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Accounts and Budgeting
DWM Financial Training

A one-day workshop presented in-house for 4-8 people, at your premises or online.

Summary

Price
£960 - £1,800 inc VAT
Study method
Onsite
Duration
1 day · Full-time
Qualification
No formal qualification
Certificates
  • Certificate of Completion - Free
Additional info
  • Tutor is available to students

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Overview

This one-day workshop, new to Reed Courses, covers two of the key subject areas that the non-financial manager needs to get to grips with - the basics of Accounting (i.e. how businesses keep score) and Budgeting (the most important interface between the finance people and their non-finance colleagues).

To make the training more interactive, effective and memorable, we use a shortened version of the Virtual Village Pub business simulation. Participants form teams of two or three and make decisions for their pub over four seasons - on pricing, stock, staffing, marketing, entertainment and long-term capital expenditure. By using 'live' data that the teams have created by their decision-making, we achieve a greater level of interest in, and ownership of, the figures as the facilitator explains how they would be presented in a Profit & Loss Account.

The second part of the workshop focuses on Budgeting. After exploring the theory (what, why and how), the teams use their pub's 'live' data from earlier to produce a detailed budget for the following year. Later, they will analyse their next quarter's accounts against the budget they have prepared.

This workshop is available to be staged at your premises or online using Microsoft Teams. Although usually run over a single day, it also lends itself to two half-day sessions (which can be useful if your group are in different time zones).

The ex-VAT cost is £800 to £1500 depending on group size. Prices include course materials (soft copies are provided for online courses).

  • Very good course, great business model (who doesn't like a pub!) - very interesting indeed and insightful. (Adam Nowell, UK Operations Manager, Rhenus Logistics)

  • Great presentation style with lots of opportunities to ask questions. The training was incredibly valuable. I would 100 % recommend your services to anyone. (Saifon Cox, Assistant Manager, Menzies LLP)

Certificates

Certificate of Completion

Digital certificate - Included

Description

Session 1:

  • Introduction to the simulation
  • Teams make decisions for their pubs for four quarters (using virtual breakout rooms if online)
  • Facilitator explains the Profit & Loss Account from first principles.

Session 2:

  • Facilitator demonstrates the accounts and other reports of one of the 'autopilot' pubs in the village
  • Teams review their own pub's accounts and reports
  • Facilitator explains how and why the teams' decisions had different outcomes in terms of customer numbers, spend per head, margin management, cost control and resource management.
  • Discussion of what a budget is and how it fits into strategic planning
  • Teams prepare a brief strategy document for their pub

Session 3:

  • Group explores why we budget and the ground rules of budgeting
  • Teams use an Excel spreadsheet to create a Year 2 budget for their pub, using their historical data from the morning session.

Session 4:

  • Teams share their spreadsheets and teams review each other's budgets
  • Facilitator leads discussion on how we use the budget as a control mechanism, demonstrating a Variance Analysis report at an 'autopilot' pub and showing how we can investigate variances in a systematic and rigorous way.
  • Teams review their own pub's Variance Analysis report, sharing observations with the group
  • Facilitator reviews the budgeting topic by sharing a 'model answer' to the questions the group has considered during the session.

Who is this course for?

This workshop is for anyone who has to manage a budget or who is in danger of being given a budget to manage.

Although the simulation is set in the world of hospitality, it is relevant to organisations in any sector where there are sales to achieve, costs to control and resources to manage.

Requirements

The workshop assumes no prior knowledge of accounting. Though there is inevitably some number-work, all the heavy lifting is done by Excel spreadsheets.

Each team requires a laptop. Online delivery is through Microsoft Teams.

Questions and answers

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Legal information

This course is advertised on Reed.co.uk by the Course Provider, whose terms and conditions apply. Purchases are made directly from the Course Provider, and as such, content and materials are supplied by the Course Provider directly. Reed is acting as agent and not reseller in relation to this course. Reed's only responsibility is to facilitate your payment for the course. It is your responsibility to review and agree to the Course Provider's terms and conditions and satisfy yourself as to the suitability of the course you intend to purchase. Reed will not have any responsibility for the content of the course and/or associated materials.

FAQs

Study method describes the format in which the course will be delivered. At Reed Courses, courses are delivered in a number of ways, including online courses, where the course content can be accessed online remotely, and classroom courses, where courses are delivered in person at a classroom venue.

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