AMA's Comprehensive Budgeting Workshop (Live Online)

Your Immediate Take-AwaysUse and analyze robust budgetsUse budgeting to help determine strategic directionBeing responsible for the budgeting means you’re playing a vital role in your organization’s future. Your budget enables you to pinpoint critical variables that impact profit so your company can successfully pursue business goals and create value.In this seminar, you will learn how to work with, develop and present budgets aligned with business strategic goals. Working in groups, you’ll gather the information you need to construct and analyze operating budgets. You’ll practice evaluating and revising your budget to increase its chances of acceptance. This is your opportunity to gain the tools and insights to craft the budget your company needs to overcome obstacles and achieve success.Who Should AttendManagers and anyone with budget responsibilities who are interested in developing or improving their budget planning skills.What You will coverOverview of the planning and budgeting processUnderstanding the definition, purpose and components of a budgetOperating budget vs. capital budgetRelationships and metrics of line items on the income statement and the operating budgetSpecific steps to improve the metricsAddressing issues and challenges when dealing with assumptions and targetsRevising and finalizing the budgetOrganizing and delivering your operating budget for feedback and final approvalObtaining tips, guidelines and recommendations for developing and presenting your budgetPerforming a variance analysis and identifying potential sources and causesKnowing exactly which variances to address in order to plan for next year’s budgetOutline:Learning ObjectivesExplain Why an Organization Needs a BudgetDistinguish Between Operating and Capital BudgetsPrepare and Present an Operating BudgetAnalyze a Budget, Based on Variances, and Take the Appropriate Actions Related to PerformanceIncome Statement ReviewDescribe What a Budget Is and Its PurposeDifferentiate Between an Operating Budget and a Capital BudgetDefine the Line Items on an Income StatementRecognize How the Line Items Relate to Each Other and the Metrics That Can Be Derived from ThemPreparing an Operating BudgetRecognize How the Items in a Budget Relate to Upper-Management Assumptions/Targets About the BudgetDevelop Budget Strategies for Meeting Those TargetsPresenting an Operating BudgetProperly Organize, Format the Components of, and Deliver an Operating Budget PresentationHow to Effectively Use a BudgetDefine Budget Variances and Identify Potential Sources for These VariancesPerform a Variance Analysis and Determine the Actual Source(s)Identify and Implement Changes to the Budget, If NecessaryApply Lessons Learned from This Evaluation to the Preparation of the Following Year’s Budget