Budgeting and Forecasting for Non Financial Professionals

Event Details

    Introduction and key concepts

    • The organisational context
    • The business case for you to walk and talk finance
    • Overview of key financial concepts
    • What do financial statements mean for your role? Key terms
    • Relating budgeting to strategic initiatives
    • Collaborating with the finance team


    The basics of forecasting

    • The forecasting process and its applications
    • Tying forecasts to organisational initiatives
    • What you need to know about popular forecasting methods
    • Plan vs forecast vs actual
    • Advantages and disadvantages of forecast-based decisions

    How to link the forecast to your budget

    • Examining the objectives of budgeting as part of your forecasting process
    • The impact of budget process timelines on decision making
    • Budgeting by cost centres and projects
    • Budgeting by customers and products; output classes


    Building a budget and classifying costs

    • Types of budgets
    • Standard process
    • Preparation methods and essential information
    • Parties involved and their roles
    • Allocating resources
      • Budgeting for new opportunities
      • Budget as part of the business case for new projects; fitting into an existing budget
    • Allocating overheads to products and services


    Managing a budge

    • What experience tells us about managing a budget
    • Avoiding the “gaming temptation”
      • Making sure the budget reflects your objectives and KPIs
      • Reviewing and adjusting expectations
      • Managing risks and opportunities
      • Margins: Understanding the different kinds and how and when to apply them
      • Learning from best practice: Addressing common issues in budgeting


    Using budgets and variances to stay on track

    • Using financial reports to track progress
    • Post-approval: Costing and variance analysis
    • Evaluating whether costs are reasonable and affordable
    • How to take corrective actions

     

    Bringing it all together: Relating these tools to business objectives

    • Translating numbers into business objectives and vice versa
    • Ensuring budgets don’t overwhelm strategy development
    • Evaluating your progress using financial reports
    • Staying on top of what’s going on: Capitalising on having functional experts available
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