Budgets and Managing Money

Introduction

For managers in today’s business world, it’s essential to have a working knowledge of finance. We all play a role in our organisation’s financial health, whether we realise it or not. If you don’t have training or a background in finance, you may be at a disadvantage as you sit around the management table.

Understanding the cycle of finance will help you figure out where you fit into your company’s financial structure, and how to keep your department out of the red. This two-day workshop will help you prepare budgets and make decisions with confidence.

Participants should complete our Accounting Skills for New Supervisors course before this workshop or have equivalent knowledge.

Course Overview

You will spend the first part of the day getting to know participants and discussing what will take place during the workshop. Students will also have an opportunity to identify their personal learning objectives.

Finance Jeopardy

This fun exercise will help you review some key concepts and ideas with participants.

The Fundamentals of Finance

In this session, participants will review basic financial concepts, generally accepted accounting principles, and the key players and roles in finance.

The Basics of Budgeting

Next, participants will learn what a budget is, what common types of budgets exist, and how their budget should fit into the big picture.

Parts of a Budget

Any good plan should have four parts. This session will teach participants what they are.

The Budgeting Process

Participants will spend the afternoon of Day One exploring what the budgeting process should look like through lectures and a three-part case study.

Budgeting Tips and Tricks

To begin Day Two, participants will look at some dos and don’ts of budgeting.

Monitoring and Managing Budgets

In this session, participants will explore how budgets can be managed and monitored.

Crunching the Numbers

Participants will get their hands dirty with ratio analysis, including current ratio, quick ratio, debt ratio, net and gross profit margin, return on sales ratio, debt to net worth ratio, cash turnover ratio, collection ratio, investment turnover, and return on investment.

Getting Your Budget Approved

This session will show participants how to get around the politics and pencil-pushers and get the money that they need.

Comparing Investment Opportunities

Investment opportunities within the business can be big decisions that require proper planning. This session will give participants a quick guide to making those decisions.

ISO 9001:2008

ISO 9001:2008 is a structured process through which a company can raise the quality of the products and services that they provide, and then maintain that level. This session will introduce participants to that process and explore its impact on budgeting.

Directing the Peerless Data Corporation

Participants will spend the entire afternoon of Day Two doing an intensive role play. They will play the role of Operations Director of the Peerless Data Corp. As the trainer, you will ask them to make five financial decisions. After each decision is made, debriefing points are provided. We have also provided discussion questions for the end of the exercise.