Agile Finance: Rolling Budgets & Dynamic Forecasting Training Course

Introduction

In today's volatile and unpredictable business environment, static annual budgets can quickly become outdated and irrelevant. This cutting-edge training course introduces the power of Rolling Budgets and Dynamic Forecasting, providing a framework for continuous financial planning and enhanced organizational agility. Participants will learn how to implement a process of ongoing budget updates and flexible forecasting, enabling proactive responses to changing market conditions, improved resource allocation, and more informed strategic decision-making. Mastering Rolling Budgets & Dynamic Forecasting is essential for organizations seeking to thrive in a dynamic and uncertain future.

This intensive training course delves into the practicalities of designing and implementing rolling budgets and dynamic forecasting processes. We will explore the key differences between traditional annual budgeting and these more adaptive approaches, highlighting the benefits of continuous updates and scenario planning. Participants will learn how to establish appropriate forecasting horizons, integrate real-time data, and utilize technology to streamline the rolling budget and dynamic forecasting cycles. By the end of this training course, you will be equipped to lead the transition towards a more agile and responsive financial planning function within your organization.

Target Audience

• Finance Managers
• Budget Analysts
• Financial Analysts
• Forecasting Specialists
• Business Leaders
• Strategic Planners
• Management Accountants

Course Objectives

• Understand the limitations of traditional annual budgeting in today's dynamic environment.
• Learn the core principles and benefits of rolling budgets and dynamic forecasting.
• Develop a framework for designing and implementing a rolling budget process within an organization.
• Master techniques for creating and updating dynamic forecasts based on real-time data and trends.
• Understand how to determine appropriate forecasting horizons for different business needs.
• Learn how to integrate scenario planning and sensitivity analysis into rolling budgets and forecasts.
• Explore the role of technology and software in facilitating rolling budgets and dynamic forecasting.
• Develop strategies for effectively communicating and collaborating on rolling budgets and forecasts across departments.
• Understand how to link rolling budgets and dynamic forecasts to key performance indicators (KPIs).
• Learn how to adapt rolling budgets and dynamic forecasting to different organizational structures and cultures.
• Explore the use of rolling budgets and dynamic forecasts for improved resource allocation and decision-making.
• Understand the importance of continuous monitoring and review of the rolling budget and forecasting process.
• Develop a practical implementation plan for adopting rolling budgets and dynamic forecasting in your organization.

Duration

5 Days

Course Content

Module 1: The Limitations of Traditional Annual Budgeting

• Examining the static nature of annual budgets and their inability to adapt to change for your module.
• Understanding the time-consuming and resource-intensive nature of the annual budgeting cycle.
• Identifying the disconnect between annual budgets and real-time business performance.
• Exploring the challenges of using fixed budgets for performance evaluation in dynamic environments.
• Recognizing the need for more agile and responsive financial planning processes.

Module 2: Understanding Rolling Budgets and Dynamic Forecasting

• Defining rolling budgets and their continuous updating mechanism for your module.
• Exploring the concept of dynamic forecasting and its integration of real-time data.
• Highlighting the key benefits of rolling budgets and dynamic forecasting: agility, accuracy, and proactive decision-making.
• Contrasting rolling budgets with traditional fixed budgets and highlighting the differences.
• Understanding the different horizons and frequencies for rolling budgets and dynamic forecasts.

Module 3: Designing a Rolling Budget Process

• Determining the appropriate budget period and rolling frequency for your organization for your module.
• Establishing clear responsibilities and timelines for budget updates.
• Integrating the rolling budget process with existing financial systems and reporting cycles.
• Developing guidelines for making budget adjustments based on performance and changing conditions.
• Communicating the rolling budget process effectively to all relevant stakeholders.

Module 4: Creating and Updating Dynamic Forecasts

• Identifying key drivers and leading indicators for dynamic forecasting for your module.
• Integrating real-time data sources and market intelligence into forecasting models.
• Utilizing various forecasting techniques (e.g., trend analysis, moving averages) for dynamic updates.
• Incorporating qualitative insights and expert opinions into the forecasting process.
• Establishing clear assumptions and documenting the rationale behind forecast adjustments.

Module 5: Integrating Scenario Planning and Sensitivity Analysis

• Understanding the importance of scenario planning in conjunction with rolling budgets and dynamic forecasts for your module.
• Developing different plausible future scenarios and their potential impact on financial outcomes.
• Performing sensitivity analysis to assess the impact of changes in key assumptions.
• Incorporating scenario planning results into budget adjustments and contingency planning.
• Communicating scenario analysis findings to support strategic decision-making.

Module 6: The Role of Technology and Software

• Exploring various software solutions and technologies that facilitate rolling budgets and dynamic forecasting for your module.
• Understanding the features and functionalities of dedicated financial planning and analysis (FP&A) platforms.
• Leveraging spreadsheet software and data visualization tools for effective management and communication.
• Integrating data from different organizational systems into the budgeting and forecasting process.
• Evaluating the cost and benefits of different technology solutions.

Module 7: Communication and Collaboration in Agile Financial Planning

• Establishing clear communication channels and protocols for sharing budget and forecast updates across departments for your module.
• Fostering a collaborative environment where budget owners and stakeholders actively participate in the process.
• Utilizing regular meetings and reporting mechanisms to discuss performance and adjust forecasts.
• Ensuring transparency and buy-in for the rolling budget and dynamic forecasting approach.
• Addressing potential conflicts and ensuring alignment across different functional areas.

Module 8: Linking Rolling Budgets and Forecasts to KPIs and Performance Management

• Identifying key performance indicators (KPIs) that should drive and be linked to the rolling budget and dynamic forecast for your module.
• Integrating financial and non-financial data for a holistic view of performance.
• Utilizing rolling budgets and forecasts for setting realistic targets and evaluating performance.
• Implementing performance management processes that are aligned with the agile financial planning cycle.
• Using variance analysis in the context of rolling budgets and dynamic forecasts to identify areas for improvement.

Training Approach

This course will be delivered by our skilled trainers who have vast knowledge and experience as expert professionals in the fields. The course is taught in English and through a mix of theory, practical activities, group discussion and case studies. Course manuals and additional training materials will be provided to the participants upon completion of the training.

Tailor-Made Course

This course can also be tailor-made to meet organization requirement. For further inquiries, please contact us on: Email: info@skillsforafrica.org, training@skillsforafrica.org Tel: +254 702 249 449

Training Venue

The training will be held at our Skills for Africa Training Institute Training Centre.

We also offer training for a group at requested location all over the world. The course fee covers the course tuition, training materials, two break refreshments, and buffet lunch.

Visa application, travel expenses, airport transfers, dinners, accommodation, insurance, and other personal expenses are catered by the participant

Certification

Participants will be issued with Skills for Africa Training Institute certificate upon completion of this course.

Airport Pickup and Accommodation

Airport pickup and accommodation is arranged upon request. For booking contact our Training Coordinator through Email: info@skillsforafrica.org, training@skillsforafrica.org Tel: +254 702 249 449

Terms of Payment: Unless otherwise agreed between the two parties’ payment of the course fee should be done 7 working days before commencement of the training.