Advanced Budgeting & Cost Management

The Complete Course on Budget - Estimating, Budgeting & Cost Control

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Schedules
5 Found
Date Duration Venue Fees
17-21 Jun 2024 5 Days London - UK US$5,450 Register
12-16 Aug 2024 5 Days Dubai - UAE US$4,450 Register
11-15 Nov 2024 5 Days Dubai - UAE US$4,450 Register
23-27 Dec 2024 5 Days London - UK US$5,450 Register

Course Overview

This Advanced Budgeting & Cost Management training course provides participants with key cost awareness and budgetary skills, which are essential for managing and controlling resources in times of increasing global competition where the budgets are inextricably linked with both the achievement of strategic objectives as well as with evaluation of future plans and initiatives.

Budgeting and cost analysis are crucial elements for the management of contemporary organisations. Nowadays, if companies want to stay competitive, they are urged to link their strategies with accurate systems of resource allocation and performance measurement. Along this line, budgeting, as well as tracking, controlling & reducing costs, represent essential activities to be performed and monitored by organisations as they implement their key processes, activities, and operations. In addressing these issues, this training course is relevant for those professionals & analysts facing the difficult challenge of improving performance while reducing costs of those processes for which there are accountable.

Course Objectives

After the training course, the participants will learn to:

  • Enhance costing and budgeting terminology used in business
  • Understand the importance of a well-defined costing and budgeting process
  • Determine full costs of outputs for the goods and services provided
  • Master traditional techniques and recent best practices on budgeting / cost management
  • Link finance and operation for budgeting purposes and strategy execution
  • Learn how to build a comprehensive performance measurement system

Target Audience

It is suitable for a wide range of working professionals, including (but not limited to) the following: 

  • Financial Professional
  • Professional R&D
  • Sales & Marketing Professional
  • General Accounting Professional
  • Business Unit Professional
  • The Staff Person who will be responsible for entering data into the budget system or training others how to enter information
  • Those who want to gain control of the firm’s financial standing and obtain a firm grasp on the numbers side of their job
  • Anyone who wants to refine and advance the budgeting and costing knowledge

Training Methodology

This training course will be conducted along workshop principles with formal lectures, case studies and interactive worked examples. Relevant case studies will be provided to illustrate the application of each tool in an operations environment. Each learning point will be re-enforced with practical exercises.

Course Outline

Day One

The Relevance of Budgeting and Cost Management within Strategy Execution

  • Introduction
  • The Link between Strategy, Planning, Budgeting, and Cost Management
  • Why Budgeting and Costing are so important to manage your company?
  • Towards a Cross-functional Process-view of the Organisation
  • Financial vs. Managerial Accounting: Where you get information for decision-making?
  • Understand your Processes: Integrating Financial and Non-financial Aspects
  • Identify and Discuss the Key issues in terms of Budget and Costing for the Organisation
Day Two

The Budgeting Framework and its Role within the Management Process

  • The Role of Budgeting within Management Accounting
  • The Value of Budgeting in your Company
  • Behavioural Implications of Budgeting
  • Key Concepts and Terminology
  • Advantages and Disadvantages: Critical issues to be Discussed
  • Overview of the Financial Statements: Balance sheet, Income statement, and Cash-Flow
Day Three

Cost Management for Budgeting Purposes

  • Cost Concepts and Terminology
  • Different Costs for Different Purposes
  • Fixed vs Variable Costs: The Cost-Volume-Profit Analysis Model
  • Contribution Margin Analysis
  • Manufacturing vs. Non-manufacturing Costs
  • Period vs Product Costs: Inventory Evaluation and Control
Day Four

Traditional vs Advanced Techniques in Cost-control

  • Under-costing and Over-costing: The Consequences for Profitability
  • How to refine a Costing System?
  • Indirect vs Direct costs: Traditional Cost Allocations Systems vs Activity-Based Costing
  • Cost Drivers: Linking Resources, Activities and Management
  • Introducing Activity-Based Budgeting (ABB) and Management (ABM)
Day Five

Broadening the Performance Measurement Systems

  • Shortcomings of Traditional Approaches to Budgeting and Performance Measurement
  • Need to Link Financial to Operational Issues
  • Recent Best Practices: The Balanced Scorecard and Six-sigma
  • Financial Perspective and Customer Perspective
  • Internal Business Process Perspective and Learning & Growth Perspective
  • Developing and Adapting the Scorecard

Certificates

Upon successful completion of this training course, Newage Certificate will be awarded to the delegates.

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