Budgeting And Forecasting Tools And Techniques
Many organizations report that budgeting and forecasting activities absorb significant amounts of time and yield marginal benefits. Learn how to achieve better results by taking advantage of various tools and techniques.
In addition to learning about how to utilize Excel more efficiently, learn about other tools, such as Budget Maestro, PROPHIX, and Host Analytics, and how reducing the dependency on Excel can lead to better results. Additionally, discover how to account for risk and uncertainty in budgeting and forecasting models and why doing so is a best practice for more meaningful budgets and forecasts.
- Excel techniques for interacting with the accounting systems
- Data Tables
- NPV, IRR, XNPV and XIRR
- Budgeting forecasting
- Utilize processes for obtaining budget data and collaborating with others when using Excel including Shared and Merged Workbooks, Excel’s Audit Trail, controlling and validating data input and collaborating with others.
- Apply various Excel techniques for interacting with the accounting system, such as Office Data Connections, Open Database Connectivity, importing text files, and linking Internet-based data into budgeting and forecasting models.
- Identify situations in which various Excel techniques are appropriately implemented, such as using Data Tables for sensitivity analysis, working with Excel’s Goal Seek feature, using Solver to maximize scarce resources, working with Scenario Manager, forecasting with Regression Analysis, and analyzing risk with Monte Carlo simulations.
- Implement various Excel functions—including NPV, IRR, XNPV and XIRR—in capital budgeting situations, and identify the various methods by which Excel computes depreciation.
- Compare and contrast Excel with other applications used for budgeting and forecasting activities and describe situations in which other solutions should be used to reduce the dependency on Excel as a budgeting and forecasting solution.
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Applicable if you are a HSCPA member in good standing.
Applicable if you are not a HSCPA member.