Drawing Up & Controlling Budgets

Introduction

Budgeting is the heart of the way organizations measure what they want to achieve, it is a key tool in planning and integrating activities, allocating funds and achieving strategic aims of the organization.  Organizations are increasingly involving other staff as well as accountants and finance directors in drawing up a budget. It requires both numbers and people skills.

Budgetary control is achieved by comparing actual costs, revenues and performance against a set budget. Such comparison is necessary in order for managers to take corrective action and change operational plans as required to keep them on budgets

Knowledge Development Objectives

At the end of the programmed, participants should be able to:

  • Draw up and control budgets.
  • Monitor their organizations/teams financial performance.
  • Interpret their department’s financial position.
  • Use budget as basis for action

Course Content

  • Identifying key plans and objectives for the organization.
  • Understanding the figure.
  • Talking to your accounting department
  • Setting up a monitoring/early warning system
  • Deciding on appropriate intervals to monitor your budgets
  • Identifying variances
  • Don’t assume a positive variance is a good thing.
  • Telling the right people
  • Now Act
  • Keep monitoring

Who Should Attend

Department Heads, Line Managers, Sectional/Unit Heads, Staff Managers, Finance Manager, Accountants, Project/Team Leaders.