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2 December 2020
TUCO HQ Manchester

Budgeting and Forecasting (TUCO)

2 Dec 2020

Budgeting and Forecasting is designed to benefit both operational and departmental managers in an organisation. An important method of financial control is the comparison of planned income and expenditure with the income received and the expenses incurred. This course looks at budgets, what they are, how they are formulated and how they are used within a business. Different approaches to the budget setting process are examined; also the way that different parts of the same organisation look at budgets and its potential for internal conflict unless carefully managed.

Divided into the following key topic areas, the course includes:
The purpose of budgeting and forecasting, environmental scanning, analysing historical data and assessing the competition. The purpose of different operational budgets – profit and loss and cashflow. Producing simple operational budgets for profit and cash. Updating the forecast, comparing budgeted performance with actual using variance analysis and rolling forecasts and beyond.

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Key Dates

This course 2 December 2020.

Entry Requirements

This course is ideal for staff who are required to create and use budgets or forecast planned income and expenditure for any part of their business.

Organisations Involved

TUCO is the leading professional membership body for ‘in-house’ caterers operating in the higher and further education sector. They are committed to advancing the learning and development of catering and hospitality teams and work to provide quality standards, advice and information to those working in the sector.

Session Details

Aims of the course:

Understand what constitutes a budget and why budgets are useful

Prepare a budgeted operating statement

Understand how to analyse variances between actual and budget in terms of price & volume

Use budgets and forecasts to drive business strategy

Develop rolling forecasts and use forecasting tools

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