Effective Budgeting and Forecasting

This vital workshop will prepare you for your upcoming budgeting season. It will provide in-depth information on how to tie your strategy to effective annual budgets.  You will get practical tips to improve budgeting in your organisation.  Whether you’re new at budget preparation or a pro, the Effective Budgeting Workshop will provide the latest most up-to-date financial concepts to prepare your Budget.

$215.00 Inc VAT

Effective Budgeting and Forecasting

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Effective Budgeting and Forecasting

This vital workshop will prepare you for your upcoming budgeting season. It will provide in-depth information on how to tie your strategy to effective annual budgets.  You will get practical tips to improve budgeting in your organization.  Whether you’re new at budget preparation or a pro, the Effective Budgeting Workshop will provide the latest most up-to-date financial concepts to prepare your Budget.

Day 1- 19 Nov 2020

Budgeting’s place in the planning framework

  • Creating and articulating the organization’s vision and objectives
  • Organizational stakeholders and balancing their objectives
  • The planning horizon
  • A framework for strategic planning
  • Tools for strategic analysis
  • Understanding and managing risk

Budgeting Essentials

  • Types of Budgets
  • Approaches to Budgets
  • Understanding the Budgeting process and its coordination
  • Linking budgets to strategic objectives
  • Identifying tactical objectives
  • Identifying constraints and the limiting budget factor
  • Assigning responsibility for budget objectives
  • Making sure objectives are integrated
  • People and budgets; using budgets to motivate

Balanced Scorecard and KPI’s

  • The four perspectives of the Balanced Scorecard
  • The ‘three-step’ approach to developing a Balanced Scorecard
  • Identifying critical success factors
  • Using the Balanced Scorecard to monitor Key Performance Indicators
  • Aligning the KPI’s with a long term strategy
  • Practical implementation of a Balanced Scorecard
  • Real-life examples of successful implementation

Day 2-20 Nov-2020

 Practical budgeting

  • Preparing Budgets for your Business
  • Preparing the master budget
  • Business seasonality, trends, and budget phasing
  • Learning to apply ratio analysis e.g. profitability ratios to assess the reasonableness of the budget

Budget Reporting-Effective Variance Analysis

  • Monitoring financial and other data
  • Design of budget reports
  • Four golden rules for good feedback reporting

Criticisms of conventional budgeting

Alternatives to traditional budgeting-Beyond budgeting

  • Using rolling forecasts instead of static budgets
  • Identifying key business drivers
  • Implementing rolling forecasts
  • Business modeling with Excel

Action Planning

  • What does this all mean for my organization and my team?
  • What areas do we need to work on?
  • Action plan for when I get back to work

RECAP, CERTIFICATES & END DAY 16:00hrs

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