Budgeting is the cornerstone of strategic financial management in any organisation. It performs a dual role – acting both as a planning and control tool. There are few other activities for which an entire organisation gets involved in development and implementation processes. The scope of budgeting caters to all levels of decision making – from the operating decisions at the grass-root level right up to strategic decisions at the top management level. An error in the budgeting exercise may end up with the organisation losing sight of its strategic and operating objectives.
In order to remain relevant, various budgeting approaches have evolved over time. Each one came with its own strengths and share of weaknesses. The challenge lies in identifying the relevant approaches. The impact of budgets is traditionally reflected in financial statements. In order to keep up with varied approaches, new impact metrics have also evolved. Here too, every organisation needs to make a choice on the metrics to be used.
This is where this course on Advanced Budgeting training adds value. It will take you through various approaches and metrics in a simple and practical manner so that you can reinforce your knowledge and apply it in practice.
Continuous use of spreadsheets will lead to a better understanding of the subject matter. The course will conclude with solving a case study on developing a comprehensive budget
By the end of the Advanced Budgeting Training Program, participants will be able to:
Build budget templates and models for their departments or organizations.
Develop and implement a successful budgetary control system
Understand the differences between traditional and modern approaches to budgeting so that you can develop an appropriate approach that would suit your environment
Get acquainted with techniques and tools like forecasting, that are necessary to develop a realistic budget
Conduct variance analysis explaining the differences between projection and achievement
Design a comprehensive budget using the approach of your choice along with tools that you will be introduced to at the course
Apply several forecasting techniques to better manage uncertainties in budgeting.
Assess capital budgeting decisions using several methods and recommend proper action.
Utilize Microsoft Excel functions and tools in the budgeting process.
Evaluate the budgeting process in their organization and recommend improvements.
This Advanced Budgeting Training Course is Ideal for: