Budgets: Money Management

Budgets & Managing Money Training Course

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 finances, 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 session will familiarise you with the key concepts of finance and accounting and help you prepare budgets with more confidence.

This budgeting training class is designed to teach students how to develop, plan, analyze, and successfully manage personal budgets. The classes focus on budgeting principles and concepts that have proven successful for millions of people. Students learn about the essential components of a sound budget and various styles of individual budgets. Students also learn to evaluate and compare budgets, prepare operating and production budgets, and understand how to develop a business’s budget planning process.

Budgeting Training is a very comprehensive method of learning about financial risk, controlling costs, identifying opportunities for savings, establishing appropriate funding objectives, developing sound strategic plans, implementing those plans, evaluating the results of those plans, preparing for changes, correcting deficiencies, correcting incentives for employees, managing staffing and operations, and much more. It also covers areas such as budgeting basics, financial forecasting, the internal and external rate of return, budget analysis, macroeconomic indicators, financial stability, investment strategy, business development, business growth, entrepreneurship, and much more. With all of these subjects covered, a person should be prepared to effectively plan and control their company’s finances. The training course should cover all of these important topics in a complete and thorough manner.

Recommended Outcomes For This Course:

We start at the basics with participants as we find out more about the current knowledge and level of participants. Our trainer discusses a few key terms and assists with everyone to be on the same page and level before we develop this subject.

Understanding the areas in which participants deal with finances within the company and organisation is important. We personalise this area as we discuss the individual needs and roles to play.

In this section we discuss all the different financial reports that employees may come across in the workplace. We develop any areas where the participants need additional assistance or expertise.

Participants are provided with a clear system for tracking business expenses. With detailed reports is it easier to apply financial forecasts and planning.

Having an idea of what to expect is a positive step in the right direction. We go through the standards of creating a good budget that is easy to follow and understand.

Accounting is described as the art of identifying, measuring, recording, interpreting and communicating the results of economic activities. Learning which methods to use for those areas can be quite confusing. Our team help with providing factual information and useful skills that are in use in many workplaces today.

Managing money doesn’t need to be rocket science. We develop some simple strategies that anyone can follow to make sure they are generating profit.

Comparisons can be a great way to find investment opportunities. Looking for the gold nugget in a sea of information may seem difficult. Learn how to spot a great investment opportunity by way of comparison.

Finances in the workplace can affect people in many different ways. Teams may have different budgets, expenditures and needs. Learn how finances can affect those you work with.

This is a structured process in which your business can raise the quality of the products and services that you provide, and then maintain that level.

Being able to make executive decisions when it comes to budgets, finances and managing money will help any that work in these areas or roles. Learn more from our team about the skills required and gain new tools provided.

Introduction and Course Overview

We will spend the first part of the session getting to know employees and discussing what will take place during the session. Employees will also have an opportunity to identify their personal learning objectives.

Finance Jeopardy

This fun exercise will help you introduce some key concepts and ideas to employees.

Your Role in Company Finances

Every employee in a company has a role in company finances. Understanding and acknowledging that role can help employees better contribute to their company’s financial success. This session will provide the framework for employees to discuss how they are involved in their company’s finances.

What is Finance?

During this Budgets and Managing Money session, we will discuss what finance is and what its three steps are.

Getting to Know the Players

During this session, you will review a traditional organizational business chart with employees and discuss the different players in a company’s finances.

Record Keeping Terminology

If employees are going to be doing any sort of money management, they will need to be familiar with the terms accounting, GAAP, and bookkeeping. This session provides a lecture covering these terms.

The Balance Sheet

The purpose of a balance sheet is to show what a company owns and owes on a specific date. We will examine a sample balance sheet in detail.

Liabilities and Equity

Determining a company’s liabilities and equity is a key part of assessing the financial health of the company. We will discuss how to calculate the liabilities and equity of a company, using Smith’s Gourmet Food as an example.

Profit and Loss Statement (Income Statement)

During this session, we will discuss the profit and loss statement and some other key concepts, including methods of recording transactions, accounting periods, and accounting systems.

