Developing, Managing and Analyzing a Budget: Understand and Implement an Effective Budget for Better Management and Financial Decisions

Operating without a plan or budget is an invitation to fail.

Many organizations flounder not because they are ineffectual at their operations, but because they simply meander, lose focus, and do not see the goal posts. This topic will show how to design and implement proper planning and budgeting, which are the keys to success. This concept is critical for businesses - no matter how large or small, non-profits, and governments; it also does wonders for one's personal finances, too. Budgeting is a dynamic process, not a static one. By knowing the types of budgets and processes that have worked for others, one can create an environment and procedure that is a tool for attainment of organizational goals, without the pitfalls of trial and error. Budgeting is critical for any organization - successful executives and business owners always design and implement a workable budget - they know where the strengths and weaknesses are, and if budget cutting must be implemented in the foreseeable future. A suitable budget will, indeed, help define and shape those goals, as well as evaluate the likelihood of achievement. Business success is on the way.

Learning Objectives

• You will be able to identify key factors and processes in developing a budget.
• You will be able to differentiate between Capital and Operating budgets.
• You will be able to differentiate between multiple budgeting methods.
• You will be able to differentiate between Cash and Accrual accounting methods.