Budgeting provides a financial plan for the business and acts as a guide to monitor your expenses. Budget monitoring is the continuous process by which we ensure the action plan is achieved in relation to income and expenditure. This qualification provides you with extended knowledge of budgeting and management styles to effectively direct your team to achieving their targets.
Course Content
Explain how to calculate the estimated costs of activities, resources and overheads needed to achieve objectives
Analyse the components of a business case to meet organisational requirements
Analyse the factors to be taken into account to secure the support of stakeholders
Describe the business planning and budget-setting cycle
Explain the purposes of budget-setting
Analyse the information needed to enable realistic budgets to be set
Explain how to address contingencies
Explain organisational policies and procedures on budget-setting
Use the budget to control performance and expenditure
Identify the cause of variations from budget
Explain the actions to be taken to address variations from budget
Propose realistic revisions to budget, supporting recommendations with evidence
Provide budget-related reports and information within agreed timescales
Explain the actions to be taken in the event of suspected instances of fraud or malpractice
Identify successes and areas for improvement in budget management
Make recommendations to improve future budget setting and management
Employees Benefits
Use the budget to control performance and expenditure
Make recommendations to improve future budget setting and management
Purposes of budget-setting
Actions to be taken in the event of suspected instances of fraud or malpractice
Employers Benefits
Identify the cause of variations from budget
Propose realistic revisions to budget, supporting recommendations with evidence
Identify successes and areas for improvement in budget management
Analyse the components of a business case to meet organisational requirements
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