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It Includes
- 5 Days training program
- Live Virtual Training
- Learn on any PC/Mobile/Tablet
- Unlimited Doubt Sessions
- Online Labs (if applicable)
- Official Courseware & Kits
- Get Recording after session
- Get Certificate of Completion
- Mock Tests & Exam Preps
- Classroom Training (Optional)
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Request a QuoteCourse Overview
COURSE OBJECTIVE
This program has been designed to provide the participants with a broad view and understanding of financial budgeting for enterprises. A discussion of financial statements is a must when considering the creation or analysis of financial budgets. Also, an understanding of how costs behave and how they can be derived and allocated to the various aspects of the business units is also an important part of preparing budgets.
We will be discussing various budgeting methods that have been used and are still in use today in various enterprises. We will also be discussing the methods we can use to assess whether a budget is appropriate and should be approved, and in some cases, whether a project should be undertaken at all.
And finally, no discussion about budgets can be complete without assessing how well a company or sub-unit has actually performed in relation to their budget, and understanding why there are any differences, which there will usually always be.
Who Should Attend?
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Budgeting and planning personnel
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Capital and resource planning
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Managing Directors
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Finance managers
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Financial Controllers
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Senior and mid-level management
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Department managers
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Strategists
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Data analysts
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Risk controllers
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Board members
Course Outline
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SESSION 1: Introduction to budgeting
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What is a budget?
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The functions and roles of budgeting
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The budget manual
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Participative Budgeting
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Management by Objectives MBO
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The master budget
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SESSION 2: Understanding financial statements
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The building blocks of financial statements: the accounting principles
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The accounting cycle
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The accounting equation
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SESSION 3: Responsibility centres and forecasting revenues
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What are the main types of responsibility centres?
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What methods can be used to forecast revenues?
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Where to obtain external information?
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SESSION 4: How do costs behave?
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The relationship between volume and costs
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Cost classification by nature and function
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The concept of cost drivers
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The high-low method for forecasting costs
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Other approaches for forecasting costs
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SESSION 5: Commonly used methods for allocating costs to products, departments or services
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Why are there more than one costing methods?
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Variable costing vs absorption costing
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Job costing vs process costing
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Standard costing
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Activity based costing (ABC)
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SESSION 6: Using discounted cash flows (DCF) for analysis
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What is a discounted cash flow (DCF)?
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The time value of money
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Discounting future cash flows
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Assessing the net present value (NPV)
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SESSION 7: Project budgets
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What is a project budget?
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What is the purpose of your project budget?
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Elements of a project budget
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Appropriate timescale for a project budget
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Using DCF methods to analyse a project’s feasibility
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SESSION 8: Incremental vs zero-based budgets
- What is an incremental budget?
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SESSION 9: Continuous budgets/rolling forecasts
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What is the purpose of a continuous budget or rolling forecast?
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Is this a practical approach?
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Practical application of a halfway method
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SESSION 10: Static vs Flexible budgets
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What is a static budget?
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How widespread is this type of budget?
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What is a flexible budget?
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Why would we need a flexible budget?
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Calculating the static and flexible budget values under standard costing
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SESSION 11: Introduction and preparing the operating budget
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The components of the master budget
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The relationship between these elements
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Preparing the revenue or sales budget
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Preparing the purchases budget
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Preparing the operating expenses budget
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What would we still need to complete the budgeted income statement?
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SESSION 12: Preparing the capital expenditure budget
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What constitutes a capital expenditure budget?
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Which portion of the project budgets should be included?
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What non-current assets are relevant?
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Are current assets taken into account?
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Finalising the capital expenditure budget
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SESSION 13: Preparing the financial budget
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What is included in the financial budget?
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How do we derive the cash flows?
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Converting the other budgets into cash flows
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Preparing the cash budget
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Preparing the budgeted income statement
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Preparing the budgeted balance sheet
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Deriving the budgeted cash flow statement from the other budgeted statements
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SESSION 14: The need for budget controls
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Clarifying the purpose of the budget being assessed
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Does the budget align with the company’s objectives?
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How often should the budgeted results be assessed?
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Keeping track of actual results versus expected results
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Finalising and approving the budget
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SESSION 15: Using financial ratios for analysing/ approving the budget
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Types of financial ratios
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What are KPIs?
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Being consistent with the ratios’ definitions
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SESSION 16: Creating performance reports
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What are performance reports?
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What can those reports tell us?
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Preparing the performance report
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What is the difference between favourable and unfavourable variances?
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SESSION 17: Variance Analysis
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What is a variance analysis?
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Using the performance report for variance analysis
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Splitting the variances into volume, price and efficiency variances
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Preparing a variance analysis report
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Vendor
Frequently Asked Questions
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