Description
In Financial Management: Budgeting Essentials, participants learn how to create and enforce a budget by analyzing financial statements, setting objectives, and monitoring performance.
Audience
Managers and employees who want to learn more about budgeting.
Prerequisites
(Currently no course prerequisite information)
Objective
- Use four methods to analyze financial statements.
- Use ratio analysis to analyze financial statements.
- Calculate an organization's breakeven point.
- Identify effective objectives.
- Follow a seven step process for creating a proforma financial statement.
- Respond appropriately to negative deviations from a budget.
Topics Include
Unit 1: Background Information - List the five benefits that budgeting offers.
- List the three-step process for creating and enforcing a budget.
- Simulation Overview:
- In this simulation, you will be meeting with Carla Jackson to discuss budgeting. Through your questions, you will identify the importance of budgeting, the benefits of budgeting, and the process used for creating and enforcing a budget.
Unit 2: Analyzing Financial Statements - Apply the four methods used to analyze financial statements.
- Use ratio analysis to analyze financial statements.
- Calculate an organization's break-even point, given information from financial statements.
- Simulation Overview:
- In this simulation, you will be meeting with Kyle Hensley, Icon's Vice-President of Sales, to discuss several methods you can use to analyze financial statements. By completing several exercises, you will learn about the different types of ratios, what type of information you can expect to gather, and how to calculate the different ratios.
Unit 3: Setting Objectives - Follow the four-step process for establishing effective objectives.
- List the three characteristics of effective objectives.
- Avoid common problems encountered when budgeting.
- Simulation Overview:
- In this simulation, you will be meeting with Robin Carlson, a Product Manager; Chala Merino, an Assistant Controller; and Drew Canfield, the Director of Finance. You are all members of the team responsible for determining new objectives for the SK-200 product line. During this meeting, you and your team members must follow the steps required to establish objectives while avoiding common budgeting problems.
Unit 4: Monitoring Performance - Define pro forma when used to describe financial statements.
- Follow the seven-step process for creating a pro forma financial statement.
- Respond to negative deviations from the budget appropriately.
- In this simulation, you will be meeting with Jessica Stone, Icon's Director of Finance, to discuss how you can monitor actual performance by using a budget. By completing several exercises, you will learn how to organize a pro forma statement and calculate the components of a budget.
Duration
4
Minimum Requirements
The CDROM version of this course requires:
- At least a 486DX 33Mhz CPU.
- Microsoft Windows 3.1 or higher and a Microsoft compatible mouse.
- At least 8MB RAM.
- At least VGA graphics capability with a minimum 512K video RAM (1MB video RAM recommended).
- At least a double speed CDROM drive.
- An MPC compliant sound card with attached speakers or headphones is recommended (Currently, only the CDROM version supports audio).
The network version of this course requires:
- At least a 486DX 33Mhz CPU.
- Microsoft Windows 3.1 or higher and a Microsoft compatible mouse.
- At least 8MB RAM and 22MB available hard disk space or file server space.
- At least VGA graphics capability with a minimum 512K video RAM (1MB video RAM recommended).
Media
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