COURSE OBJECTIVES
By the end of this program, participants will be able to:
- Develop comprehensive budgets that align with organisational objectives.
- Create realistic budgets that reflect current financial conditions.
- Apply a variety of budgeting methods and techniques effectively.
- Analyse financial data to support informed budget planning.
- Forecast future financial trends to enhance budgeting accuracy.
- Monitor budgets regularly to ensure adherence to financial targets.
- Communicate budgetary information clearly and effectively to stakeholders.
TARGET AUDIENCE
- Financial Analysts.
- Budget Managers.
- Accountants.
- Finance Professionals.
- Business Managers.
- Financial Advisors.
- Investment Managers.
DAY 1: Introduction to Budget Preparation
- Overview of the budgeting process and its significance.
- Different types of budgets (operational, capital, cash flow).
- Fundamental principles and best practices in budget preparation.
- Establishing budget goals and objectives.
- The role of budgeting in strategic planning.
DAY 2: Budgeting Techniques and Methods
- Comparison of traditional and modern budgeting methods (incremental, zero-based, rolling forecasts).
- Activity-based budgeting.
- Flexible budgeting and its uses.
- Understanding cost behaviour and its influence on budgeting.
- Selecting the appropriate budgeting method for various scenarios.
DAY 3: Financial Analysis and Forecasting
- Methods for financial forecasting and trend analysis.
- Formulating assumptions and projections for budget planning.
- Utilising historical data and market trends in budget preparation.
- Accounting for risk and uncertainty in budget forecasts.
- Tools and software for financial analysis and forecasting.
DAY 4: Monitoring and Adjusting Budgets
- Strategies for tracking budget performance.
- Evaluating budget variances and their underlying causes.
- Implementing corrective measures and budget modifications.
- Best practices for budget control and performance management.
- Reporting and conveying budget performance to stakeholders.
DAY 5: Effective Communication of Budget Information
- Techniques for presenting budget information clearly and effectively.
- Creating and utilising budget reports and dashboards.
- Involving stakeholders in the budgeting process.
- Addressing inquiries and concerns related to budget allocations.
- Developing skills for negotiating and justifying budget requests.
