Advanced Lab Management

Finance and Budgeting

Course overview
Effective financial management is essential for every laboratory, yet many lab managers step into their roles with little or no formal financial training. Finance and Budgeting provides lab managers with the core financial knowledge needed to confidently oversee budgets, control costs, and communicate effectively with finance teams and stakeholders. This course demystifies financial concepts, empowering lab managers to make informed decisions that enhance their lab’s financial performance and long-term sustainability.
  • Area of Study

    Advanced Lab Management

  • Course Duration

    1 hour

  • CEUs

    0.1

    This course is part of the Advanced Lab Management Certificate. Looking to enroll in the full certificate?
    Advanced Lab Management Certificate | Lab Manager Academy

    What is this course about?

    Managing a lab’s finances is more than just balancing a budget—it requires a strategic understanding of how money flows through the lab and how to make informed financial decisions. This course covers essential financial fundamentals, including key terms and principles specific to lab management. Learners will explore revenue and cost structures to understand where funding comes from and how expenses are allocated.

    The course also dives into budgeting essentials, guiding participants on how to create, manage, and communicate effective budgets. Additional topics include developing a cost stack for better cost control and gaining confidence in financial decision-making through tools like profit and loss (P&L) statements, cash flow analysis, and return on investment (ROI).

    This course is a must for lab managers, directors, and executives who want to take control of their lab’s finances, sharpen their budgeting skills, and make smarter financial decisions with confidence. Enroll today!

    What are the benefits of this course?

    • Clarity and Direction: Establish a strong vision and mission to align your team and stakeholders
    • Improved Decision-Making: Make strategic, data-driven choices to position your lab for growth
    • Operational Efficiency: Optimize resources, streamline processes, and eliminate inefficiencies
    • Stronger Team Alignment: Clearly define roles and responsibilities to ensure accountability and collaboration
    • Leadership Development: Gain the confidence to lead with purpose and long-term focus

    What are the learning outcomes of this course?

    By the end of this course, engaged learners should be able to:

    • Explain basic financial terms relevant to lab management
    • Identify key financial responsibilities of a lab manager
    • Recognize strategies to improve a lab’s financial performance
    • Develop and apply cost stack analysis to manage lab expenses
    • Understand the benefits of effective budgeting and financial planning
    • Anticipate and navigate common financial challenges faced by labs

    Ready to take control of your lab's finances?

    Enroll now and start making smarter, data-driven decisions with confidence!

    Meet The Instructor

    Scott Hanton

    PhD

    Years of Experience
    Scott Hanton is the editorial director at Lab Manager and the leader of the Lab Manager Academy. He spent 30 years working in industrial chemistry labs, with 20 years as a lab manager. He had roles of general manager, laboratory operations manager and chief scientist for Intertek Allentown. Previously, he had roles of research scientist, laboratory supervisor, and section manager at Air Products & Chemicals. Through these different roles, Scott developed expertise in polymer mass spectrometry, analytical characterization, people leadership, and business management. He earned a BS in Chemistry from Michigan State University and a PhD in Physical Chemistry from the University of Wisconsin-Madison. Scott is an active member of ACS, ASMS, and ALMA.

    Course Content

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    What are the unique features of this course?

    Our Advanced Lab Management courses are designed to support existing and potential lab managers with training in a wide variety of leadership and management skills.

    Self-paced Courses

    Each lecture video features supporting slides, skill-testing activities, interactive elements, and a short quiz.

    IACET Accreditation

    Each Advanced Lab Management course is accredited by IACET and is worth 0.1 CEUs.

    Comprehensive Content

    We offer a variety of Advanced Lab Management courses designed to empower learners to navigate the intricacies of laboratory operations, from regulatory compliance to operational efficiency.
    Lab Manager Academy is accredited by the International Accreditors for Continuing Education and Training (IACET) and offers IACET CEUs for its learning events that comply with the ANSI/IACET Continuing Education and Training Standard. IACET is recognized internationally as a standard development organization and accrediting body that promotes quality of continuing education and training.