Budgeting for the Year Ahead

Grasp the basics of budgeting and use it to your advantage to grow your business.

• Part 1 of 3 - 19/01/22
• Part 2 of 3 - 26/01/22
• Part 3 of 3 - 02/02/22

Programme outline includes:

• Introduction to the language of financial statements while 'keeping it simple and cutting through the jargon"
• Use of ACCQ Simulator hosted on www.bingbong.ie to understand budgeting and financial projections and "why does Balance Sheet 'balance' "?
• The importance of budgeting, beginning with a zero-based approach every time
• Performance reporting and understanding the WHY of budget and actual variances
• Basic terms in finance eg margin, mark-up, P/L, B/S, and Cashflow Statements & Projections incl. key financial ratios, breakeven analysis cash flows
• Basics of keeping your books straight and financial recording
• How to measure financial performance and what's really behind profit & loss and cashflow statements
• Working on your own business finances, analysing the results, how to interpret and ask the 'hard' questions of yourself and your team. (participants may use their own accounts as examples/for questions, if they wish , provided they are comfortable revealing this information)
• Top Tips on how to identify effective cost reduction opportunities, without negatively impacting on product/service delivery or long-term potential
• 'Four ways to GROW your business'
• Accessing finance - the different sources
• Maintaining early and open communications to work effectively with your accountant, the banks, stakeholders and support agencies
• Why you should NOT rely on your external accountant/auditor annual visit ...historic -v- now -v- future perspectives