Budgeting: A Practical Approach

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Duration: 1 Day Overview: Businesses utilise budgets and financial reports in some form or fashion everyday. The goal of this course is to give the participant a basic understanding of budgets and budgeted financial reports so they can hold relevant discussions and render decisions based on financial data. Target Audience: Every professional involved in the preparation of budgets and forecasting would benefit from this course. Pre-requisites: Before attending this course, students should have attended our Financial Acumen for Business Professionals course, or have a firm understanding of the following topics covered in this program: Profit and Loss Statements Balance Sheets Cash Flow Statements Breaking even with a target profit How to use Excel to perform basic functions (add, multiply, divide, subtract) Key Business Benefits Gain an understanding of budgets & budgeting Master techniques for effective budgeting Reduce budget variances Learn advanced forecasting techniques Learn how to make smart purchasing decisions Outline: Expand All Chapter 1: Budgeting Fundamentals Define budgeting and its role in achieving an organisation’s goals Explain the benefits, limitations and issues of budgeting Explain the methods of budgeting Describe the types of budgets Chapter 2: Forecasting and Sales Budget (Service and Trading Organisations) Discuss the forecasting revenue methods Discuss the factors affecting revenue forecasting Prepare sales budgets Chapter 3: Operating Budgets Prepare operating budgets Purchases budgets Cost of goods sold budgets Operating expenses budgets Income statements budgets Chapter 4: Budgeted Financial Statements Prepare Income Statement budgets Prepare Balance Sheet budgets Prepare Master budgets Chapter 5: Cash Budgets Explain the Cash inflows and Cash outflows Explain the importance of Cash flow to an organisation Prepare payments schedule Prepare receipts schedule Prepare Cash budgets Chapter 6: Flexible Budgets Distinguish between fixed, variable and Semi-variable costs Prepare income statements showing the contribution margin Formulate the flexible budget equation Prepare a range of flexible budgets showing expected results at a variety of levels of activity Chapter 7: Analysis of Variances Discuss the importance of reviewing the of variances Take actions to rectify the variances Understand the behavioural aspects of budgeting