We can make an emergency payment however this should be a last resort. Payment will be in the Suppliers account the same day if the request is received before 10:30am. 7.5 Recruitment INSERT RECRUITMENT POLICY Replacing an established post INSERT REPLACEMENT POLICY HERE New Post/ Extending Term INSERT NEW POST POLICY HERE 7.6 Vacation Vacation rules should be applied for any length of absence. This stops invoices escalating through the ISFE hierarchy and avoids unnecessary payment delays. For guidance on how to apply a vacation rule please contact Finance or refer to the Requisitioner User Guide. 8. Understanding Your Variance from Budget It is important to not only identify your variances, but to understand why they are occurring. For expenditure, a positive variance is an over performance and therefore is a pressure to your budget. A negative variance would be an under spend. Both would need to be investigated to understand why they have occurred. 8.1 Reasons for over/under performance Over or underperformance can be driven by several underlying causes and a key step in understanding a variance is to identify which of these causes are most relevant. The reason for the variance will depend on the type of budget. 8.1.1 Provider contract budget The two main reasons for variances within an activity based variable contract can be either higher or lower than anticipated activity volumes or higher or lower than anticipated costs associated with activity volumes. A variance is often a combination of both, depending on the nature of the spend. For example, Provider A has performed 30% more of procedure X at a tariff of £1,000 each resulting in an overspend of £30,000. Plan Activity Actual Activity Plan Value Actual Value Activity Variance £ £ Variance £
We can make an emergency payment however this should be a last resort. Payment will be in the Suppliers account the same day if the request is received before 10:30am. 7.5 Recruitment INSERT RECRUITMENT POLICY Replacing an established post INSERT REPLACEMENT POLICY HERE New Post/ Extending Term INSERT NEW POST POLICY HERE 7.6 Vacation Vacation rules should be applied for any length of absence. This stops invoices escalating through the ISFE hierarchy and avoids unnecessary payment delays. For guidance on how to apply a vacation rule please contact Finance or refer to the Requisitioner User Guide. 8. Understanding Your Variance from Budget It is important to not only identify your variances, but to understand why they are occurring. For expenditure, a positive variance is an over performance and therefore is a pressure to your budget. A negative variance would be an under spend. Both would need to be investigated to understand why they have occurred. 8.1 Reasons for over/under performance Over or underperformance can be driven by several underlying causes and a key step in understanding a variance is to identify which of these causes are most relevant. The reason for the variance will depend on the type of budget. 8.1.1 Provider contract budget The two main reasons for variances within an activity based variable contract can be either higher or lower than anticipated activity volumes or higher or lower than anticipated costs associated with activity volumes. A variance is often a combination of both, depending on the nature of the spend. For example, Provider A has performed 30% more of procedure X at a tariff of £1,000 each resulting in an overspend of £30,000. Plan Activity Actual Activity Activity Variance Plan Value £ Actual £ Value Variance £
Budget%20Manual%20Template.docx