Who Should Attend:
- Managers, Supervisors and Team Leaders who analyse, forecast & budget
- Accountants and professionals responsible for the budgeting process
- Newly appointed staff keen on learning all about budgeting
Course Objectives
- Step by step processes to crafting a budget from the beginning
- What are the different types of budgeting
- Understand the basic difference between a budget and a forecast
- Budgeting Sales and understand how to plan the current years sales
- Clearly understand the process of budgeting under varying scenarios such as, budgeting for a new business, budgeting for a payroll, cash budgeting, capital budgets, production and raw material budgeting and project management budgeting
- How does budgeting for fixed expenses vary from budgeting for variable expenses
- Learn about monthly allocations.
What will you gain?
By the end of this course you will be able to:
- Understand the nature, purpose, structure and major elements of a financial statement and a budget
- Use and apply all important and necessary budgeting terms and techniques
- Compile and interpret budgets, carry out analysis and gain experience on creating your company/departments financial statements
- Learn that budgeting process is not intuitive and understand the practical aspect of the process
- Prepare, monitor and control a budget.
Course Content
Part 1
- Advantages of budgeting
- Key differentiating factors – Budget and Forecasting
- Types of Budgets
- What is a Master Budget?
- Sales Budget and its components – Projections, Sales Plans and Life Cycle of a Product
- New Business Budgets
- Budgeting templates
- Fixed and variable expenses
- Production and raw materials budgets
- Contingency Budgeting
- Income and financial statements
Part 2
- Making budgets – step by step
- Cash budgets
- All about studying budgets, types of variances and variance analysis
- Capital budgets
- Project Management budgeting
- IRR, ARR, Payback and Present Values
- Conclusion.
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