Financial Planning for an Improved Training Program
No training company or L&D wants their training budget to go to waste or even worse, have no idea where they stand financially! While most training professionals in the back-office know where their budget should be invested, more often they not they find themselves struggling to organize basic accounting for their training program. Simple matters from sorting clients’ debits and credits to adjusting costs for training resource management can all get confusing if there’s not a streamlined system to manage your training budget for your program and all the expenses in between.
That’s where Training Orchestra comes in to get your tabs in check so you can stop worry about your budget. As a part of our training management system software, our budget & cost tracking tool allows you to gain full visibility into your training budget.
The most common issue for most back-office dealing with financials isn’t a matter of where to spend the budget but how to track the budget.
Training Budget Management and Optimization
Full transparency into how your money works to keep your training operation running. Training Orchestra allows you to get a bird’s eye view of your total training budget for your program so you can decide the next move for current and future courses.
Simulate budget scenarios based on your historical data and training reports to forecast future profitability and expenditures. Track how every dollar is utilized for your courses, instructors, and learning resources.
Global Scale Functionality
Did we say dollar? Pardon.
Manage training spend for everything from in-person cooking classes in Montreal to virtual training sessions conducted live from Tokyo.
Wherever you and your training team are in the world, ensure projects are kept within scope and budget. Our integrated cost tracking tool allows for easy currency adjustments that convert in real time.
In conjunction with our task management tool, optimize your budget so you can deliver the best learning resources to your course attendees.
Sales and Profitability Monitoring
Get full insight into your training program’s profit margins by the course.
Real-time enrollment tracking allows you to view single participant enrollment fees and company wide registration for one course or an entire series.
Sales data in conjunction with our reporting and analytics feature allows you to view which courses are making you the most profit and which can be seen as an opportunity for growth.
Budget & Cost Tracking FAQs
Can project management software be used to keep track of my training expenses?
Yes, but also no. For most training companies, cost tracking is usually recorded via their CRM and/or project management software. Most administrators think this makes sense since your CRM/PM tool serves as the record of note for all things related to your training audience. However, when a back-office team manages large budgets for multiple courses and clients, it’s best to keep budgeting information with the same system that’s used to task and schedule training.
Because of a multi-layered admin system using different types of software, it’s not uncommon to have training teams finding mismatched budgeting information between one record on the CRM and another from the client database. A TMS with an integrated budget and cost tracking tool ensures that there’s full transparency on budget spend and projected expenses for your future courses.
How can I integrate historical financial data into the tracking tool?
Whether you want to use our API integration with your current cost tracking software or decide to upload a set of spreadsheets containing previous budget expenses, we make it simple so you plan a more effective training budget for your next course. Once connected to the TMS, our reporting and analytics tool will allow you to visual and decide the best the most feasible budget for your training program.
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