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Introduction to Reforecasting

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$ 99.00

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Course Description

Happy New Year! Yes, the budgets are done, and now it’s time to see how your crystal ball worked.  A budget is only as good as the creator who manages it. Part of the process of executing a business plan or budget is to measure how your spending compares to your plan. Typically, after the first quarter (assuming fiscal and calendar years are the same), a manager will compare the property’s income and expenses to date against the budget and then forecast the remaining three quarters. This process is done again after Q2, mostly in preparation for the next year’s budget, and again at the end of Q3 in preparation for the year end reconciliation. This course will introduce you to the key aspects of a reforecasting, the degree to which you need to forecast expenses and how to manage variances & expectations. 

Learning objectives:

  • Define what a budget reforecast is and how it is used.
  • Know what you need to prepare and complete reforecasts.
  • Learn tips and strategies for managing past and future variances.
  • Understand the impact of properly reforecasting during the year to help prepare for future budgets and year end reconciliations.

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