What you will learn

Budgets and Financial Reports Online Certificate Course

Boost your financial acumen and unlock your potential with our comprehensive Budget and Financial Reports Course. This online training program is designed to help you understand and analyze budgets, financial reports, and accounting principles, making you more efficient and valuable in today's competitive business environment.

Our budgeting course covers a wide range of topics, including the fundamentals of budgeting and financial management, understanding financial statements, and identifying financial terminology. By enrolling in our budget and financial reports online course, you'll gain valuable insights into analyzing financial statements and making informed decisions for your organization.

Our Budgets and Financial Reports Online course will define key terms like ROI, EBIT, GAAP, and extrapolation. Furthermore, this course will discuss commonly used financial terms, financial statements, budgets, forecasting, purchasing decisions, and laws that regulate the handling of financial information.

One of the key aspects of our budgeting essentials and development course is teaching you how to create and manage budgets effectively. You'll learn various types of budgets, advanced forecasting techniques, and how to factor in historical data to make smart purchasing decisions. Our financial planning module also covers essential financial statements, such as the balance sheet, income statement, and statement of cash flows.

In addition to mastering the art of budgeting and financial reporting, our course covers essential business analysis and risk management skills that will complement your newfound financial expertise. You'll discover how to improve your decision-making process by thinking outside the box and using critical thinking to evaluate different scenarios.

Why Study with CFS?

Our online courses offer flexible learning options, allowing you to complete the training course at your own pace. We provide a wide range of training packages that cater to different learning preferences and professional development needs.

By choosing our Budget and Financial Reports Course, you're not only investing in your personal development but also gaining a valuable skill set that can be applied across various industries. Whether you're involved in project management, supply chain management, or human resource management, our budgeting and financial reporting training will provide you with the expertise needed to excel in your chosen field.

Enrol in our Budget and Financial Reports Course today and start reaping the benefits of improved financial management, better decision-making, and increased efficiency in your workplace.

Budgets and Financial Reports Online Course - Requirements

The Budgets and Financial Reports Online course is designed to help people a basic understanding of budget and financial reports. The course is delivered 100 percent online 24/7 and only takes 6 to 8 hours of study to complete.

To complete this course, a student must:

●      Have access to the internet and the necessary technical skills to navigate the online learning resources

●      Have access to any mobile device with internet connectivity (laptop, desktop, tablet)

●      Be a self-directed learner

●      Possess sound language and literacy skills

Quick Course Facts

1. Course content is structured for easy comprehension

2. Approximately 8 hours of study is needed to complete the course

3. Registered students gain unrestricted lifetime access to the Budgets and Financial Reports Online course

4. All course material is available online 24/7 and can be accessed using any device

5. Study online from anywhere in your own time at your own pace

6. All students who complete the course will be awarded with a certificate of completion

Budgets and Financial Reports Online Certificate Course - Outline

Module One - Getting Started

Module Two – Glossary

This module will help us understand the concepts of budgets and financial reports. It will also introduce us to basic financial term and concepts which will serve as the foundation of this course.

You will learn the following terms and concepts:

What is Finance

Finance has a broad meaning and can refer to the discipline of managing the monetary resources of an organization, country or person.

Commonly Used Terms

It would be very difficult to include all the vocabulary related to finance. However, this course covers basic terminologies required to have a working knowledge of finances at work.

●      Accounting

●      Assets

●      Balance sheet

●      Budget

●      Capital

●      Cash flow

●      Credit

●      Debit

●      Depreciation

●      Equity

●      Expenses

●      Financial ratio

●      Income

●      Income statement

●      Liability

●      Net income

Important Financial Organizations

Included is a list of several financial organizations that are critical in shaping the way financial data is structured and reported.

