Budgets: Money Management
Budgets & Managing Money Training Course
As modern business leaders, it is critical to be knowledgeable about our organisation’s finances. Although not all of us have a background in finance or accounting, this session will help familiarise you with the fundamentals and provide guidance on how to contribute positively towards your company’s financial structure. With increased confidence from understanding key concepts such as budgeting and fiscal cycles, we can ensure our departments remain adequately resourced without falling into debt.
This budgeting training class is designed to equip students with the knowledge and skills needed to confidently create, plan, analyse and maintain successful personal budgets. From core principles of sound budgeting strategies through advanced techniques such as operating and production-based plans for businesses – this course offers invaluable insight into how best manage finances effectively.
Budgeting Training is a comprehensive approach to mastering the ins and outs of financial risk management, cost control, savings identification, strategic planning implementation and evaluation. It covers areas such as budget fundamentals and forecasting techniques in addition to internal/external rate of return analysis and macroeconomic indicators for assessing long-term financial stability. Budgeting training also provides insights into investment strategy development with an emphasis on business growth initiatives like entrepreneurship and other key business developments. This training course offers a comprehensive overview of all the essentials in company finance, preparing individuals to approach their budgeting with expertise and confidence.
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.
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 organisational 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.
This session will help you review what you have covered so far through a fun, energising 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.
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.
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.
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.
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:
Are you looking for a tailored training experience to help reach an objective? Our editing team is available in all major cities, including Melbourne, Canberra, Parramatta and Perth. Don’t hesitate to contact us today – we can craft the perfect session that meets your needs!
Budgets and Managing Money Outline
Participants will have the opportunity to introduce themselves discuss their goals, for the workshop and review the planned agenda. This initial interaction ensures that everyone is aligned with our shared vision of achieving success!
Topics covered in this course
Finance Trivia Game
Prepare to refresh your memory with this activity designed to reinforce concepts and ideas.
The Basics of Financial Management
This session offers an overview of the world covering essential concepts such as generally accepted accounting principles. Participants will develop an understanding of the individuals involved in finance and their respective roles.
Introduction to Budgeting
Participants will gain an understanding of budgeting by exploring its definition, types and how it fits into their overall financial picture.
Components of a Budget
In this session we will explore how to create plans by learning about the four elements necessary, for success!
The Budgeting Process
This session will provide participants with an understanding of budgeting through lectures and an interactive three part case study. Dive into crafting a process that supports decision making!
Tips and Tricks, for Managing Your Budget
During this session we will explore tips and common mistakes when it comes to budgeting. Join us to gain an understanding of budgeting strategies that can help you achieve financial success!
Monitoring and Managing Your Finances
In this session participants will learn how to manage and monitor their resources discovering the secrets to successful budgeting.
Analysing Financial Figures
Participants will delve into ratio analysis. Examine metrics like current to quick ratios, gross profit margins, debt to net worth comparisons and cash turnover figures. They will also explore the impact of their strategies on sales returns. Investigate investment performance through assessments on collection efficiency.
Overcoming Obstacles in Budget Approval
This session will demonstrate techniques for participants to navigate obstacles and secure the financial support for success.
Evaluating Investment Opportunities
Finding investments for your business can be overwhelming. This session offers participants a plan to ensure decision making throughout the process!
Understanding ISO 9001;2008
Participants in this session will gain insights, into the ISO 9001;2008 process – a system designed to help companies improve product quality while adhering to budget constraints. Discover the benefits of implementing this approach to add long term value to your organisation!
Guiding the Peerless Data Corporation
Participants will engage in a role play exercise taking on the role of Operations Director, at Peerless Data Corp. Throughout the session they will be challenged with making five financial decisions and receiving real time feedback on their choices. An experienced facilitator will provide guidance throughout. As the session concludes there will be an opportunity for reflection through thought provoking discussion questions allowing participants to gain insights into the decisions they made alongside their peers.
Wrapping Up the Workshop
After completing this course students are encouraged to ask questions and develop a roadmap, for their endeavours.
Customised Training Session For Teams (Included No Charge)
We provide innovative and tailored solutions to help equip your team with the skills they need for success. By customizing our training programs specifically for you, we ensure each person learns something unique and relevant that can be implemented in their everyday duties – giving them a real edge in customer assistance.
In-House Customised training benefits:
Creating Content (Contact us for Quotation)
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Instructor Led 1 on 1 Workshop
Make the most of your time by reserving a custom-tailored course with one of our experts! With convenient online sessions conducted through Zoom, you can book anytime and select from 4 to 6 hours that are perfect for your busy schedule.
1 Hour Instructor Led Session
Our expert trainers are ready to discuss any module, course or workplace skill with you. Take the opportunity now and engage in an online session via Zoom for upskilling purposes – all within a convenient one-hour timeframe!
Self Directed Online Course
Our pre-recorded courses offer an engaging, self-paced learning experience with a variety of activities and assessments to maximise your understanding. From videos to quizzes, our program allows you the freedom to learn at your own speed.