Budget is an inherent part of the financial planning process both in the public sector as well as the private sector. In the public sector, the budget affects almost every citizen and forms the basis of a government’s fiscal policy. It is also a crucial document to plan for future development expenditure. Given the size of public sector expenditure, all appointed budget analysts must have the right skills to deal with forthcoming challenges. Budget analysts at all levels of the government are responsible for determining how to distribute resources effectively among various departments and development programmes. Budget analysts also help measure performance, analyse financial results and help draft budget-related legislation. Organisations hire a budget analyst to keep a check on all finances, making sure expenditures are on track. Their scope of work involves helping organizations keep a close eye on current finances and plan future budget decisions ahead of time.
Planning and budgeting concepts
Budget methodologies
Risk, uncertainties and assumptions
Sensitivity Analysis
Preparation of Master Budget
Fixed v/s Flexible Budgets
Quarterly Reviews
Forward Planning
Budget/ Actual Comparison
Zero-based Budgets
Accounting Conventions
Accounting Policies
Revenue Recognition
Cash v/s Accrual Accounting
International Accounting Standards (IAS)
International Public Sector Accounting Standards (IPSAS)
WorldCom / Enron Scandals
Components of Financial Reports
Balance Sheet
Profit & Loss Statement
Statement of Cash Flow
Statement of Changes in Equity
Accompanying Notes to the Accounts
Market trends and analysis
Ratio Analysis
Vertical Balance Sheet & P&L Statement
Horizontal Balance Sheet & P&L Statement
Variance Analysis
Price Variance
Quantity Variance
Mix Variance
Total Absorption Costing
Marginal Costing
Contribution Margin
Break-even Analysis
Sensitivity Analysis
Equity and Debt Financing
Gearing ratios
Cost of Capital
Weighted Average Cost of Capital
Decisions regarding Dividend Payments
Inventory Control
Accounts Receivable
Accounts Payable
Reconciliation of Sub-ledgers
Other Current Assets & Current Liabilities
Tax and Deferred Taxation
Capital Investment Appraisal
Return on Investment
Payback period
Net present Value
Internal Rate of Return
Public/ Private Partnership projects
Sales
Bill of material
Material Management
Procurement
Production
Appreciate the importance of budget preparation exercise
Critically review the assumptions made in the budget preparation exercise
Understand different types of budgets and use the one most appropriate to the organization.
Learn to prepare the organization’s budget from the scratch
Learn to differentiate between capital and revenue expenditure
Project Various Types of Expenditures
Estimate Working Capital Needs
Compare actual results with the budgeted figures and conduct variance analysis
Understand Various sources of finance with their utilization, based on the cost of capital
Obtain an overview of the financial statements and management reports to evaluate the organization's performance
Understand ratio, horizontal and vertical analytical concepts
Prepare forward plans based on interim quarterly and half-yearly results
Know the benefits of having an excellent E.R.P system
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