Understand the need for a flexible budget

To develop financial expectations for the future, there are many processes within a budget to help you manage both long-term and short-term financial goals.

On this three-week course, you’ll explore the tools to help you master budgeting tasks such as costing, forecasting, and variances.

Through real-life examples and interactive quizzes, you’ll learn how to calculate costs, cover fixed and flexible budgets, and find the budgeting approach that is best suited for your context.

Delve into budget forecasting

You’ll gain an introduction into forecasting to help you understand how to use it in your budgets.

Exploring time series analysis, moving averages, and variation, you’ll learn practical techniques to help you use budget forecasting to achieve your financial aims.

Unpack the different types of variances

On the final week of the course, you’ll unpack variances to understand how to account for the difference between budgeted and actual income and expenditure.

You’ll explore different types of variances and the reasons you could encounter them, such as materials and labour shortages.

Learn from the experts at Kaplan

Throughout the course, you’ll be guided by the experts at Kaplan. With their help, you’ll gain the knowledge and skills to successfully carry out costing, forecasting, and variance tasks in your budgeting.

Syllabus

Week 1
Calculating costs and flexible budgets
- Welcome
  A welcome to Course 2 of the A Practical Guide to Budgeting ExpertTrack.
- Breaking down the costs for a budget
  This activity looks at how to calculate fixed and variable elements of semi-variable costs and of stepped fixed costs.
- Fixed, flexed and flexible budgets
  This activity looks at how fixed, flexed and flexible budgets can help managers exercise control.
Week 2
Forecasting
- Welcome
  A welcome to Week 2 of the A Practical Guide to Budgeting ExpertTrack.
- Time series analysis and moving averages
  Calculate forecasts using a variety of methods Understand the limitations of forecasting methods
- Linear regression
  Calculate forecasts using a variety of methods Understand the limitations of forecasting methods
- Indexes
  Calculate forecasts using a variety of methods Understand the limitations of forecasting methods
- Expected values
  Calculate forecasts using a variety of methods Understand the limitations of forecasting methods
Week 3
Variances
- Welcome
  An introduction to using variance analysis in budgeting
- Materials variances
  An introduction to materials variances
- Labour variances
  Explain each of the required sections in the activity (to include any links to specific existing content to be repurposed):
- Sales variances
  Understand possible causes of variances Be able to calculate variances

Learning on this course

On every step of the course you can meet other learners, share your ideas and join in with active discussions in the comments.

What will you achieve?

By the end of the course, you‘ll be able to...

Calculate fixed and variable costs
Identify the differences between fixed, flexible and flexed budgets
Calculate forecasts using a variety of methods
Calculate variances using appropriate methods
Identify the difference between adverse and favourable variances

Who is the course for?

This course is designed for anyone who wants to learn more about the budgeting process and how to start preparing a budget.

You could be a new business owner, working in financial planning, or studying finance and looking to develop key budgeting skills.

Who developed the course?

Kaplan

Kaplan UK is a leading international provider of educational and career services. Building on a rich heritage of more than 50 years of training accountants and financial professionals, Kaplan UK serves more than 48,000 students a year, both based in the UK and from overseas, who train for AAT, CIMA, ACCA and ICAEW qualifications.

Established
1971
Location
London, UK

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