Financial Updates and Reporting

The module begins by describing how the production of accurate financial updates and the comparison of actual results against budgets are part of the budgetary control process, resulting in financial update reports, which enable those responsible for meeting budget targets to track actual results against budget. The two main components of financial updates are actual figures and budget figures. These are described in some detail, along with the creation of a financial update report, which has certain characteristics. It is important that the underlying accounting system must generate accurate data to ensure the integrity of the reports. Systems and criteria should be in place to check and clean the data regularly – this should follow a clear procedure. One output described is a monthly variance report – reasons for the variances are reviewed including operating conditions, inefficiencies, timing and poor budgeting. Finally, the module concludes by emphasising the confidential nature of financial reporting. Learning Objectives On completion of this course, learners will: Understand how to monitor budgets and provide reports Be able to gather and interpret the financial information needed to create financial updates for a team or department Be able to create accurate financial updates Be able to compare reports against budgets to assess whether targets are being met 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.