Budget Management and Analysis Skills Training for Managers

Why Select this Training Course?

The budgeting process is a crucial aspect of every financial department’s work. A budget is a useful organizational tool for planning and managing a company’s financial resources. Budgets are plans for the future that are stated in monetary terms over a certain period. A wide variety of abilities need to be developed for effective budget management. One of the essential abilities in managing a household’s finances is the ability to analyze financial data. Participants who take a Budget Management and Analysis Abilities course will get the information and skills necessary to create a realistic budget and combine the required equipment beyond merely looking at numbers on paper.

What are the essential skills of a budget manager?

One of the critical aspects of a sound budget manager is communication abilities. A good leader should have the skill to communicate well and plan with their executives, colleagues, and shareholders. The budget leader uses communication skills to illustrate financial trends, forecasts, budgets and reports effectively. Managers must also be skilled in budget auditing, reporting, forecasting, goal-setting, etc.

How do managers control the budgets?

Financial forecasting is among the methods budget leaders use to manage their budgets. Good leaders apply financial forecasting to know where they should invest their capital and where they should expect additional expenses. Forecasting allows managers to anticipate costs and revenue that may affect their budgets and the level of risk associated with their financial planning. An accurate budget may be maintained throughout the fiscal year with competent budget forecasting.

The Budget Management and Analysis Skills Training for Managers Course by Rcademy will empower its participants with efficient budget control and analysis knowledge. After attending this Rcademy course, the managers will understand how to create and oversee a budget. In addition, the managers will know the importance of budget panning equipment in consistently attaining and exceeding the company’s financial expectations and goals.

Who Should Attend?

The Budget Management and Analysis Skills Training for Managers Course by Rcademy is ideal for:

• Policymakers
• Corporate financial planners
• Accountants and Budget planners
• Departmental heads, managers
• Team leaders
• Finance managers
• Entrepreneurs and start-up founders

What are the Course Objectives?

The objectives of The Budget Management and Analysis Skills Training for Managers Course by Rcademy are to enable professionals to:

• Learn to prepare the corporate budget from scratch
• Understand the various categories of budgets and the using the one most applicable to the company
• Learning the difference between revenue and capital expenditure
• Learning to estimate working capital requirements
• Understand the different finance sources with their utilization based on the capital cost
• Learning the various types of project expenditures
• Learning to prepare forward plans relying on the interim quarterly and half-year outcomes
• Understand the ratio, vertical, and horizontal analytical concepts
• Learn the benefits of having a sound budget system

How will this Course be Presented?

This Rcademy training is greatly participative with broad use of practical examples, exercises, case studies, and sessions to ensure the growth of transferable abilities. This Rcademy course will allow delegates to create and justify financial decisions, manage and prepare budgets, evaluate performance, and lower the threats.  Methods of delivering the content include:

• Interactive sessions
• Presentations and group discussions
• Case studies and management games
• Problem-solving sessions

The instructor will monitor all learning activities to help ensure that learners meet the intended learning goals.

What are the Topics Covered in this Course?

Module 1: Introduction to the Budget Management and Analysis Skills Training for Managers

• Identification of the current issues in the budget activity
• Evaluation of your organization’s current budget, budget forms, managerial budget, budgeting activity, and pre-budgeting process
• Differentiating the critical factors of budget planning
• Evaluating how your budget plans enable the happening of the inherent issues
• Defining and identification of the company output
• Determination of what makes these outputs
• Verification of the three categories of company inputs
• Combining these inputs, particularly in your company

Module 2: Finance Sources

• Cost of capital
• Gearing ratios
• The weighted average cost of capital
• Debt and equity financing
• Decisions concerning dividend payments

Module 3: Financial Evaluation of Accounts

• Reason for analysis of financial statements
• Analyzing and understanding the cost character
• The cost volume profit association
• Interpreting financial ratio analysis of the reports by managers
• The toolkit for financial analysis
• Improving and managing the spending deficits

Module 4: Reforms in Financial Control by Managers

• Fundamental challenges in finance control in the future
• The goal and the need for economic reforms
• Knowing of the budgetary control reforms

Module 5: Capital Investment in Decision Making

• Behavior and decision-making activity
• Rules of the discounted cash flow evaluation
• Investment appraisal models
• Outsourcing services: decision and objective model

Module 6: Financial Broadcasting  

• The unique traits of the financial accounts in the public sector
• Reporting principles associated with financial reports in the public sector
• Liabilities and assets: rules for the measurement and recognition
• The five aspects of financial statements
• Classification and Nature of public sector expenses and Income
• Rules of financial control in the general segment

Module 7: Various Methods that Managers can use to Prepare Budgets

• Fixed vs flexible budgets
• Master budget preparation
• Quarterly reviews
• Budget vs actual variation
• Planning forward
• Zero-based budgets

Module 8: Analysing and Controlling Budgets

• Price variance
• Ratio analysis
• Market analysis and trends
• Mix variance
• Price variance
• Quantity variance
• Horizontal balance sheets
• Vertical balance sheets

Module 9: Preparation of Budgets

• Accounting Policies
• Conventions accounting
• Cash vs accrual accounting
• Internal accounting standards (IAS)
• Revenue recognition
• International public sector accounting standards (IPSAS)
• Enron / WorldCom scandals

Module 10: Working Capital Managing

• Tax and deferred taxation
• Current liabilities and other existing assets
• Accounts payable
• Sub-ledgers reconciliation
• Inventory management

Module 11: Company Resource Planning

• Bills of material
• Sales
• Production
• Procurement
• Material Control
• Combination with the shared ledger