Advanced Budget Preparation, Allocation & Cost Control Skills

INTRODUCTION

In recent times, companies can stay competitive by linking their business strategies with accurate systems of resource control, allocation and performance measurement. Therefore, budgeting, allocation, tracking, controlling and cost reduction represent important activities to be performed and monitored by organizations as they implement their key processes, activities and operations.

This Complete Course on Budget training course provides participants with key budgetary skills and cost awareness, which are crucial for controlling, allocating and managing resources in times of increasing global competition where the budgets are indistinguishably linked with the evaluation of future plans and initiatives as well as with achievement of strategic objectives.

Budgeting and cost analysis are essential elements for the management of contemporary organizations.

It is relevant for those analysts and professionals facing the demanding challenge of improving performance while reducing costs.

OBJECTIVES

• Expand an understanding of the importance of a well-defined costing and budgeting process
• Develop comprehensive performance measurement system
• Evaluate full costs of outputs for the goods and services provided
• Re evaluate traditional techniques and recent best practices on cost management and budgeting
• Process costing and budgeting terms used in business
• Relate finance and operation for budgeting purposes and strategy execution

Course Outline

MODULE 1

• The Importance of Budgeting and Cost Management within Strategy Execution
• Towards a Cross-functional Process-view of the Organization
• Relationship between Planning, Strategy, Cost Management and Budgeting
• Integrating Financial and Non-financial Processes
• Budgeting and Costing Relevant in company management
• Managerial vs. Financial Accounting
• Key issues in terms of Costing and Budget

MODULE 2

• Budgeting Framework within the Management Process
• Behavioral Implications of Budgeting
• Value of Budgeting in an organization
• Financial Statements Overview – Balance sheet, Income statement and Cash-Flow
• Role of Budgeting within Management Accounting
• Budgeting Key Concepts and Terminology

MODULE 3

• Cost Management in Budgeting
• Cost Concepts and Terminology
• Different Costs for Different Reasons
• Fixed vs. Variable Costs
• Non-manufacturing vs. Manufacturing Costs
• Product vs. Period Costs
• Inventory Evaluation and Control
• Cost-Volume-Profit Analysis Model
• Contribution Margin Analysis

MODULE 4

• Cost-control Advanced vs. Traditional Techniques
• Costing System: Under-costing and Over-costing
• Direct vs. Indirect costs: Traditional Cost Allocations Systems vs. Activity-Based Costing
• Cost Drivers: Connecting Activities, Resources and Management
• Activity-Based Budgeting (ABB) and Activity-Based Management (ABM)

MODULE 5

• Performance Measurement Systems
• Disadvantages of Traditional Approaches to Budgeting and Performance Measurement
• The Balanced Scorecard and Six-sigma Best Practices
• Internal Business Process Perspective
• Financial to Operational relationships Issues
• Financial Perspective and Customer Perspective
• Growth and Learning Perspective

Who Should Attend?

• Financial Professionals
• Transaction Monitoring Professionals
• Compliance Professionals
• Financial Investigators
• Middle and Senior Managers
• Team Leaders and Supervisors

Fee: Open

Duration: 1 week

Course Date: January 22nd – 26th 2024