Budgeting in a Business
Budgeting is the process of preparing, compiling and monitoring the finances of the business and usually describes all of the business in financial terms and is the yardstick by which the business performance is measured.
In this skills programme we will look at the concepts, elements, types and process of budgeting in business.
Budgeting is a critical financial future skill that is important for everyone regardless of their level of financial knowledge and will empower you in both your work and personal life.
What you will learn in this course!
We will cover the following knowledge and skills (linked to learning outcomes):
- Define basic financial terminology
- Identify the elements of the budget
- Identify internal and external constraints on a budget
- Prepare a budget of any type or size
- Get your budget approved
- Monitor actual expenses according the standard operating procedures
- Identify variances and implement corrective measures according to standard operating procedures
Who this course is for?
If you are in wanting to improve your financial understanding of using budgets to monitor and manage money, then this skills programme is for you!
Section 1: The Concept of Budgeting in a Business Unit
- Budgets and income and expenditure
- Why does a business prepare budgets?
- Items that make up gross revenue
- Items that make up expenditure
- Relationship between budgeting techniques and budgeting requirements
- Steps in preparing a budget
Section 2: Budget Elements
- Identifying budget needs against the business plan
- Management expenses and viability
- Analysing past budgets to forecast budget needs
- Using the ZBB technique
- Preparing a budget
Section 3: Monitoring & Controlling Expenses
- Recording budget items
- Analyse variance reports and take corrective action
- Providing feedback on a budget
- Control systems
- Making changes to a current budget
Assessment: Note that you can be formally assessed for credit should you wish to. However, the fees for this are not included here. Please contact us for further information on this!
This skills programme is aligned to the following unit standard:
Manage Expenditure against a budget (SAQA ID: 242810; NQF Level 4; 5 Credits)
Related products
R1,200.00 Excl. VAT
- Training Method: Blended
- Language: English
- Duration: 2 - 3 days
- Skill Level: Intermediate & Advanced
- Certificate of Completion / Competence
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