In a highly competitive world budgeting is the key to maintaining and improving profit is to increase revenue and control costs. Increasing revenue is often difficult in times of volatile market prices, making budgeting and cost control vital for the success of any organisation. This course will provide delegates with the practical tools and techniques to enable them to prepare, manage and control budgets to ensure improved performance.
- Finance & Accounting professionals
- Departmental Managers
- Team Leaders
- Those preparing budgets
- Those working within a budget
To enhance the participants’ knowledge, skills, and abilities necessary assist them at every level in the organisation in their involvement in the budget process and to take back to their jobs, along with insights needed to adapt principles to specific work environments.
By the end of this course, participant will be able to:
- Understand the relationship between strategic planning and budgeting
- Apply forecasting skills
- Prepare Operational & Capital Budgets effectively using the latest techniques
- Manage and Control Budgets in an effective and flexible manner
- Make budgeting decisions
- Apply what-if analysis
- Evaluate Capital Investment opportunities highlighting and managing the major risks
1. Strategic Planning
- Why Strategy comes before the Budget
- The Strategic Planning Process
- Developing a Strategic Plan
- Evaluating the Legal, Economic, Political & Social Environment
- Strategic Planning Tools
- Linking the Budget with the Strategy
2. Forecasting
- What is Forecasting?
- Strategic Role of Forecasting
- The Forecasting Process
- Qualitative and Quantitative Forecasting Methods in Excel©
- Forecasting Demand, Revenue & Costs
- Dealing with the Limitations of Forecasts
3. Budgeting
- What is a Budget?
- The Benefits & Limitations of Budgets
- Budget Methods – incremental, zero-based, rolling budgets and Activity Based Budgeting
- Budgeting and the Management Process
- Preparing Departmental Budgets from Forecasts
- Building the Master Budget
4. Using a Budget as a Management Tool
- Linking Strategic Planning, Forecasting Budgeting and Reporting
- Budget Cost, Volume, Profit (CVP) and Break-Even Analysis
- Managing Fixed and Variable Costs
- Sensitivity & What-If Analysis
- Budgetary Control
- Variance Analysis
5. Capital Budgeting (CAPEX)
- Capital Budgeting Principles
- Raising Finance
- Weighted Average Cost of Capital (WACC)
- Methods of Evaluating Capital Investment Projects
- Comparing Different Projects and Their Returns
- Managing Financial Risk
