Budgeting Essentials for Business On-Site Training

Gain the know-how to make more financially informed decisions on behalf of your department, your team and the organization as a whole.

Course Description/Agenda

Without a well-planned budget, expenses can cut too deeply into revenues, potentially putting the organization at risk.

Do you understand how your budget fits into and supports your organization’s strategic objectives? This instructor-led, virtual course will broaden your understanding of key budget-related financial terms and concepts, so you can accurately project expenses and justify expenditures.

Gain the know-how to make more financially informed decisions on behalf of your department, your team and the organization as a whole when you sign up today.

WHAT YOU WILL LEARN

Understand how your organization’s budget supports its strategic objectives
Broaden your knowledge of key budget-related financial terms
Explore the pros of cons of commonly used budgeting techniques
Describe the purpose, key elements and features of select business budgets
Recognize material variances that help you fight off organizational threats

WORKSHOP AGENDA

Program time: 3 hours

Session 1: The Foundations of Budgeting

Understand how a budget helps to achieve the strategic objectives of an organization
Describe how budgeting and forecasting differ
Explain how budgeting and forecasting are used to prepare a financial plan
Define the key phases of budgeting: preparation, development and control
Explore the features of commonly used budgeting techniques

Session 2: Common Types of Business Budgets

Explain the need for budgeting guidelines and the importance of compliance
Describe typical components used to build a master budget
List some common types of business budgets and the purpose of each
Discuss the advantages and disadvantages of select business budgets

Session 3: Taking Control of Budget Variances

Understand the concept of variance analysis and how frequently you should perform it
Explain how correlation and causation differ and which one is critical to variance analysis
Describe the risk of failing to focus on causation in variance analysis
Recognize, examine and address material variances that will help your organization be more efficient
Discuss controllable vs. non-controllable factors

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