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Course Overview Organisations frequently delegate responsibility for budget preparation and control to line managers who have had no training to prepare them for this responsibility to effectively manage a key resource. Audience Any manager who is about to have budgetary responsibility or needs to be more effective in their budget management. Skills Gained - Understand the basic principles of budget preparation and control
- Be more confident in making informed financial decisions
- Be able to communicate budgetary information more effectively
- Recognise importance of effective preparation in establishing realistic budgets
- Improve ability and confidence in preparing and controlling budgets.
Course Outline - What are the barriers to successful budgeting? - considering what stops us from being effective at budgeting
- What is a budget? Where does it come from? Why do we do it?
- Good reasons for budgeting - benefits to the organisation of the delegated budget
- The basic principles of budgeting: income and expenditure, capital and cash, approaches to budgeting and different types of budgets
- Preparing forecast profit and loss, balance sheet and cash flow to understand where we want to be
- Focus on budgeting as part of the business plan - where does it fit?
- Cost behavior and its relevance to budget setting and control - knowing the sensitivity of your costs to ariations in output will help you understand what is happening to your figures
- Budgeting for profit
- The budget cycle - how it all comes together
- Planning and preparation for budgeting - what it takes to be effective in your preparation
- The 7 steps to successful budgeting - a guide to the key areas to master to help your success
- Budget setting exercise - a practical exercise in setting a departmental budget with realistic constraints
- Tracking expenditure and variances - the need to monitor and take effective control action and learning for next time.
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