Budget Preparation, Allocation and Cost Control
Select Other "city & date"
Budget Preparation, Allocation and Cost Control Course
Introduction:
Effective cost management ensures that a project's budget is on track and will be completed according to its planned scope. Without cost control, a company can easily lose money and costs can go above project profit.
Budget Preparation, Allocation & Cost Control training is essential for organizations and assists them in the decision-making and planning process.
This course provides participants with crucial cost awareness and budgetary skills by combining techniques analysis, problems, and examples of real case studies, which is essential in managing and controlling processes/projects in times of increasing global competition where the budgets are inextricably linked with both strategy formulation and cost analysis.
Course Objectives:
At the end of this Budget Preparation, Allocation & Cost Control training course will:
- Successfully built integrated planning, budgeting, and reporting process
- Understand cost behavior more accurately
- Deliver more timely and useful information to decision-makers
- Understand capital budgeting
- Identify & manage key financial indicators for the business
- Be able to use specific cost analysis and performance measurement techniques
- Be prepared to understand and implement the Balanced Scorecards
- Be prepared to interpret the financial impact of strategic directions
- Understand the problems of overhead allocation and how Activity-Based Analysis may aid decision-making and pricing strategies
- Select the performance measurement systems that work
- Think proactively beyond budgeting
Who Should Attend?
The budget Preparation, Allocation & Cost Control training course, is ideal for:
- Those in charge of designing and managing a budgetary system
- 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
- Financial professionals, R&D professionals, sales/marketing professionals, general accounting professionals, business unit professionals
- Anyone who wants to understand the basics of budgeting, costing, and performance measurement
Course Outlines:
Budgeting & Cost Control in the Management System: Link with Strategic Planning
- Budgeting and the Management System of Contemporary Organizations
- Strategic Planning, Budgeting, and Management Control
- Strategic Management Accounting – Setting Goals and Objectives
- From Strategic to Operating Plans – Actions and Initiatives
- Measuring and Managing the Performance – KPIs and targets
- Managerial Accountability
Budgeting: Principles and Key Concepts
- Understanding the Context for Budgeting
- The Benefit of Budgeting and its Role in Achieving Organizational Targets
- The Shortcomings of the Budgeting Process - How to improve them?
- Principles of Budgeting
- Main Issues with Budget Preparation
- Capex (Capital Expenditures) vs. Opex (Operational Expenditures)
Cost Analysis for Budgetary 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
Traditional vs. Advanced Techniques in Cost-Control
- Under-costing and Over-costing: Understand Allocation Methods
- How to Refine a Costing System?
- Indirect (OH) vs. Direct Costs
- Traditional Cost Allocations Systems vs. Activity-Based Costing (ABC)
- Cost Hierarchy & Cost Drivers - Linking Resources, Activities and Management
- Introducing Activity-Based Budgeting (ABB) and Management (ABM)
New Integrated Performance Measurement Systems
- Beyond Budgeting: Integrating Financial and Pre-financial Information
- The Drivers of Value Creation
- The Balanced Scorecard
- Strategy Maps
- Integrated Reporting