Public Finance Budgetary Control
23 & 30 January 2024 | 10:00 AM – 2:30 PM AEDT | Online
Controlling ﬁnancial resources for efficient budgetary excellence
Managing public sector funds presents various challenges, including budget constraints, mismanagement, and lack of transparency. These issues can be addressed through sound financial management, internal controls, risk management, and accountability measures.
Effective management involves aligning decision-makers and team members, simplifying reporting, and promoting financial literacy. This program on ‘Public Finance Budgetary Control’ aims to tackle these challenges, fostering strategies to ensure appropriate, efficient, and effective use of public funds.
It also emphasises the need to communicate financial data in simple terms to non-finance personnel. Ultimately, good financial management is crucial for economic growth, improved public services, and building trust in government, as poor financial management can adversely impact any organisation.
Who Should Attend
This course is designed for:
Financial Managers and Analysts
Budget Officers, Analysts, Coordinators and Administrators
Government Accountants and Auditors
Gather financial data, historical trends, and economic projections to assist in creating realistic budget estimates
Analyse budget proposals to ensure they align with policy objectives and comply with financial guidelines
Prepare concise financial reports that provide detailed information about budget execution, revenue collections, and expenditure trends using storytelling techniques
Design and implement internal control mechanisms to prevent fraud, errors, and mismanagement of funds
Meet Your Facilitator
CHINMAY ANANDA, B.E, MBA, CMA
Financial Educator – Business Storyteller – International Speaker – Author
Finance Academy Australia
Chinmay has extensive experience in training and consulting for business finance, having worked with over 7,500 business owners and non-financial managers since 2014. He has also taught over 12,000 students across Australia, India, China, and Indonesia. Known for his research on common finance mistakes made in business, Chinmay has presented his findings to reputable organizations such as the Australian Taxation Office, The Institute of Chartered Accountants of India, and Certified Practising Accountants. His training programs are accredited by the Institute of Certified Management Accountants in Australia, and he has developed finance programs taught at prestigious institutions like the Royal Melbourne Institute of Technology, Ducere Global School of Business, and Insight Academy of Entrepreneurship.
In addition to his professional accomplishments, Chinmay has gained insights from his own failures as the owner of six unsuccessful startup ventures. This led him to interview numerous entrepreneurs, CFOs, and financial experts, enabling him to understand the practical challenges they face on a daily basis. Building on this knowledge, he established BeHife Analytics Pvt Ltd, a new venture that offers a unique software tool designed to assist top decision-makers in making informed and profitable business decisions based on factual data.
Introduction to Public Finance Control
- In this session, various budgeting practices are explored to discover effective ways of creating realistic budgeting practices by ensuring people in the organisation are collectively involved. This brings people on the same page and helps in focusing on the common goal, which in turn makes the ‘actuals’ either meet the budget or surpass expectations.
- Types of budgeting
- Identifying budgeting practices that suit the organisation
- Understanding the key metrics for creating a realistic budget
- Budget Implementation: Effective budget implementation is crucial for achieving the desired outcomes and objectives outlined in the budget plan. It requires careful planning, resource management, monitoring, and adaptability to changing circumstances. Additionally, transparency and accountability are key principles that should underpin the entire budget implementation process to build trust and confidence.
- Allocation of resources
- Monitoring expenditures
- Contingency plans for unforeseen expenses
- In this session, one will further understand how to use the common financial statements for different departments by involving their managers/team members. This ensures once again bringing people on the same page and helps in focusing on the common goal, which in turn makes the ‘actuals’ either meet the budget or surpass expectations.
- The three types of balance sheets
- The four types of organisations from a P&L perspective
- Preparing cash flow statement for each department
- Financial Analysis: In the session, one will understand how the core team can be involved in understanding the current financial position of a project/organisation by effectively analysing using both lead and lag measures. This helps in thinking otherwise and reduces unpleasant surprises.
- The why behind the 19 critical ratios
- Capital budgeting techniques
- Lead & lag measures
The common finance mistakes made in the public sector
- In this session, the common mistakes will be explained with case studies for participants to learn what NOT to do in their respective departments. It will make them understand even though finance is a common-sense subject why it is still not very common.
- The four common finance mistakes made in the public sector
- What not to do with finances in a public sector
- Taking the organisation from HERE to THERE: In this session, one will learn how to maintain the optimum level regarding managing resources.
- The seven levers to drive an organisation
- Why having fewer resources is bad and having more is worse
Effective Forecasting and Planning
- Success in many organisations comes from achieving what they intended to achieve. However, in a leading or pioneering organisation, success means surpassing their own expectations. This can be achieved with a shift in thinking and exploring the unknown, which often leads to achieving more by doing less! This session is more about learning from successful case studies of organisations that had budgetary constraints yet surpassed expectations.
- Forecasting – Where else can we go?
- Planning – How to get there?
- Thinking like an entrepreneur, investor and PR consultant
- Knowledge transfer through stories: To effectively budget, one needs to gather financial data, historical trends, and economic projections. But many times, the information that really matters is the past project’s data that is either not referred to or not effectively communicated. This, unfortunately, will lead to doing the same thing again and again and ending with the same result. In this session, one will learn how to do the post-analysis of a project’s or a particular term’s budget analysis and how to effectively communicate the same to core team members through stories.
- Post-project budget review practices
- Avoid reinventing the wheel by discovering the patterns
- Knowing what not to do and measuring failures