Understanding Budgets & Resources
This course is aimed at directors and managers who wish to understand the budget practice and process within both the public and private sectors. We will explore performance monitoring, forecasting, business modeling, and what to do in times of uncertainty.
Whether your company is in a period of aggressive growth or still recovering from the pandemic, you need to make sure your budgeting methods meet the business needs.
Every year, managers and staff convene and develop a budget for their own areas of responsibility, before they hand it over to the Finance department, and subsequently, the Board for approval.
For most, it is a daunting task, but the purpose of a budget is to report an expectation of revenue that a business wants to achieve within a certain period. It is vital to the accuracy of this report, that everyone understands the methodology behind budgets and how they can utilise the resources more effectively.
Features and objectives
You will learn about the importance of strategic budgeting, forecasting, and resource allocation.
Provides practical, real-life examples to focus on what a good budget looks like.
• Getting to know the virtual room
Budgeting methods and types of budgets
• Budgeting practices in the public and private sector
• Budgeting methods: top-down, bottom-up, zero-based, scenario and flexible
• Types of budgets: Master, cash-flow, operational and financial
Behavioural aspects of budgeting
• Understanding budget process, setting targets, goals, and responsibility
• Promoting best practices, controlling unethical behaviour
• Ownership, accountability, and buy-in
Comparing and contrasting budgets and forecast
• Outcome driven budgets and even driven forecasts
• Budgeting and forecasting cycle
• Linking planning, budgets, and rolling forecasts to strategy
Business modeling and risk management
• Scenario planning for uncertain future (e.g COVID-19, Brexit)
• Tackling budget confusion and issues
Performance monitoring, decision making, and resource allocation
• Decision support practices
• Balancing requirements against resources
• Common pitfalls to avoid
Putting it all together
• Planning, budgeting, and forecasting
Review and reflection
• Review and key takeaways
Over 25 years, Raj has held board positions specialising in finance, treasury, governance, and risk within the financial, energy, and retail sectors. His knowledge and expertise have inspired him to become a course leader for the last 10 years, delivering for institutions like ACCA, ICAEW, and IoD.