Essential budgeting and forecasting - Workshop SG 2018

Identifier: 70453003

Duration: 1 day

Language: English

Cost:

Action

Overview

Forecasting and budgeting are key to business success. Without them, there will be no way to allocate resources to their best uses, resulting in lost opportunities and revenue. Management would often set budgets to business units or departments without considering whether they are achievable. By the same token, budget holders often prepare budgets without having the organisation goals in mind. It is therefore of paramount importance that both budget holders and approvers are on the same page so that budgeting can serve as an effective tool in business management and performance reviews. 

This workshop will equip you to understand the annual budget planning process and on-going management control activities. Discuss common pain points of budgeting and forecasting and gain insights into the differences in finance and business viewpoints for Corporates and SMEs.

Key Topics Covered:

  • Common pain points of budgeting and forecasting - Compare and contrast finance and business viewpoints for Corporates and SMEs
  • Budgeting in context of long-term planning
  • Budgeting at Corporate and SME level
  • Quantifying corporate objectives
  • Use of budgets
  • Inter-dependency of budgets
  • What is the area of Finance managers and accountants’ responsibility?
  • Considerations for Corporate and SME
  • Differing budgeting methods and their pros & cons
  • Selecting suitable methods for different areas of Chart of Accounts
  • Various rules of thumb that guide practical budgeting – when do we need details and when is too much details
  • Why budgets get turned down
  • Building realistic assumptions that is relevant (Revenue and Costing assumptions)
  • Checklist for budget preparation
  • Pre-requisites for effective budgeting
  • Impact on cash flow management
  • Relevance of cash flow forecast
  • Impact of budgets on cash flow forecast
  • Analysing & interpreting variances
  • Relevance of flexing the budget
  • Sales variances
  • Material variances
  • Labour variances
  • Spending variances

This workshop is part of the Finance For the Future Program and is eligible for funding support of more than 40%* off the workshop fees. Eligibility conditions apply.

Enter code FUTURE18 at checkout. 

Trainer Profile:

Grace Chow

Grace Chow has over 20 years of working experience in public accounting, banking, fund management, and corporate training. She has conducted regional financial management & related programs for a wide range of clients in the Asia-Pacific region, and has worked closely with many in developing and assessing business plans which cover strategic marketing to process improvement. She is highly experienced in training participants with no financial background especially sales and marketing professionals and engineers, and at different levels from top management to executives. Grace is the author of a book titled "Accounting Made Simple – A Layperson’s Perspective" published by the Singapore Institute of Management (SIM) and has contributed a chapter to another book titled "The Essence of Financial Accounting" (Special Asian Edition) which is jointly produced by Prentice-Hall and SIM.

*Discount based on member price

Objectives

  • Gain insights on effective budgeting & how it contributes to business management, performance reviews and cash flow management
  • Avoid pitfalls in the budgeting process
  • Understand how budget negotiation works between budget proposers and approvers
  • Understand the roles of finance managers and accountants, including the soft skills needed

Audience

The workshop is suitable for middle management level finance-based delegates including Finance Managers, Management Accountants, Financial Planners & Analysts.

Course Structure

Title
Status
loading data
loading...