Budgeting Essentials
Last Updated 11/2022
English
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16 min! Run Time
16 min! Run Time
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Certificate
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What you'll learn
Budgeting Essentials: 01. What Is Budgeting?
Budgeting Essentials: 02. Budgeting Methods
Budgeting Essentials: 03. Budget Reporting
Budgeting Essentials: 04. Budgeting Expenses
Budgeting Essentials: 05. Budgeting Revenue
Budgeting Essentials: 06. Budgeting Discounts
Budgeting Essentials: 07. Managing Inventory
Skills covered in this course
Description
Every employee affects their company's budget, directly or indirectly — whether you're an accountant, supervisor, janitor, or marketing intern. Understanding the company's budgetary expectations and goals makes you better at your job.
This course covers the basics of business budgeting — the different budget types, common timelines, the details a workable budget needs, and the objectives budgets serve — across a seven-part series: What Is Budgeting?, Budgeting Methods, Budget Reporting, Budgeting Expenses, Budgeting Revenue, Budgeting Discounts, and Managing Inventory.
A practical fit for onboarding and finance-for-everyone training tracks, it helps employees at any level connect their daily decisions to the company's budget.
System Requirements
See System Requirements in the Coggno Knowledge Base
Author
Making the Workplace Safer and Smarter
HSI (Health & Safety Institute) is a recognized leader in Environmental, Health and Safety (EHS) and workforce development software, training, and compliance solutions.
HSI is your single-source partner for EHS, Compliance, and Professional Development solutions. HSI provides integrated e-learning content, training solutions, and cloud-based software designed to enable your business to improve safety, operations, and employee development. Across all industries, we help safety and technical managers, human resources, first responders, and operational leaders train and develop their workforce, keep workers safe, and meet regulatory and operational compliance requirements. We are a unique partner that offers a suite of cloud-based software solutions including learning management, safety management, chemical SDS management, and more, integrated with our content and training so businesses can not only monitor and manage multiple workflows in one system, but train employees via one partner.
Budgeting Essentials
Budgeting Essentials: 01. What Is Budgeting?
Every employee with every company impacts the budget of the business they work for, either directly or indirectly. Whether you're an accountant, supervisor, janitor, marketing intern, or anything in between, understanding your company's budgetary expectations and goals will help you be a better employee. In this course, we'll go over the basics of budgeting, including the different types, common timelines, necessary details, and objectives.
Budgeting Essentials: 02. Budgeting Methods
It's important to understand which types of budget will work best for your purposes. This course takes a look at the different types of budgets that are used depending on the strategy. We'll go over the most common types of business budgets: Zero-based, Top-Down, Bottom-Up, Value Proposition, and Incremental. Each budgeting method has its pros and cons, and understanding the strengths and weaknesses of each one can help you determine which is the most appropriate for your company at any given stage.
Budgeting Essentials: 03. Budget Reporting
You've determined your budget, distributed it to the proper recipients, and now you're carrying out the budget plan. The next and perhaps most vital part of the budgeting process is budget reporting. Not sure what budget reporting is? That's okay because that's what this course is all about. We'll define budget reporting and talk about two important terms: favorable and unfavorable variances. Budgets aren't intended to be inflexible. They should evolve with business, and budget reporting is the tool that allows companies to adapt and grow.
Budgeting Essentials: 04. Budgeting Expenses
Expense budgeting plays an integral part in ensuring that a company can turn revenue into profit, while still being able to pay the costs associated with running the business. In this program, we'll talk about what budgeting expenses means and why it's important. We'll also discuss the difference between fixed and variable costs, and what costs may fall into both categories. Having a solid understanding of these terms will help you to properly estimate total expenses in a given budgetary period and aid in better profit generation.
Budgeting Essentials: 05. Budgeting Revenue
Budgeting revenue is often where business owners start. Revenue is what provides the money to pay for expenses incurred by running a company, so it makes sense. Budgeting for revenue is also an estimate and requires careful attention to data to ensure that your estimate is reasonable and accurate. In this course, we'll talk about how to budget revenue correctly. We'll discuss the impact of past, present, and future trends. We'll also go over two important considerations: capacity and supplies. Having this knowledge will allow you to accurately and reasonably plan a revenue budget.
Budgeting Essentials: 06. Budgeting Discounts
Discounts on products or services are a part of every business. Perhaps you're running a promotion to increase sales, or lowering prices to move overstock off the shelves. Whatever the case, it's important that you understand how discounts can impact your budget. In this course, we'll take a look at planning and writing discounts into your budget and looking at your company's history of discount patterns. We'll also discuss friends and family discounts, reward programs, and wholesale discounts.
Budgeting Essentials: 07. Managing Inventory
An inventory budget is an estimate of how much money or capital a business needs to purchase inventory. In this program, we'll talk about how to create this type of budget. We'll discuss data analysis and the types of data used for inventory budgeting. We'll go over sales forecasts, bottom-up budgeting, vendor analysis, and internal inventory controls. With an in-depth analysis of these key factors, you can create an accurate budget that helps your company reach its goals.
Frequently Asked Questions
This course is designed for employees who need to complete Budgeting Essentials training
Yes. This course is designed to meet applicable federal requirements and commonly mandated state standards. Always confirm specific state or industry requirements with your local regulations.
The course takes approximately 16 minutes to complete and can be paused and resumed at any time.
Yes. Learners receive a downloadable certificate upon successful completion, which can be used for compliance records and audits.
Yes. You can assign this course to individuals or groups using Coggno’s LMS, or purchase multiple seats for your team.
Yes. This course can be exported for delivery in most learning management systems (SCORM compatible).
Yes. The course is fully self-paced and available 24/7.
Yes. This course includes a knowledge check to reinforce learning and verify completion.
Learners have lifetime access from the date of purchase.
Yes. A preview is available so you can review the course format and content before purchasing.
Yes. Content is reviewed and updated as regulations and best practices change.
Yes. This course is available for free with an active Prime Subscription.
Yes. Refund requests can be submitted within 30 days of purchase.
