COURSE OVERVIEW:
Some businesses begin their operation with a wave of optimism and enthusiasm but without a well thought out budget they find it is not possible to create a successful action plan.
Successful businesses allocate time to create and manage budgets, prepare and review business plans and regularly monitor their financial situation and business performance.
Budgeting identifies current available capital, provides an estimate of expenditure and anticipates incoming revenue. By referring to the budget businesses can measure performance against expenditure and ensure that resources are available for initiatives that support business growth and development. It enables the business owner to concentrate on cash flow, reducing costs, improving profits and increasing returns on investment.
Budgeting is the basis for all business success. It helps with both planning and control of the finances of the business. If there is no control over spending, planning is futile and if there is no planning there are no business objectives to achieve.
By preparing budgets which allocate money to specific purposes, an organisation seeks to gain more control over its activities. Careful monitoring then helps to ensure that spending is kept within bounds. Budgets are considered an essential tool by organisations in the management of their affairs. As a manager, you are probably expected to meet budgetary targets, expressed in financial terms.
When you have completed this course you will be better able to:
- describe what a budget is;
- understand how budgets are used;
- use some budgetary control techniques;
- identify ways of measuring performance levels;
- describe a range of methods for measuring performance;
- identify the differing objectives of stakeholders in the organisation;
- select the ideal performance measure;
- monitor performance against agreed targets;
- make recommendations for improvement in performance, or adjustments to more realistic targets.
LEARNING OUTCOMES:
By the end of this course, you will be able to understand:
- What is a budget?
- The purpose of budgets
- Why do we need budgets?
- The advantages of budgets
- How to monitor performance against budget?
- How to report actual results and variances?
- The non-controllable costs
- The causes of variances
- Flexible budgets and budgetary control
- How to analyse costs?
- The advantages of flexible budgets
- The non-financial budgets
- Standard costing and budgetary control
- What is performance measurement?
- Performance measurement principles
- The quantitative and qualitative measures
- The financial performance measures
- The non-financial performance measures
- What qualitative measures concentrate on?
- Dangers of non-financial measures
- The several types of benchmarking
- The different stakeholders and their objectives
- The balanced scorecard
- How to establish and operate your own system?
- How to set and develop performance standards?
- What is ‘acceptable’ performance?
- How to monitor performance?
- How to measure performance against standards?
- How to improve performance?
- The Total Quality Management (TQM)
- The ISO 9000
- The Business Excellence Model
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”.