COURSE OVERVIEW:
Welcome to the course on Manage Budgets & Forecasts. This course is designed to provide you with the essential knowledge and skills necessary to effectively manage budgeting and forecasting processes within an organisation, ensuring financial stability and informed decision-making.
We begin with an introduction to budgets and forecasts, discussing their purpose and key goals. Understanding the role of budgets and forecasts is crucial as they provide a financial roadmap for organisations, helping to plan and control resources, and make informed financial decisions.
Next, we explore the Australian legal and ethical requirements related to budgeting and forecasting. This section will cover the legal considerations that must be adhered to, as well as the ethical principles that should guide the budgeting and forecasting processes to ensure transparency, accuracy, and integrity.
Identifying and utilising appropriate data sources is fundamental to accurate budgeting. We will discuss the types and sources of information needed for budgeting, ensuring you have the right data to create reliable and realistic budgets and forecasts.
Forecasting techniques are essential tools in financial planning. This section will introduce various methods used for budget forecasting, helping you to predict future financial conditions and plan accordingly.
Organisational policies play a significant role in budgeting and forecasting. We will explore internal policies that guide these processes, ensuring consistency and compliance within the organisation.
Understanding accounting principles is critical for managing budgets and forecasts. This section will cover the principles of accrual accounting and double-entry bookkeeping, which form the foundation of accurate financial recording and reporting.
The impact of implementing budgets and forecasts on monitoring is a crucial aspect. We will discuss how the implementation process affects budget monitoring and the importance of tracking performance against the budget.
Corporate governance and variance analysis principles are essential for financial oversight. This section will cover the principles of corporate governance and how variance analysis is used to compare budgeted and actual performance, identifying areas for improvement.
Preparing a budget involves several steps. We will guide you through establishing and confirming budget objectives with policies, determining relevant cash, expenditure, and revenue items, adding performance indicators, and breaking down budgets seasonally to ensure comprehensive financial planning.
Forecast estimates are vital for anticipating future financial conditions. This section will cover how to find necessary data, anticipate changes, check assumptions for accuracy and compliance, offer realistic cash flow, cost, and revenue forecasts, and recognise financial risks while suggesting protection strategies.
Documenting the budget is an essential step for communication and transparency. We will discuss how to format data for clear budget reporting, finish reports within agreed timeframes, assess forecast feasibility against market growth, and send budget reports to relevant personnel.
Finally, monitoring outcomes is crucial for continuous improvement. This section will cover how to examine variances, make recommendations, and evaluate and adjust budget processes as needed to ensure they remain effective and aligned with organisational goals.
By the end of this course, you will have a thorough understanding of how to manage budgets and forecasts, ensuring your organisation's financial health and supporting strategic decision-making through accurate and effective financial planning.
This course is designed to align with the content outlined in the Nationally Recognised Unit of Competency FNSACC523.
LEARNING OUTCOMES:
By the end of this course, you will be able to understand the following topics:
1. Introduction to Budgets and Forecasts
· Purpose and key goals of budgets and forecasts.
2. Australian Legal and Ethical Requirements
· Legal considerations in budgeting and forecasting.
· Ethical considerations in budgeting and forecasting.
3. Data Sources
· Types and sources of information needed for budgeting.
4. Forecasting Techniques
· Methods used for budget forecasting.
5. Organisational Policies
· Internal policies for budgeting and forecasting.
6. Accounting Principles
· Principles of accrual accounting and double-entry bookkeeping.
7. Impact of Implementation
· Effects of implementation on budget monitoring.
8. Governance and Variance
· Corporate governance and variance analysis principles.
9. Prepare Budget
· Establish and confirm budget objectives with policies.
· Determine relevant cash, expenditure, and revenue items.
· Add performance indicators and break down budgets seasonally.
10. Forecast Estimates
· Find necessary data and anticipate changes.
· Check assumptions for accuracy and compliance.
· Offer realistic cash flow, cost, and revenue forecasts with evidence.
· Recognise financial risks and suggest protection strategies.
11. Document Budget
· Format data for clear budget reporting.
· Finish reports within agreed timeframes.
· Assess forecast feasibility against market growth.
· Send budget reports to relevant personnel.
12. Monitor Outcomes
· Examine variances and make recommendations.
· Evaluate and adjust budget processes as needed.
COURSE DURATION:
The typical duration of this course is approximately 2-3 hours to complete. Your enrolment is Valid for 12 Months. Start anytime and study at your own pace.
COURSE REQUIREMENTS:
You must have access to a computer or any mobile device with Adobe Acrobat Reader (free PDF Viewer) installed, to complete this course.
COURSE DELIVERY:
Purchase and download course content.
ASSESSMENT:
A simple 10-question true or false quiz with Unlimited Submission Attempts.
CERTIFICATION:
Upon course completion, you will receive a customised digital “Certificate of Completion”.