Effective Budget Controls

This course is aimed at team leaders and professionals in the finance sector, it explains what a budget is and the budget setting process. The course describes effective budget controls, but before that it helps the learner to understand what a budget is – a financial plan using numbers. The budget setting process is described in more detail, understanding how to allocate financial resources efficiently and effectively, enabling an organisation to achieve its goals. The module reviews how effective budgeting can control costs in a number of ways and identify improvements and efficiencies. The various people, roles and responsibilities involved in the budget process are described as well as rules and procedures for effective budgeting and how financial control is exercised within an organisation, with the establishment of a budgetary control system. Finally the module reviews how to investigate and resolve variances in budget reports. Learning Objectives On completion of this course, learners will: Understand how to set and monitor budgets to ensure efficiencies and cost controls Be able to explain how to set realistic budgets and plan for contingencies Be able to describe the process of monitoring budgets to ensure efficiencies and cost controls Be able to regularly monitor and report against budgets to assess whether targets are being met Be able to decide when to investigate variances in budget reports Accreditation The content of this course has been independently certified as conforming to universally accepted Continuous Professional Development (CPD) guidelines. Certification On successful completion of this course, you will be awarded a Virtual College certificate which you will be able to download and print immediately on completion. Duration This course will take approximately 30 minutes to complete, depending on learning speed. Target Audience This course is aimed at team leaders and professionals, including finance officers Entry Requirements There are no specific entry requirements for this course.