Duration: 3 Days
 

Course Objectives:

Budgets are essential management control mechanism that enables management in making strategic decisions about their cost structure, overall financial health and improving the value for money of clients/customers. Budgetary Controls involve systematic planning, getting funds, judicious spending of funds and meticulous accounting. Unfortunately, many budgeting systems prove inadequate for this purpose. This course will take you through not only what and why organisations prepare budgets but also the consequences of over and under budgeting, budgetary control and its behavioral implications. It will help you understand why budgets are so important and how they can be designed and implemented to truly support management decision-making.

Who Should Attend

All personnel who are involved in the preparation, planning and controlling of the budgeting process.

Course Overview

- What budgets are?
- Steps involved in budget preparation.
- Proforma of and how to prepare functional and master budgets.
- Fixed and flexible budgets.
- Two types of budget preparation — incremental and zero based budgeting.
- What Incremental and Zero-based budgeting are?
- Rolling or continuous budgets.
- Problems associated with implementation of a budgetary control system.

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

- Develop an understanding of the budgeting process;
- Prepare, analyse and monitor the budget;
- Create various types of budget and implement budgetary control;
- Manage budgets within a department, division, cost or profit center;
- Appreciate the importance of reducing unnecessary departmental costs and working towards increased corporate profitability.