Best Practices for Planning, Budgeting & Forecasting

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Description

How will this course assist you? This 4-day training course will offer you proven and best practice in effective planning, budgeting and forecasting. You will learn about: Contributing effectively to Strategic Planning Constructing outcome and event driven budgets and forecasts Linking budgeting and forecasting to the business' strategy Budgeting and forecasting tools and techniques Business partnering and guiding operational management in budgeting and forecasting Communicating effectively upwards with the board and senior management Who Should Attend? Those responsible for planning, budgeting and forecasting: Strategy, Planning and Budgeting Teams Accountants, Financial Controllers and Fin…

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How will this course assist you? This 4-day training course will offer you proven and best practice in effective planning, budgeting and forecasting. You will learn about: Contributing effectively to Strategic Planning Constructing outcome and event driven budgets and forecasts Linking budgeting and forecasting to the business' strategy Budgeting and forecasting tools and techniques Business partnering and guiding operational management in budgeting and forecasting Communicating effectively upwards with the board and senior management Who Should Attend? Those responsible for planning, budgeting and forecasting: Strategy, Planning and Budgeting Teams Accountants, Financial Controllers and Finance Managers Business Unit Heads Internal Auditors Consultants
Day 1 (Case Study and Discussions) Strategic Planning All too often Finance and budgeting teams’ role in strategic planning is limited to assembling the numbers. This module looks at how to leverage their core skills to improve the strategic plan. Finance and budgeting teams’ role in supporting strategic planning Challenging the operational and people impact of strategic choices Strategy Development and Execution Integrated approach to financial and operational planning. Key elements in strategic planning Development of critical success factors and meaningful key performance indicators Tracking strategy execution across all levels of the organization Strategy Alignment Strategy in tangible form in terms of financials across the organization. Assessing financial impact of strategic choices Translating the impact of defined strategies into operational plans and target metrics Day 2 (Exercises and Discussions) Budgeting Overview Budgets are often criticised as being fine for financial control but not of much use in running the business. This module provides an overview of practices for producing outcome driven budgets. Role of budgets The budget process How to engage the business Rolling Forecasts Overview This module investigates how the budget process can be modified to take account of events as they unfold (event driven forecasts) i.e. forward looking/pivotal to running business effectively. Role of forecasts and the link to strategy Comparing and contrasting budgets and forecasts Identifying key business drivers Budgeting and Forecasting Workshop (Exercises, Examples and Discussions) Delegates will get an opportunity to explore key planning, budgeting and forecasting techniques to produce reliable information to reflect changing conditions and to improve performance. Budgeting Setting budget targets and goals Budget responsibility centres Categorising and regrouping relevant information The key budgetary statements Budgeting Pitfalls Budgeting Methods Top-Down & Bottom-Up Budgeting Zero-Based & Activity Based Budgeting Multiple-Scenario Based and flexible Budgeting Types of Budgets & Costs Departmental Budgets Cash Budgets Capital and Operating Budgets Master Budgets Fixed & Variable Costs Controllable & Uncontrollable Costs Budget and Forecasting Templates Comparison to Actuals Template Variance Reporting Template Rolling Forecasts The rolling forecast process Creating forecast for revenue and expenditure Rolling forecast as a catalyst for change Day 3 (Exercises, Examples and Discussions) Post-Budget Analysis Identifying, implementing and monitoring corrective action Benchmarking and Reporting Financial and non-financial key success factors Milestone monitoring Presenting complex budgets Annual Budget and Forecasting Cycle Budget and Forecasting Timetable Benefits of communication and the annual cycle Key drivers behind sales, costs and margins Scenario planning for uncertain futures Management use of Budget and Forecast Data A revised budget process will produce new information. This module reviews this new information and how the business needs to change to make effective use of it. The different types of reports and their use Developing quality commentary Structuring management meetings to best use the new information Day 4 (Exercises, Examples and Discussions) Business Partnering - How to find out what customers really want Whilst there are established ways for interpreting what external customers want, these need modifying when identifying what the internal customers want for budgeting and forecasting. Conducting well-structured discussions Designing carefully considered strategies Monitoring customer satisfaction Financial Plan and Appraisal Techniques in action Net Present Value Internal Rate of Return Economic Order Quantity Simple and discounted payback Profitability Index Communicating with the Board and senior management This module looks at how to become more influential and manage upwards. Fundamentals of managing upwards Balancing requirements against resources Managing expectations Maintaining influence and credibility End of course Quiz
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There are no frequently asked questions yet. Send an Email to info@springest.co.uk