WSQ Develop and Manage Budgets and Financial Plans

Course details

Understanding the logics of budgeting and financial planning is crucial for any professional in charge of the business side of things in any organisation. The relatively new area of interactive media presents its own challenges, and finance professionals in the media industry need to equip themselves with the relevant knowledge about budgeting and financial skills to apply across different segments of the industry. 

This unit covers developing and managing budgets and financial plans in the area of interactive media. Elements of this unit include the differentiation of the financial plan and the budget, the assessment of the current state of the business, the development of a budget framework, as well as the implementation and management of the budget or financial plan.

LEARNING OUTCOMES

• Understand the corporate strategy and the budget/financial
• plan to assess current financial situation of the project, pision, or organisation
• Link the budget elements/headers to develop well-rounded budget or financial plan by identifying specific performance measures
• Development of a budget that allows for unanticipated but mitigated change
• Completion of the data gathering phase that accurately reflects the current-state from the most appropriate sources of information, by contacting the accounting department to request a costing report
• Learn how to complete the budgetary spreadsheet according to the collected data to develop a snapshot view of the organisation, and forecasting out across applicable timeframes
• Confirming the budget/financial plan with relevant Department heads to ensure that their needs are adequately covered by the budget/plan
• Establishing a process to update the budget on a regular basis, and assess the progress of the budget

WHO SHOULD ATTEND

Finance Managers, Account Directors, Business Development Managers