This interactive 90-minute virtual session gets participants thinking about how they put budgets together, what to include and other adjustments that need to be considered. It uses a seven-step budgeting process, to link budget to strategy and improve the negotiating position as well identifying the reasons for variances occurring and the remedial action that can be taken. Through the use of case studies and business examples you will be able to make links to the controlling and monitoring of your own budget area.
This short session is a good follow on from Finance for non-financial managers – Understanding costs and budgets espresso and the last in the series of four. Otherwise a sound knowledge of how costs behave and different types of budgets and forecasts are required for attendance on this session. It is suitable for new budget holders or those who need to refresh their knowledge.
By the end of this session, you will be able to:
- Use a structured process to prepare a budget, which can be used to monitor actual costs and take action to ensure the budget is met.
- Describe the effect of prepayments and accruals and how they impact on budgets and cash flow.
- Manage financial performance, by understanding variances and knowing what action can be taken.
- Explain the need to budget for risk and how to defend budget contingencies to reduce the impact on the business.