A Practical Guide to Budgeting

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Understand the importance of budgeting for personal and professional finances as you gain the skills to create accurate budgets.

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Develop practical budgeting skills

Budgeting is a crucial tool to help plan for the future and manage costs.

On this ExpertTrack, you’ll develop the skills to help you budget, whether you’re currently working in a finance position, have aspirations to, or are involved in a small business, charity, or community group. While the focus is on business budgeting, the ExpertTrack will also help you to learn to manage your personal finances more effectively.

You’ll learn why budgeting is such an important exercise for both businesses and individuals as you explore the different levels of budgeting and how you can put them into practice.

Explore business budgeting

You’ll discover how businesses use budgeting to gain essential insights that will help make informed decisions.

Next, you’ll explore the budgeting approaches businesses can take, each with different levels of staff involvement in the budgeting process.

Following this, you’ll learn about data and information and how these are vital for budgets. You’ll understand the importance of both internal and external information and how it may be used in budgeting.

There is no one-size-fits-all approach to budgeting. Each organisation must use an approach that suits them and their practices.

Delve into the budgeting process

After mastering the theory of budgeting, you’ll explore the processes behind it and the tasks that take place to help you find the budgeting approach that works for your context.

You’ll look at costing in detail, from categorising and organising costs through to calculating costs using different methods. This is followed by forecasting: how to use information to make accurate predictions of future costs or sales figures.

You’ll look at the difference between actual results and the budget, and discover how the difference is known as a variance. You’ll then apply this knowledge with a variance analysis exercise.

Learn how to create a cash and functional budget

You’ll then put your skills into practice as you learn how to produce budgets. You’ll start with a functional budget – prepared for any function within the business – and finish with preparing a cash budget, detailing all cash inflows and outflows.

Finally, you’ll learn how to deal with limitations that organisations face on a regular basis, such as materials and labour shortages, so that the business still makes the most profit.

Test your knowledge as you’re guided by the experts at Kaplan.

On the final course of this ExpertTrack, you’ll take a series of tests to help cement your budgeting knowledge and gain practical skills.

By the end, you’ll have the ability to budget for organisations or manage your finances in your personal life.

Key skills you will learn

  • Management accounting
  • Budgeting
  • Cash budgets
  • Functional budgets
  • Variance analysis
  • Data Information
  • Analysing and categorising costs
  • Calculating costs
  • Forecasting
  • Data and information
  • Limiting factor analysis
  • Approaches to budgeting
A Practical Guide to Budgeting

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Silas Bamigbola

Certified Computer Engineer & Author, 'Lost Boys'. I believe in the influence of right information. Join me on Twitter.

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