Managing Budgets

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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