Budget Mastery: Process, Problems, and Solutions

The budgeting process can be a mundane one for accountants. Let’s be realistic and agree that even the word “budget” does not bring excitement to you and your departmental colleagues.  The constraints and pressures can lead to poor decisions in both the technical and human components.  This session is the first part of a four-part series and will cover the big picture of keeping the process fresh, pragmatic and useful. We discuss these keys in an engaging manner by discussing both our flaws and strengths, including how to build on these characteristics towards an enjoyable solutions-based method that should deliver effective results for your organization.

Topics discussed will include:

• Defining the budget process
• Common budgetary cultures and discussion of solutions
• Does your budget need an overhaul or just a tune up?
• How to make the budget flexible
• Making a better budget and maybe even a better you (or at least improving the perception of the budget work itself)

Budget Mastery: Walkthroughs and real-world calculations towards tying budgets to value

This session takes a unique review of the fundamental budget issues faced by all and walks through a detailed modeling process intended to generate discussion and best practices to improve your organization’s financial modeling.  From the beginning of the accounting process – ‘the chart of accounts’ to the end of the process – ‘the valuation of the company’, the budgeting cycle via a live case model to learn best practices common to successful companies.   This course stands on its own but is part two of a four-part budget mastery series

Topics Discussed

• How to build a flexible budget model that works?
• What are the steps we can take to budget for economic and external factors beyond our control?
• How the right Chart of Accounts can simply your work
• Budget and GAAP are not the same and why they are fine not to be
• Efficiently modeling payroll and benefits
• Identifying controllable and uncontrollable expense
• Using key variables to stress-test your budget

Budget Mastery: The human side of budgeting-Navigating People issues with 360 Insight

You have a fantastic budget, but certain players are not pleased. Financial plans have a technical component and human component.  We can resolve some of our budget issues by exploring the process’ human aspect.  Understanding what makes you and others operate can enhance your understanding of the entire organization and build upon the respect and influence needed to navigate and lead the budgeting cycle. This session includes a case study that measures an individual’s personality type and then explores how to use our strengths and weaknesses to create a better budget process and quite frankly maybe a better you.  This is a great and fun course on its own, but is also part three of a four-part series on budget mastery.

Topics Discussed

• Understanding your own leadership tendencies and applying them to your strengths?
• Understanding core personality types
• Learning what type of person you are?
• Managing and coping with the budget team
• Effectively dealing with the A, B, C and other players?

Budget Mastery: From Numbers to Narrative: Effectively Presenting Your Budget and Reporting

Perhaps the most important element of the budget process is its communication.  If management does not understand the budget – there is an issue. Knowing the right ways to communicate at all levels is essential to stakeholders laying an ownership claim to successful budgets.  This session reveals several key guidelines in successful budget presentations and will identify key problems in how people often communicate financial plans. Presenting your budget and reporting is the final part of a four-part series, but can easily stand on its own course that is intended to be fun, enjoyable and educational.

Topics Discussed

• Identifying the ‘Big Picture’ and your role in effective communication
• Communicating so others can understand us
• Understanding a presentation’s anatomy?
• Tips and tricks for budget presentations