●      United States Securities and Exchange Commission (SEC)

●      American Institute of Certified Public Accountants (AICPA)

●      Financial Accounting Standards Board (FASB)

●      This organization also has an Emerging Issues Task Force (EITF)

●      Governmental Accounting Standards Board (GASB)

Understanding GAAP

Organizations are required to follow the Generally Accepted Accounting Principles. GAAP deals with the following reporting standards:

●      When is revenue recognized as actual revenue that can be counted?

●      Balance sheet item classification standardizes the items found on the balance sheet to avoid confusion.

●      Outstanding share measurements

Module Three - Understanding Financial Statements

Financial statements contain key data that is used for reporting. In this module, we take a look into the different aspects of financial statements.

●      Annual reports

●      Balance sheets

●      Income Statement (AKA Profit and Loss Statements)

●      Taxes

●      Statement of Retained Earnings

●      Statement of Cash Flows

Basic Components of an Annual Report

●      Chairman’s report

●      CEO’s report

●      Auditor’s report

●      Mission statement

●      Corporate governance statement

●      Statement of director’s responsibilities

●      Balance sheet

●      Statement of retained earnings

●      Income statement

●      Cash flow statement

●      Notes to the financial statements

Accounting Policies

●      Balance Sheets

●      Income Statements (AKA Profit and Loss Statements)

●      Statement of Retained Earnings

●      Statement of Cash Flow

●      Annual Reports

Module Four - Analyzing Financial Statements (Part 1)

Financial statements provide useful information that describe the financial status of business. However, it takes more than a financial statement to create an accurate picture of the financial condition or health of the business. In this part of the Budgets and Financial Reports Online course, we will help you analyze and examine financial statements.

●      Income Ratios

●      Profitability ratios

●      Liquidity ratios

●      Working capital ratios

●      Bankruptcy ratios

Module Five – Analyzing Financial Statements (Part 2)

This module discusses the different rations and calculations required for analyzing financial statements.

●      Long-Term Analysis Ratios

●      Coverage Ratios

●      Leverage Ratios

Calculating Return on Investment (ROI)

Return on Investment is a very important tool in determining if an investment is worth the effort. It basically subtracts the cost of investment against returns to help you determine if this would result to a gain or a loss.

There are also a few other return calculations that can be used, these are:

●      Return on assets (ROA)

●      Return on capital employed (ROCE)

●      Return on equity (ROE)

●      Return on gross invested capital (ROGIC)

●      Return on investment capital (ROIC)

Module Six - Understanding Budgets

This module talks about another important aspect in business operations, budgeting. Budget numbers are typically reviewed every month to monitor if company spending is within the target limits. In this part of the course we will discuss:

●      Common types of budgets

●      What information do I need?

●      Who should be involved?

●      What should a budget look like?

Common Types of Budgets

●      Sales budget

●      Production budget

●      Cash Flow/Cash budget

●      Marketing budget

●      Project budget

●      Expenditure budget

What Information do I Need?

To begin creating a budget, we will also take a look into three important pieces of information you will need:

●      Goal

●      Money

●      Costs

These three items will point you in the right direction when you are ready to begin your budget.

Who Should Be Involved?

●      Accounting

●      Operations

●      Sales

●      Top administration officials

Furthermore, these specific people should attend from each area mentioned:

●      CEO

●      CFO

●      Finance manager

●      Department leaders or directors

●      Project managers

●      A member of the Board of Directors

What Should a Budget Look Like?

Budgets look like an income statement but with a few extra columns. Below is a basic outline of the categories of a budget.

●      Categories

●      Actual

●      Budget

●      Difference

Module Seven - Budgeting Made Easy

In this part of the course, we will discuss how budgeting could be made simpler. You will learn how to a apply a systematic approach that will make creating a budget faster.

●      Factoring in historical data

●      Gathering related information

●      Adjusting for special circumstances

●      Putting it all together

●      Computer based methods

●      Let us see how factoring in historical data makes budgeting easier.

Factoring in Historical Data

Previous financial data can help you make accurate prediction business trends. It can help you justify your current budget and make sure that trends are going in the right direction.

