The budget is an important tool used to measure and monitor performance. Gaining approval for your initiative, maximising results from available or allocated funds and sustaining your ability to deliver to plan are key objectives of budgeting. Budget planning, delivery and monitoring skills are explored together with strategies for linking your budget to organisational objective to ensure relevance and improve managerial decisions. Translate your requirements into dollars and cents.
The entire budgeting process is explored -- from fundamentals through development and performance analysis. Participants also gain a basic understanding of budgets and financial reports so they can hold relevant key terms like using the language of finance including; ROI, EBIT, GAAP and extrapolation.
OUTCOMES
- Manage budgets within your department, division, cost or profit centre
- Forecast revenue and capital expenditure at a departmental level
- Gain a stronger understanding of the budgeting process
- Read, understand and interpret budgets
- Prepare and monitor a budget
- Utilise budgets for monitoring performance and identifying cost savings in your department
- Identify the importance of reducing unnecessary departmental costs and working towards increased corporate profitability
- Build budget templates and models that assist you to enable your current and future business requirements.
- Apply forecasting techniques to better manage uncertainties in budgeting.
- Evaluate budgeting decisions using several methods and recommend viable actions.
- Utilize Microsoft Excel? functions and tools in the budgeting process.
- Evaluate the budgeting process in your organizations and recommend improvements.
