How to manage a budget

Description

This course introduces learners to the skills and knowledge required to perform financial management within a work team, to support team members so they can carry out financial tasks as well as monitor and control financial information, and to review and evaluate financial management processes so these meet the financial objectives.

Topics covered

  • Review concepts of financial management
  • Plan financial management approaches
  • Implement financial management approaches
  • Monitor and control finances
  • Review and evaluate financial management processes.

Learning objectives

On completing this course, learners should be able to:

  • Identify and apply management accounting principles and techniques to financial planning: standard accounting practices, cash and accrual accounting, management accounting and cost accounting
  • Identify types of budgets and cost centre allocations
  • Ensure access to budgets and financial plans
  • Consult on budgets and financial plans with stakeholders
  • Negotiate budgets and financial plans
  • Recognise the importance of managing risk
  • Prepare contingency plans
  • Follow the management cycle: budgeting and leadership
  • Identify and set accountabilities
  • Recognise the importance of budget management and human behaviour
  • Lead, motivate and support the team to achieve goals
  • Organise resources and systems
  • Monitor expenditure
  • Monitor variance
  • Identify and understand internal reporting requirements and Government reporting requirements
  • Analyse variance, cash flow and profit
  • Implement corrections and improvements.

Business outcomes

Organisations implementing this course will:

  • Reduce the risk of poor financial management
  • Reduce job stress and anxiety
  • Increase the efficiency of business practices
  • Create more effective work practices.

Target audience

This course is designed to be delivered organisation-wide. It applies specifically to people leading a team and those responsible for managing budgets and financial plans.

Duration

Approximately 120 minutes.

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