This course will provide learners with knowledge of financial management, setting and maintaining budgets and financial forecasting. It will outline the importance of financial management and governance, followed by a general guide to setting a personal or company budget. Subsequently, how to manage and monitor a budget will be covered, and how to do so in order to maximise value for money.
Downloadable examples and templates of profit and loss statements. These resources will help you and your business to manage your trading accounts and financial standings using an easy-to-follow format. Understand where you are making your biggest net gains, and where you are leaking cash. Records such as these are invaluable to new and existing businesses in order to maintain a healthy financial position and to increase your potential profits.
Downloadable diagram of actual total cost. Whether buying or selling, price is only a part of the actual total cost. Costs of quality including maintenance, disposal, CSR (corporate social responsibility) and environmental factors, and costs of the transaction including buying resources, effort, time, payment terms, and renegotiations (all largely dictated by the seller’s relationship capabilities) must be considered when assessing or comparing actual total costs of propositions, products or services.
The purpose of a corporate budget is primarily to enable a company to track its financial progress over a specified period. A budget will normally be set for a year and reviewed at periods of a week, a month, or a quarter to ensure that the company’s progress is on its expected track. Getting this process right can play a crucial role in the financial success of your organisation.