Courses Finder :
Effective Budgeting, Planning & Control
Course
Accounting, Finance & Budgeting
Course Overview
In order to make better business decisions, decision makers need to understand the fundamentals of budgeting and costing. This training course has been devised to give business decision makers a good understanding on budgets, cost controls, variances and associated analysis that will lead to better decisions being made & better results being attained.
The Effective Budgeting & Cost Control training course will clarify budgeting terms; clearly explain the methodology used and cover both traditional & non-traditional budgeting methods through to newer methods and approaches. We will take the same approach with all elements of costing.
Course Objectives
Course Audience
- All personnel involved in preparation of budgets
- Budget supervisors
- Operational managers
- Productions managers
- Financial managers
- Others who provide and enter information
- Anyone else who wants to understand budgets and costing within their business
Course Methodology
The practical and results-oriented Effective Budgeting & Cost Control training course is based on adult learning concept. It incorporates short inspiring lectures with captivating PowerPoint slides; videos to enhance learning; ongoing discussions with action planning; ample time for Q&A; training activities to reinforce key concepts within a fun learning environment.
Course Outline
Day 1:
- Strategic Planning, Forecasting, Budgeting, and Costing – Defined
- Inter-relationship of Strategic Planning, Forecasting, and Budgets
- Benefits, Limitations, and Essential Features of Budgets
- Evaluation of Various Types of Budgets: Fixed, Variable, Zero-Based, Activity-Based, Capital Budget
- Essentials of Activity-Based Budgeting (ABB) and Developing ABB Cost Standards
Day 2:
- Developing the Activity-Based Budget and Master Budget using Excel
- Preparing Sales Budgets, Production Budgets, Cash Budgets, Capital Budgets
- Purpose and Methods of Forecasting: Qualitative and Quantitative Analysis
- Time Series Analysis, Exponential Smoothing, Correlation, and Regression
- Presenting Forecasts to Decision-Makers and Implementing into Budget Control
Day 3:
- Preparing Budgets Based on Forecasts: Sales, Production, Cash, and Capital Budgets
- Finance and Investment Decisions Using Excel: PV, FV, NPV, IRR, MIRR, Discounted Payback
- Introduction to What-If and Sensitivity Analysis
- Conditions and Management Skills Required for Successful Budget Implementation
Day 4:
- Break-Even Analysis, Cost Behavior, and Sensitivity Analysis
- Identifying Fixed, Variable, and Semi-Variable Costs
- Determining Sales/Profit to Break Even and Critical Costs
- Resource Requirements and What-If Analysis Using Excel
- Scenario Planning: Best Case/Worst Case, Probabilistic (Monte Carlo) and Deterministic Simulation
Day 5:
- Variance Analysis, Reporting, and Control
- Accounting Systems, Accountability, and Responsibility Systems
- Establishing and Implementing a Costing System
- Presenting Variance Reports to Decision-Makers
- Making Strategic Decisions Based on Variance Analysis and Business Planning