Course description
Being responsible for the budgeting means you’re playing a vital role in your organization’s future. Your budget enables you to pinpoint critical variables that impact profit so your company can successfully pursue business goals and create value.
Programme Summary
In this workshop, you will learn how to work with, develop and present budgets aligned with business strategic goals. Working in groups, you’ll gather the information you need to construct and analyse operating budgets. With course material constructed to make this subject more accessible to participants with a non-financial background, you’ll practice evaluating and revising your budget to increase its chances of acceptance. This is your opportunity to gain the tools and insights to craft the budget your company needs to overcome obstacles and achieve success.
Key Learning Points
- Understanding the definition, purpose and components of a budget
- Operating budget vs. capital budget
- Addressing issues and challenges when dealing with assumptions and targets
- Obtaining tips, guidelines and recommendations for developing and presenting your budget
- Performing a variance analysis and identifying potential sources and causes
Upcoming start dates
Suitability - Who should attend?
This workshop is suitable to a wide range of professionals but will greatly benefit:
- Executives
- Group leaders
- Project managers
- Program managers
- Department heads
- Others who wish to develop a toolkit to assist them with the budget process
Outcome / Qualification etc.
Benefits of Attending
- Accurately develop an operating budget based on forecasted sales, revenues and costs
- Work with a well-planned budget that clearly highlights crucial variables that impact profit
- Know the line items on the income statement, their metrics and interdependencies
- Develop high-level and alternative strategies to help your company reach specific goals
- Define variances so you can quickly implement changes to meet your company’s financial objectives
- Develop and present a well-thought-out budget that will get buy-in
- Effectively use your budget to provide strategic direction and a blueprint for the upcoming year
Training Course Content
DAY 1 - Budgeting: Principles and Key Concepts
- Understanding the context for budgeting
- The benefit of Budgeting and its role for achieving organizational targets
- The shortcomings of the budgeting process. How to improve them?
- Principles of budgeting
- Main issues with budget preparation
- Capex (capital expenditures) vs Opex (operational expenditures)
DAY 2 – Cost Analysis for Budgetary Purposes
- Cost concepts and terminology
- Different costs for different purposes
- Fixed vs. Variable costs: the Cost-Volume-Profit analysis model
- Contribution Margin analysis
- Manufacturing vs. non-manufacturing costs
- Period vs. Product costs
DAY 3 - The Forecasting Process
- Determine the purpose and objective of the forecast
- Statistical analytical tools
- Quantitative analysis and forecasting
- Forecasting techniques
- Causal analysis models – regression analysis
- Using Excel ® to analyse historical data
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St Andrews Management Centre
St Andrews Management Centre is an independent training provider, based in Fife in Scotland, which provides accredited and non-accredited learning to clients in the domestic and international markets. Our specialisms include Leadership & Management, Coaching and Mentoring, Project Management, Finance...