Budgeting, Planning and Management Reporting

Course Code: BFP100

Course Objective

 

• Resource Allocation: Budgeting helps in determining how available resources, such as capital, labor, and materials, will be allocated across different activities and departments within the organization.

 

• Goal Setting: Budgeting and planning provide a framework for setting financial goals and targets. These goals can be short-term or long-term and can include objectives related to revenue growth, cost reduction, profitability, market share, or return on investment.

 

• Performance Measurement: Management reporting involves regularly monitoring and reporting on the financial performance of the organization against the set goals and targets. It provides valuable insights into how well the organization is performing and helps identify areas of strength and weakness.

 

• Decision Making: Budgeting and planning processes provide a foundation for informed decision making. By having a clear understanding of the organization's financial situation, managers can make sound decisions related to resource allocation, investments, pricing, product development, and cost management.

Course Outline

•  Budgeting Process

A. Overview of the budgeting process

B. Steps involved in budget preparation

1. Establishing budgeting guidelines and objectives

2. Gathering relevant data and information

3. Creating budget estimates

4. Reviewing and finalizing the budget

C. Types of budgets

1. Operating budget

2. Capital budget

 

•  Planning and Forecasting

A. Strategic planning

1. Setting long-term goals and objectives

2. Identifying strategic initiatives

B. Financial forecasting

1. Revenue forecasting

2. Expense forecasting

 

• Management Reporting

A. Definition and purpose of management reporting

B. Key elements of effective management reports

1. Relevant and timely information

2. Clear and concise presentation

3. Comparison to budget and actual performance

4. Variance analysis and explanations

C. Types of management reports

1. Financial statements (income statement, balance sheet, cash flow statement)

2. Key performance indicators (KPIs) and dashboards

3. Budget vs. actual reports

4. Trend analysis and forecasting reports

 

• Budgetary Control and Performance Measurement

A. Monitoring and controlling actual performance against budget

B. Variance analysis and corrective actions

C. Key performance indicators (KPIs) and performance measurement

 

• Continuous Improvement and Adaptation

A. Evaluating and revising budgets and plans

B. Incorporating feedback and lessons learned

 

• Technology and Tools for Budgeting, Planning, and Reporting

A. Budgeting software and tools

B. Forecasting and planning software

 

•  Challenges and Best Practices

A. Common challenges in budgeting, planning, and management reporting

B. Best practices for effective budgeting and planning

 

•  Conclusion

A. Recap of key points

B. Importance of effective budgeting, planning, and management reporting

C. Future trends and developments in the fieldThe Cost Of The Training Program Includes The Following:

 

1. Scientific article on flash memory.
2. Training Room.
3. Training.
4. Coffee break.
5. The training bag includes all the tools for the course.

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Register for this course

23 July 2023  (5 days - Istanbul) 13 August 2023  (5 days - Rome)
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