Introduction

Budgeting is a tool for financial planning which if used well will assist business managers to plan, control and make decisions about their business activities more effectively.  This workshop is for those responsible for preparing or having input into the budgeting process within an organisation.

 

Who should attend: Business managers, project managers, departmental heads and new budget holders and all those whose work requires a sound understanding and working knowledge of budgeting.  It will also benefit someone wanting to improve their confidence with financial terminology and reporting performance.

Aim

To provide an introduction to different approaches, the process, preparation and management of departmental or project budgets as a business tool.

Course Objectives

By the end of the course you will be able to: 

• Understand basic financial terminology and concepts
• Prepare simple sales, purchasing, production, labour and expenditure budgets
• Prepare a cash budget
• Calculate variances
• Use variance analysis to monitor and control

Content

Introduction to accounting terminology and concepts

 

The scope and content of a budget

 

Approaches to budgeting

 

Limiting factors and constraints

 

Budget preparation

 

Variance analysis

 

Implementing, monitoring and control