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An effective budget is probably the most valuable tool in a company’s arsenal for setting and meeting an annual profit target. In this course we discuss how to plan and carry out an effective budgeting process, and then how to use it to manage actual results and produce the bottom line goal envisioned by the budget.

We start by defining the tools that the planning department should develop on the front end – the launch directive and the data collection tools. Then we move on to cover best practices for building the budget in each key area – revenues, expenses, cash flow, capital expenditures and the balance sheet. The course then provides proven tools for monthly budget management – addressing problem areas, changing course and accountability. 

Learning Objectives

  • Explore how to design a budget launch package that will answer most users’ questions in advance and prevent the endless phone inquiries and late or incomplete submittals caused by user confusion.
  • Recognize how to explain for users the best mix of tools and techniques that are most likely to produce credible budgets that can be supported in analysis and achieved in bottom line results.
  • Identify the most common flaws in budget submittals by recognizing their causes.
  • Recognize why every budget must go beyond simply a P&L projection.
  • Discover the 5 things you should NOT do if you want your budget to be taken seriously.
  • Discover how to manage ongoing budget variance analysis in a way that demands accountability and enhances the likelihood that the budget goals will be achieved.

 

 

72 Reviews (216 ratings)Reviews

4
Member's Profile
Great course - I work in higher education versus a corporate setting, but could relate a lot of this material to improve our budgeting process.
3
Anonymous Author
helpful
5
Member's Profile
Very good overview of the budget process, stressing importance of integrating the budget with the operating plan, plus and of buy in and accountability. Also discussed what to do when actuals differ significantly from the budget.
4
Anonymous Author
This is a good overview of Best Practices in Budgeting. It introduces or provides a refresher of items to consider, watch out for and implement to make the budget/budgeting process successful.
4
Member's Profile
Mr. Siciliano spoke clearly and got to the point. I wish he had not taped the parts where he coughed. He could have stopped the mike and retaped. Thanks you for the integrated excel model!
4
Member's Profile
The instructor gave good examples and didn't just read the slides. the model provided is a good starting place for a small company that sells one or two major products.
5
Member's Profile
An informative and insightful course on the budgeting process. It discusses how a good budgeting process should be and the benefit of doing it appropriately.
4
Member's Profile
I found the Budget Preparation Process and the Managing to the Budget sections most informative in terms of things I should incorporate into my processes.
4
Anonymous Author
Helpful and useful information at a foundational level. Well taught at an appropriate pace. The link between each of the budgets was good to highlight.
5
Member's Profile
It was easy to understand and will be very useful and helpful to anybody who will be doing budgeting or anybody who needs to use a budget.
5
Member's Profile
This is an informative course. The presenter is engaging and his common sense explanations makes the subject matter easy to grasp.
5
Member's Profile
A nice, thorough review of the topic, which reinforces that there's no magic to budgeting, just good common sense and practice.
4
Anonymous Author
Material was very relevant to subject matter. Could have provided some guidance on how to use EXCEL budget worksheet.
4
Anonymous Author
Very in depth about all aspects of the budgeting process and some tools to use. A good general overview.
5
Member's Profile
Awesome, very clear in details and great methods for communicating and managing the budget company wide.
4
Anonymous Author
Easy to listen too. Practical. Good summary of three key questions to ask when actual off from budget.
4
Anonymous Author
This course provides a good high-level overview of the entire budget process from beginning to end.
4
Member's Profile
The topics were very organized and it was good to have na overall idea of the budgeting process.
4
Member's Profile
The final exam questions weren't necessarily covered in the presentation and were subjective.
4
Anonymous Author
Excellent walk through of the budget process with great tips for getting involvement by all.
5
Anonymous Author
Excellent overview of the budget process. This was a quick review and refresher.
4
Member's Profile
Good coverage of the topic delivered in a nicely paced presentation. Well done!
5
Member's Profile
I liked the course very much, for its clarity in content, and succinct delivery.
5
Member's Profile
Good course - straightforward clear tips on creating and managing a budget.
5
Anonymous Author
This was a good how-to that should make your budget process go more smoothly.
5
Anonymous Author
Really good presentation, organized and summarized well with good tips.
5
Member's Profile
Well organized overview of the budgeting process. Enjoyed the course.
Anonymous Author
Fairly high level, but a good review of the budgeting process itself
5
Member's Profile
Great course to gain a greater understanding of the budget process
4
Member's Profile
good review of best practices developed over years of experience.
5
Anonymous Author
Good course. Timely for persons who have upcoming budgets.
5
Member's Profile
Amazing class. I learned much about the budgeting routine.
4
Member's Profile
Simple explanations and a good reminder of the processes
5
Anonymous Author
the course was informative without being too detailed
5
Member's Profile
Great charts and questions for analyzing the budget.
5
Member's Profile
Practical orientation to current budget practices
4
Anonymous Author
Good overview with useful takeaway materials.
5
Member's Profile
excellent course, very engaging presentation
4
Member's Profile
Provides some good tools for budget process.
5
Anonymous Author
great overview of the entire budget process
5
Anonymous Author
The excel part should be treated as well.
3
Anonymous Author
Do not want to go into upper management.
5
Member's Profile
Detailed presentation with examples
4
Member's Profile
Subjective questions in some cases
3
Anonymous Author
Could have used a bit more detail
5
Member's Profile
Very informative and helpful.
4
Anonymous Author
Budgeting is a key function.
5
Member's Profile
concise and to the point
4
Anonymous Author
ok course, fairly basic
5
Anonymous Author
Straight forward advice
5
Member's Profile
Hit all the key topics.
Member's Profile
Could have been better
5
Member's Profile
Interesting overview
2
Member's Profile
interesting Course
5
Member's Profile
It's challenging.
4
Anonymous Author
very interesting.
3
Member's Profile
Felt a bit slow
4
Member's Profile
Very informative
4
Member's Profile
Very insightful
4
Anonymous Author
Basic budgeting
4
Anonymous Author
Good overview.
4
Anonymous Author
Good refresher
3
Member's Profile
Good speaker.
3
Anonymous Author
Good document
4
Anonymous Author
nice overview
4
Member's Profile
Good Course
3
Anonymous Author
Good Course
4
Member's Profile
It was ok
5
Member's Profile
Helpful
5
Anonymous Author
Great!
4
Anonymous Author
good!
3
Anonymous Author
l