Gathering Related Information

●      Analyze the external environment

●      Analyze the internal environment

●      Analyze the staff requirements

●      Review existing policies

Adjusting for Special Circumstances

Special circumstances or risk can happen anytime. The trick is to always be prepared for these instances. In this module, we will also be talking about the different steps to make when we encounter special circumstances.

●      List all potential issues that could affect the budget throughout the budget period.

●      Order the issues from the least likely to occur to the most likely.

●      Assess the cost of each issue if this circumstance were to manifest as reality.

●      Determine if this cost should be factored into a contingent reserve category on your budget.

Computer programs and benefits

●      Centralize the budget document and avoid duplication

●      Reduced calculation errors

●      Quick analysis

●      Reporting features

Module Eight – Advanced Forecasting Techniques

This module discusses the different forecasting techniques that can be used to help make forecasts.

●      Using the average

●      Regression analysis

●      Extrapolation

●      Forma financial models

Using the Average

This involves using previous data to predict future budget needs.

Regression Analysis

This is a statistical tool that is used to find the relationships between variables.

Extrapolation

This is a mathematical tool used to determine what will happen in the future based on historical data.

Formal Financial Models

These are used by accounting to determine certain numbers. The information gathered can be used during regular employee – manager discussions. Below are a few examples:

●      Accounting rate of return

●      Net present value

●      Profitability index

●      Internal rate of return

Module Nine - Managing the Budget

After managing the budget, the next step is to ensure that the organization sticks to the budget. In this module, we will discuss how monitor, track, and approve changes.

How to Tell If You’re on Track

●      Give other individuals responsibility over certain areas of the budget (ex. By department, business unit, project, etc)

●      Schedule regular budget review meetings

Signs that your budget is on track:

●      Your variances are minor

●      The reasons for any variances are already known and predicted

●      Reason for a negative variance is due to a unique incident and not a trend.

Should Your Budget be Updated?

Updating the budget requires team effort. To determine if your budget needs updating, we will learn about the TAKE process. Below is a brief look into the process:

●      Tell the right people about the budget problems. Go to the right people for information on how to handle the situation.

●      Act and make a decision.

●      Keep monitoring the budget during this time of decision-making. An approval for a revised budget may take some time.

●      Exchange information with all budget stakeholders.

Keeping a Diary of Lessons Learned

Lessons learned are situations that caused changes or challenges to your budget. This information can be used to avoid repeating mistakes.

●      Review your lessons learned diary or journal

●      React to the issue, using a past solution if the problem is similar to one in your lessons learned diary or journal.

●      Record problems you have never experienced before or are unique.

●      Repository: It is a good practice to store your lessons learned electronically in a document repository.

When to Panic

Even the best plans are not immune from risks. However, keeping track of your budget and constant communication can help you during these situations. Below are examples when strong corrective action is required.

●      Unforeseen situations such as natural disasters.

●      Accounting error made.

●      Budget variations without any visible reasons.

●      Extreme economic or regulatory situations

Module Ten – Making Smart Purchasing Decisions

The first thing that you should consider when making any purchasing decisions is to determine if the expense is worth the investment. This part of the Budgets and Financial Online Certificate course, we discuss the tools we can use to make smart purchasing decisions.

Must Ask Questions

Below are a few must-ask questions:

●      Is this purchase budgeted?

●      Lease or buy it?

●      Make or buy it?

●      What is the justification or business need for the purchase?

●      Does this need to be approved by upper management?

●      Can you do without the item?

●      Can we restore the old item you are replacing?

Determining the Payback Period

This refers to the time it takes to recover the cost of a purchase. The Payback period does not calculate profitability, nor does it include the time value of money.

Deciding Whether to Lease or Buy

Leasing offers several advantages over buying. Maintaining equipment can be costly over the long run and leasing is more ideal if this involves non-essential equipment. When deciding whether to lease or buy, here are some tips.

●      Do you have the cash to buy the item?

