirability of the work are investigated and a detailed understanding of scope, schedule and resource is developed.Cost Control. - Process of identifying, eliminating or reducing unnecessary business expenses in order to increase profits. .
Cost Accounting. - Are the ones that companies incur to maintain daily operations, e.g., rent, utilities, executives’ wages, etc.
Invoice Management- The simplest version entails receiving a third-party invoice and confirming its legitimacy. Then, you pay the supplier, and record the payment in the business’s records.