42% of managers have direct responsibility for departmental budgets but, according to a recent survey, the majority have received little in the way of formal financial training [1]. Since accurate budgeting is fundamental to the profitability of any business, it’s crucial that managers develop the skills they need to plan spending and protect financial stability.
This course will give you an understanding of why it is so important to operate within budget and how you can contribute to the formulation of an accurate budget. You’ll be given a straightforward guide to the stages in preparing a budget and you’ll explore the types of background information you need to budget accurately. And because some degree of variation from a budget is inevitable, you’ll learn new techniques to reduce or eliminate unacceptable variances between budgeted and actual costs.
[1] YouGov/Intellexis survey of 650 UK managers, 2006
Course code: 100594SM013