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Managing Budgets Effectively

Course_Reference: 
HFMBE1
Manufacturer: 
0
Training_Provider: 
23
Summary: 

This course takes the fear out of budgets and gives delegates the skills to manage departmental budgets, monitor divisional costs and apportion department expenses on an appropriate basis.

Audience: 

Budget holders, cost centre managers, and those who manage department or event budgets. This course is particularly suited to delegates with less than one year''s experience of managing budgets.

Objectives: 

  • Manage budgets within your department, division, cost or profit centre.
  • Forecast revenue and capital expenditure at a departmental level.
  • Develop an understanding of the budgeting process.
  • Work more productively with colleagues from the finance department.
  • Prepare and monitor a budget.
  • Utilise budgets for monitoring performance and identifying cost savings in your department.
  • Appreciate the importance of reducing unnecessary departmental costs and working towards increased corporate profitability.

Budgeting: the Basics

  • Income and expenditure, capital and cash budgets
  • Clarifying the difference between master and departmental budgets
  • Approaches and different types of budgets

Cost Management

  • Charging department expenditure to the correct period - accruals, prepayments and depreciation
  • Nature and behaviour of costs
  • Standard and actual costing
  • Activity Based Costing (ABC)
  • Absorption and marginal costing

Preparing the Departmental Forecast

  • How to gather information: where and what to look at
  • The limiting factors
  • Estimating revenue, expenditure and cash flow
  • How to forecast the department expenditure for a capital item
  • Break-even analysis
  • Stock forecasting and how to calculate the minimum quantity needed

Presenting the Departmental Budget

  • Giving clear information
  • Presenting the main variables
  • Getting agreement
  • Putting it clearly onto paper

Tracking Expenditure and Variance Analysis

  • Reconciling actual with budgeted expenditure
  • Identifying cost saving opportunities
  • Looking for volume discounts
  • Phasing expenditure to help cash flow

Reporting on the Budget

  • Preparing a report
  • Providing the information to make decisions

Personal Development

  • Action planning - the essential next steps
  • Continuous professional development - what next?

Description: 

This course takes the fear out of budgets and gives delegates the skills to manage departmental budgets, monitor divisional costs and apportion department expenses on an appropriate basis.

Additions Info: 
No pdf

Software Vendor

IT Technical

Business Skills