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Budget management course
Effective budgets are vital for the robust financial management of every organisation. This course will cover the essential tools on how to create a budget as well as the most effective techniques on business budget management.
Course overview
Good financial management is critical for organisational success
This makes it crucial that anyone involved in the budget creation and/or budget management process is well trained in the most effective practical techniques for doing so.
Budgets are used for decision making, cash flow planning, operational judgements and strategic planning. They are a key factor in determining business success and play a central role in the efficient running of any organisation. Our budgeting training ensures that your team can see the impact that their budgeting creation and management has on the wider business and gives them the tools they need to generate the best results.
How to create a budget plan?
Creating budgets as effectively as possible in a busy business environment requires practical tools that can be easily and quickly applied.
When considering how to make a budget, there are several essential skills necessary. These include knowing how and when to apply different budgeting techniques, an understanding of cost types and cost behaviours, a knowledge of the best way to phase a budget during the year and how to incorporate wider macro-economic factors. All of these vital techniques and more are explored during this engaging budget training that incorporates real-life budgeting scenarios.
How to manage a budget?
Both budgeting and management of the budget are essential skills for people in all areas and levels of the business.
Managing budgets well requires the ability to rapidly read financial reports that compare actuals to budget and then to explain the key variances to your stakeholders. To achieve tangible results, your team needs to be able to convert this analysis into an operational plan that swiftly resolves any challenges that have arisen.
How will this budgeting training work?
Our budget management course will provide your people with hands-on tools and techniques that they can apply to their own budgets.
Creating budgets shouldn’t feel complex – breaking the key components down into digestible chunks with opportunities to use key tools during the course provides the best opportunity for learning success.
Course Content
What will you learn?
- Why do we need to budget? Why creating and managing budgets are essential to the success of any organisation.
- The budget cycle: understanding where budgets fit into your company’s overall plans.
- Demystifying budgeting creation and management terminology.
- How to create a budget plan: being clear on the four budgeting techniques and knowing which is the most relevant for you to use in your own budget scenarios.
- How can you spot and manage budgetary risk? The risk management cycle and tips on how to incorporate risk into your budget.
- Practical ways to identify the numbers to incorporate into a budget, including the drill-down technique.
- The differences between revenue and capital budgets, plus clear guidance on when each should be used.
- Managing a budget: your responsibilities vs those of the Finance team.
- Comparing actuals to budget and also to previous years. Using variance analysis to find over-spends and under-spends, then identifying the best methods of investigating the reasons behind them.
- Driving effective operational changes to improve budgetary results.
- Confidently communicating the story behind the variances to your stakeholders. Linking the numbers to your team’s operational activities.
- Using cost types, cost behaviours and the cost driver technique to drive good financial decisions.
- The implications of a budget on the cash flow of an organisation and why this is critical to its ongoing financial sustainability and success.
- The differences between a budget and a forecast, plus the straightforward process for creating a forecast that is as accurate as possible.
We can easily incorporate any of your own budget processes, internal financial management reports and any other budget-related content that you feel would benefit your people – please contact us to discuss your requirements and to learn how we make this happen.
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You can also find more details of how we do this on our bespoke learning page.
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Bespoke Learning
Who this course is aimed at
Our budget management course will benefit anyone involved in creating and/or managing a budget at all levels. The content and facilitation of our courses can always be adapted to suit your people’s specific involvement in budgeting. This ensures that our focus is on the vital skills and tools that are relevant to them and your business, cutting out unnecessary content and time.
Course objective
This course will provide your team with the practical tools, skills and confidence needed to successfully create and manage a budget.
Practical information
This course can be tailored to your own organisation and your specific requirements in terms of content, learning goals and the method of learning facilitation. Please contact us or visit our bespoke learning page to find out how we can do this.
Each budgeting course has been delivered in a professional, well-organised and blended way, with delegates benefiting from time between sessions to apply their learning. The sessions were tailored to meet learner needs and delivered by outstanding trainers. Staff feedback is always incredibly positive, with delegates feeling motivated and better prepared when working with budgets.
WORKFORCE DEVELOPMENT ADVISOR, GATESHEAD COUNCIL
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