Tracking Business Expenses

Keeping track of expenses such as purchasing supplies, travel, and entertainment, is crucial, particularly at tax time. We will take a quick look at proven ways to record these expenses.

Analysing Financial Statements

You don’t need an MBA to grasp the basics of a financial statement, but you do need to know how to use the information they contain to clearly understand what’s happening in the business. We’ll cover the basic things you need to know when looking at a financial statement.

Encyclopedia Excitement

This session will help you review what you have covered so far through a fun, energizing exercise.

Using Accounting Software

With the proliferation of the PC and computerized accounting packages many companies do their bookkeeping digitally. However, some companies choose to do their bookkeeping by hand. How do you decide what accounting method to use? We’ll give you some tips.

The Importance of Bookkeeping

During this session, employees will read an article that highlights some of the ethical concerns surrounding accounting. Then, the class will discuss the article as a large group.

Budget Basics

What is a budget? What types of budgets are there? How do you prepare a budget? In this session, you will discuss all of those questions, and more, with employees.

Managing Profit Performance

Just how do you balance finances to bring a profit to your company? We will discuss some things to consider in this session, including types of costs.

Comparing Investment Opportunities

Investment opportunities within the business can be big decisions that require proper planning. We will cover two basic concepts that you should consider when comparing investment opportunities.

The Human Aspect

Dealing with finances isn’t all numbers. What if an employee’s expense report doesn’t look correct? Or what if you have to make cuts to someone’s pay? Participants will examine each situation in small groups, and then provide some tips on what to do.

Credits vs. Debits

Credits and debits (what comes in and goes out of your accounts) are a crucial part of your business’ financial health. You will review a sample balance sheet and income statement (showing where the credits and debits appear on each) using provided PowerPoint slides.

ISO 9001:2000

The ISO 9001:2000 series 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 explore the basics of ISO 9001:2000 and the advantages of the program.

Decision Making

Employees will spend time doing an intensive role play. They will play the role of Operations Director of the Peerless Data Corp. We 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.

Session Wrap-Up

At the end of the session, employees will have an opportunity to ask questions and fill out an action plan.

Ask us to tailor your session:

If this session was not what you were looking for, or you have specific needs in mind, please contact our editing team. We are able to build you a session that will suit your objective and team. Contact us for these training choices in all major cities Melbourne, Canberra, Parramatta, Perth, Sydney, Adelaide, Brisbane, Gold Coast, Darwin

Budgets and Managing Money Outline

Course Overview

We 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.

Topics covered in this course

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

In this session, participants will spend it exploring what the budgeting process should look like through lectures and a three-part case study.

Budgeting Tips and Tricks

In this session, 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

Next, participants will get involved 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 session 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.

Workshop Wrap-Up

At the end of the course, students will have an opportunity to ask questions and fill out an action plan.

Learning Outcomes

Customised Training Session For Teams (Included No Charge)

One of our services is the full customisation of the manual and delivery of the training for your session. Generic content and standard training is not at all what we do! We believe that your team, the challenges they face and the customers they assist differ so much from every industry that we are happy to fully customise the training and hone right in on their needs. This way, they will be shown real skills they can use right away that are relevant to your industry and your customers.

In-House Customised training benefits:

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Creating Content (Contact us for Quotation)

While many courses hit the mark quite closely, there is nothing better than a course that is written to make sure that it fits perfectly and covers your needs and objectives. When our team write content for you, it becomes yours. The course ware we develop in our Content Creation service is owned by you. We do the work to make sure you are 100% satisfied and your course is perfect. Contact our team for more details on how we can help.

Instructor Led 1 on 1 Workshop

Choose your course and book in with one of our expert trainers. 4-6 hrs on a date specific to you. No need to wait for a date. Conducted online with Zoom. Duration 4-6hrs

1 Hour Instructor Led Session

Meet with one of our expert trainers and discuss any module, course or workplace skill. Great to upskill and for downtime at work. Conducted online with Zoom. Duration 1 hr.

Self Directed Online Course

These courses are prerecorded with multiple activities, assessments and learning videos. Can be completed at your own pace.

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