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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.
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?
o Are Finance managers and accountants acting like project managers in this process?
o What do Finance managers and accountants need to know and how to value add in terms of project managing budget and forecasting
• Considerations for Corporate and SME – upside and downside of these rules of thumbs as a practical approach to cost management
• 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
o Revenue assumptions
o Costing assumptions
• Checklist for budget preparation
• Pre-requisites for effective budgeting
o Gaining buy-in for budget process and changes
o Others requirements
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
• Labor variances
• Spending variances
• Capacity variances
This workshop is part of the Finance Operations Development Program and eligible for funding support of up to 43% off the course price. Eligibility conditions apply.
Enter code FUND10 at checkout. To apply the promotional code, you must complete separate payment for each workshop.
The following are the learning outcomes of the program:
• 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
• Hear insights from the following subject matter expert
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.
The program is suitable for middle management level finance-based delegates including Finance Managers, Management Accountants, Financial Planners & Analysts.