Effective Budgeting

Suitable for budget holders, cost centre managers, and those who manage department or event budgets who wish to acquire first principles or refresh ideas and approaches.

By the end of this course you will be able to:

• Review the benefits and drawbacks of different budgeting methods, and when to use each approach.
• Use a structured approach to prepare a budget.
• Understand how costs behave to help with budgeting for expenditure.
• Understand management accounting methods, and which methods we use for budgeting and for evaluating unbudgeted opportunities.
• Budget appropriately for risk and defend budgeted contingencies.
• Budget and plan for stock ordering.
• Manage financial performance, understanding variances and taking action to achieve your budget and objectives.
• Manage costs in seasonal or cyclical businesses.
• Simply assess the viability of entering new markets or developing new products.

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