What do you do if you struggle to convey financial information in Budgeting & Forecasting as a beginner?

Focus on the big picture. Focus on just a few KPIs that show how the numbers align with the company's strategy or short-term to medium-term goals. Know what is important to your audience and focus on that.

Understand the Basics: Ensure you understand key financial terms like revenue, expenses, profit, cash flow, and others related to budgeting and forecasting. This basic knowledge will help you grasp the overall picture.

In my experience understanding the inner workings of operations and the specific drivers that create the numbers will assist in budgeting/forecasting. What are the areas of pain for the company on the financials and what processes or deficiencies are supporting or aiding the wins and downfalls. To budget or forecast, you need to understand growth goals and what measures need to be taken to get there. Speaking to the how, why and next steps help in taking a position. You have to learn to speak the language of ops to communicate on finance/accounting. In most cases you’re speaking to the operational elites; understand and know their language for success.

Based on your qualification you can begin with Budget and forecasting model. But make sure you dont assume and dont hesitate to ask frequent question and request supporting data until it gets aligned with the parameter's. Historical data is the key, check the current practices reconcile it with historical data, check the current market trends and frame it accordingly. Seek support from the peers and take advices from the seniors.

What I found helpful is to first understand the purposes of budgeting and forecasting and how they impact the operations of various departments within a company. Not only to understand the basics of all the financial statements from the perspective of a finance person but in the perspective of a non-finance person. Learn to connect the financial terms with non-financial terms that are essential to various departments.

Completely agree. Also be sure to make yourself approachable so people feel comfortable to ask questions. I view accounting and finance as a support function. We’re there to help, assist in the wins and cushion the falls.

It's important to not only understand the basics of all the financial statements from the perspective of a finance person but in the perspective of a non-finance person. Learn to connect the financial terms with non-financial terms that are essential to various departments.

Use Simple Language: When explaining financial information, avoid jargon and technical terms. Use simple, clear language that anyone can understand. If technical terms are necessary, define them in context.

You can start by breaking down the information into simpler terms. Use simple language and visual aids like charts or graphs to illustrate your points. You can also consider seeking guidance or even consulting with someone experienced in finance for personalized advice. Practice regularly to improve your confidence and proficiency over time.

One thing I always find helpful when delivering budget management training to non financial managers is to use real life examples that people are used to in their every day budgeting. For example, when explaining an accrual I will use the example of paying a quarterly energy bill. You know the bill is coming so you set aside a 3rd of the bill each month.

Use visual aids like graphs, charts, and tables to present complex financial data in a more digestible format. Tools like Excel, Google Sheets, or dedicated budgeting software can help you create these visuals.

Create visual aids in different formats that may suit the needs of different audiences. Different audiences may absorb information differently, some like tables and numbers, and some like graphs and charts. Ask for feedback on which visual aids are better received and make improvements along the way.

PowerBI is a common tool utilised nowadays to present these visuals, make sure you select the most appropriate visuals for the information you want to convey, and always take story telling into account when creating these visuals.

Take every opportunity to practice conveying financial information, especially to non-financial audiences. Ask for feedback and make improvements along the way.

Before speaking to the audience, make sure you know the answer to these questions, "What does my audience want to learn in this presentation?" and "What does my audience need to learn?" Last, understand "Why?" for the answers to the two initial questions. Asking the audience ahead of the meeting is okay and a better alternative to assuming you know the answers. This approach will avoid wasted preparation and discussion time. It should also increase engagement.

Seek objective feedback and self-reflect after each presentation. Also try different approaches and observe how they are received.

Build a rapport with your stakeholders, actively seek out feedback rather than wait for them to voice out. Make sure you encourage open dialogue where you make then feel comfortable about their opinions.

Have confidence in yourself and believe in what you’re saying. If you’re confident in what you’re sharing then your audience will trust and believed in what you’re saying.

Firstly, it’s crucial to make it clear why your audience should care about what you’re presenting. When listening to a presentation, the audience needs to understand why they should pay attention right from the start. They should be asking themselves, “Why is this relevant to me? Why should I be invested in this?” If these questions aren’t answered early on, you risk losing their attention to distractions like emails or texting. At its core, your audience needs to feel anchored in your narrative. They should be able to orient themselves and know where they stand in your story.

Remember that when conveying financial information to non financial managers, you are the expert in the room. Have confidence in your knowledge and practice presenting as much as possible. The more you present, the easier and less nerve wracking it becomes.