●      What tax break would you get if you leased the item?

●      Is it necessary to own the item?

●      Is having a fixed cost essential?

Module Eleven - A Glimpse into the Legal World

Managing corporate financials can be complicated. In this module, we take a look into how laws and regulations might affect how we handle finances.

A Brief History

●      Securities Act of 1933 regulated the offer and sales of securities.

●      Securities Exchange Act of 1934 governed the secondary trading of securities like stocks, and bonds.

●      Sarbanes-Oxley Act of 2002 sets standards for all public company board, management and accounting firms in the United States.

●      Credit Rating Agency Reform Act of 2006 improved ratings quality of companies, protecting investors.

The Sarbanes-Oxley Act

CEO / CFO Certification

8th Company Law Directive

Module Twelve - Wrapping Up

Recognition & Accreditation

Upon successful completion of this course and achieving a passing score for the assessment, you will be issued with an international continuing education credit (CEU) certificate.

This Certificate is applicable worldwide, which demonstrates your commitment to learning new skills. You can share the certificate with your friends, relatives, co-workers, and potential employers. Also, include it in your resume/CV, professional social media profiles and job applications.

Other Management Courses

Want to improve your management or supervision skills? Great - Courses For Success can help with our range of Supervision and Management Online Courses.

Module One - Getting Started

Module Two - Glossary

• What is Finance?
• Commonly used Terms
• Key Players
• Important Financial Organisations
• Understanding GAAP

Module Three - Understanding Financial Statements

• Balance Sheets
• Income Statements (AKA Profit and Loss Statements)
• Statement of Retained Earnings
• Statement of Cash Flow
• Annual Reports

Module Four - Analysing Financial Statements (Part 1)

• Income Ratios
• Profitability Ratios
• Liquidity Ratios
• Working Capital Ratios
• Bankruptcy Ratios

Module Five - Analysing Financial Statements (Part 2)

• Long - Term Analysis Ratios
• Coverage Ratios
• Leverage Ratios
• Calculating Return on Investment (ROI)

Module Six - Understanding Budgets

• Common types of budgets
• What information do I need?
• Who should be involved?
• What should a budget look like?

Module Seven - Budgeting Made Easy

• Factoring in historical data
• Gathering related information
• Adjusting for special circumstances
• Putting it all together
• Computer based methods

Module Eight - Advanced Forecasting Technigues

• Using the average
• Regression Analysis
• Extrapolation
• Formal Financial Models

Module Nine - Managing the Budget

• How to tell if you're on track
• Should your budget be updated
• Keeping a diary of lessons learned
• When to panic

Module Ten - Making Smart Purchasing Decisions

• 10 questions you must ask
• Determining the Payback period
• Deciding whether to lease or buy
• Thinking outside the box

Module Eleven - A Glimpse into the Legal World

• A brief history
• The Sarbanes-Oxley Act
• CEO / CFO Certification
• 8th Company Law Directive

Module Twelve - Wrapping Up

Entry requirements

Students must have basic literacy and numeracy skills.

Minimum education

Open entry. Previous schooling and academic achievements are not required for entry into this course.

Computer requirements

Students will need access to a computer and the internet.

Minimum specifications for the computer are:

Windows:

Microsoft Windows XP, or laterModern and up to date Browser (Internet Explorer 8 or later, Firefox, Chrome, Safari)

MAC/iOS

OSX/iOS 6 or laterModern and up to date Browser (Firefox, Chrome, Safari)

All systems

Internet bandwidth of 1Mb or fasterFlash player or a browser with HTML5 video capabilities(Currently Internet Explorer 9, Firefox, Chrome, Safari)

Students will also need access the following applications:

Adobe Acrobat Reader

Entry requirements:

Students must have basic literacy and numeracy skills.

Minimum education:

Open entry. Previous schooling and academic achievements are not required for entry into this course.

Device requirements:

Students will need access to a computer/any device and the internet.

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