Prerequisites

Course Complexity: Intermediate

Prerequisites: A solid understanding of the interrelationship of the basic financial statements to one another and a moderate knowledge of Microsoft Excel.

Advance Preparation:  None

 

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 ext. 106, or send an e-mail to .

5 QuestionsCourse Questions and Answers

Member's Profile

Given the primacy of the income statement, do folks ever just redo that if something happens to invalidate the budget during the year?

Member's Profile

Assuming your word "just" means "only", keep in mind that accounting requires a debit and a credit. If P&L changes are simply moving money from one expense item to another, there may be no need to impact cash flow or balance sheet. If however there is an additional expense planned, or an additional capital expenditure, then the budget change must necessarily impact cash flow and the balance sheet as well. Otherwise the integrated budget model will not balance and the cash flow and balance sheet will not reflect what is actually planned after the change.

Member's Profile

Thanks, Gene; a helpful clarification. I should have made clear my reference to "invalidate the budget" only referred to the revenue and cost budget items in the CoA that are rolled up into the income statement.

Member's Profile

My answer is the same, Alan, but perhaps not clearly enough stated. If you still need some clarification, give me a call and we can talk about it.

Member's Profile

Will do; thanks for the offer.

Course Syllabus
INTRODUCTION AND OVERVIEW
Budgeting Best Practices
  13:45The Budget Preparation Process
  12:24The Income Statement
  12:06Cash Flow, Balance Sheet and CAPEX
CONCLUSION
  16:25Managing to The Budget
Continuous Play
  58:35Budgeting Best Practices Full Video
SUPPORTING MATERIALS
  PDFSlides: Budgeting Best Practices
  PDFBudgeting Best Practices Glossary/Index
  XLSXBudgeting Best Practices - Integrated Excel Model
REVIEW & TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM