Budgets play an important role in helping organisations to achieve objectives and remain profitable.
Departmental managers are often given the responsibility to manage a budget; however, without the skills to do this they may struggle. This course has therefore been created to explain the manager’s role in managing a departmental budget. It will also look at how the organisation creates their budget and the benefits of budgeting.
• What a budget is;
• The benefits of budgets;
• How budgets are created;
• The master budget and departmental budgets;
• The manager’s role in managing their departmental budget;
• Approving and managing spending;
• Recording and reviewing spending;
• Identifying variances;
• Analysing variances and taking corrective action;
• Reporting on the budget.
At the completion of this course, learners should be able to:
• Explain what a budget is and when one is usually created;
• Identify the benefits of having budgets;
• Discuss how budgets are created and identify who creates them;
• Discuss their role in regards to monitoring, analysing and reporting on their departmental budget.