Advanced Budgeting & Cost Management
About Course
This Advanced Budgeting & Cost Management training course equips participants with essential skills in cost awareness and budgeting, which are crucial for effectively managing and controlling resources in an increasingly competitive global market. In such an environment, budgets are directly tied to achieving strategic goals and evaluating future initiatives.
In today’s fast-paced business world, budgeting and cost analysis are vital for organizational success. To remain competitive, companies must align their strategies with precise resource allocation and performance measurement systems. Budgeting, along with monitoring, controlling, and reducing costs, are key activities that organizations need to perform and oversee as they carry out their core processes. This training course is designed for professionals and analysts who face the challenge of enhancing performance while simultaneously cutting costs in the processes they manage.
Specifically, this RTI course will help participants:
- Align budgeting and costing with strategic goals
- Identify critical factors affecting business processes
- Learn modern cost analysis systems used for budgeting
- Develop budgeting and financial skills that support informed decision-making
- Recognize sources of financial and operational data for the budgeting process
- Explore best practices for managing performance across various organizational functions
Upon completing this Advanced Budgeting & Cost Management training course, you will be able to:
- Grasp key terminology related to costing and budgeting in business
- Establish a clear and effective costing and budgeting process
- Calculate the total costs associated with producing goods and services
- Gain proficiency in both traditional methods and modern best practices for budgeting and cost management
- Connect financial and operational aspects for budgeting and strategy implementation
- Learn how to develop a robust system for measuring organizational performance
This Advanced Budgeting & Cost Management training course will utilize a variety of proven online learning techniques to ensure maximum understanding, comprehension, and retention of the information presented. The training course is conducted online via an Advanced Virtual Learning Platform in the comfort of any location of your choice.
- Enhanced awareness of cost and budgeting
- Increased ability to design or select an effective budgeting system
- Broadened knowledge of performance management techniques
- Improved understanding of how to link cost and budgeting with strategy and performance measurement
- Deeper insight into the cause-and-effect relationships in budgeting
- Greater awareness of the non-financial implications of budgeting and cost management
- Delegates will gain an understanding of the budgeting methods best suited to their needs
- They will learn how to create a relevant and effective budget
- They will acquire the skills to assess the effectiveness of costing techniques in ensuring profitability
- They will strengthen and expand their knowledge by connecting budgeting with strategy and performance measurement
- They will enhance their understanding by linking financial and operational aspects
This Advanced Budgeting & Cost Management training course is suitable for a wide range of professionals, but will greatly benefit:
- The staff person who will be responsible for entering data into the budget system or training others on 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 Professional, Professional R&D, Sales / Marketing Professional, General Accounting Professional, Business Unit Professional
- Anyone who wants to refine and advance the budgeting and costing knowledge
Day One: Introduction: The Relevance of Budgeting and Cost Management within Strategy Execution
- The Link between Strategy, Planning, Budgeting ,and Cost Management
- Why is Budgeting and Costing are so important to manage your company?
- Financial & Management Accounting
- Preparing Financial Statements & Cost Evaluation
- Understand your Processes: Integrating Financial and Non-financial Aspects
- Identify and discuss the Key issues in terms of Budget / costing for your Organization
Day Two: The Budgeting Framework and Its Role within the Management Process
- The Role & Types of Budgets within Management Accounting
- The Budget Process
- Preparing the Master Budget & Departmental Budgets
- Preparing a Project/CAPEX Budget
- Advantages and Disadvantages of Budgets & the Budget Process: The Critical issues for Success
- Budgetary Control
Day Three: Cost Management for Budgeting Purposes
- Cost Classification, Concepts and Terminology
- Fixed vs. Variable Costs: The Cost-Volume-Profit Analysis Model
- Contribution Margin Analysis
- Estimating / Forecasting Costs
- Calculating, Evaluating & Managing the Cost of:
- Purchases
- Manufacture
- Inventory (IAS 2)
- Working Capital
- Improving Efficiency to Reduce Costs
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 Allocation 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
- 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
- Elkington’s Triple Bottom Line: Profit, People & Planet