The effective management of budgeting and cost control is crucial for contemporary organizations. Nowadays, if companies want to stay competitive, they are urged to think in terms of process-value added to customers / shareholders. To get your business budget back on track Post-COVID 19, you might need to make some modifications.
Companies across the business world halted operations and saw a decrease in cash flow thanks to the COVID-19. As states lift stay-at-home orders and day-to-day operations return to normal, businesses will need to adapt their budgets to account for the new normal under extreme unknown.
Thus, this Coventry Academy online training course helps you within the volatile and challenging times brought about by COVID-19, to change your thinking on traditional budget and make planning ahead easier.
This online training course will feature:
Improving the budgeting and financial knowledge required for better decision-making within extremely uncertain context
Identifying sources of financial and operational data to support the budgeting process
Traditional and innovative tools for budgeting and cost control to cope with COVD-19 various unknowns
Identifying the interrelationship, the financial and non-financial information in the wake of unknowns – Post COVID-19
What are the goals?
By the end of this Coventry Academy online training course, participants will be able to:
Identify the key successful driver indicators in the wake of COVD-19
Successfully build integrated planning, budgeting and reporting process
Explain and use activity based budgeting and other budgeting methods
Develop and effectively control budgets
Provide budgeting knowledge that can be shared for the benefit of your company
Understand capital budgeting
Identify & manage key financial indicators for the business
Think proactively beyond budgeting
Who is this training course for?
This Coventry Academy online training course is suitable to a wide range of professionals but will greatly benefit those with direct or indirect budget responsibilities within a Team, Department or Division. who have to run budgetary plans, and who are responsible for cost and strategic analysis, including:
Financial Planning and Control Staff
Those with direct or indirect financial responsibilities
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
Those from all sectors of industry, irrespective of functional responsibilities, but particularly those involved in manufacturing, production, engineering or sales
Those working in a project management environment
How will this training course be presented?
This Coventry Academy online training course will utilise a variety of proven adult learning techniques to ensure maximum understanding, comprehension, and retention of the information presented. This 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 reinforced with practical exercises. Difficult mathematical concepts are minimised and handled in a visual way that is easy to understand with examples demonstrated.
Course Outline
Day One: Budgeting & Cost Control in the Management System: Link with Strategic Planning
Budgeting and the Management System of Contemporary Organizations
Why Strategy comes before the Budget
The Strategic Planning Process
Financial vs. Managerial accounting (for Decision Making)
Strategic Planning, Budgeting and Management Control Measuring and Managing the Performance – KPIs and targets
Understand your processes: Integrating financial and non-financial aspects
Day Two: Budgeting and COVID-19
What is a Budget?
The Benefits of Budgets
The Shortcomings of the Budgeting Process - How to improve them?
The economic implications of COVID-19
Understand the new figures within COVID-19 Context
Budget Methods – incremental, zero-based, rolling budgets and Activity Based Budgeting
In the Wake of COVID-19 – Moving to bottom-up budget and Adopt flexible budget – rolling budget
Preparing Departmental Budgets from Forecasts
Day Three: Using a Budget as a Management Tool
Re-understand The Cost Figures in the Wake of COVID-19
Budget Cost, Volume, Profit (CVP) and Break-Even Analysis
Managing Fixed and Variable Costs
Sensitivity & What-If Analysis
Budgetary Control
Variance Analysis
Day Four: Day Five: Understanding Capital Budgeting (CAPEX) in The Wake COVID-19
Capital Budgeting Principles
Raising Finance
Weighted Average Cost of Capital (WACC)
Methods of Evaluating Capital Investment Projects
Comparing Different Projects and Their Returns
Day Five: Beyond Budgeting- Broadening Performance Measurement Systems in The Wake of COVID-19
Redefine the corporate objectives and targets- short-term focus
Shortcomings of Traditional approaches to Budgeting and Measurement
Adopt a flexible performance evaluation method
The Balanced Scorecard
Financial & Customer Perspective
Internal Business Process Perspective
Learning and Growth Perspective
Developing and Adapting the Scorecard
Reconsider the corporate Key Performance Indicators (KPIs)
Re-evaluate the emergency fund options
The certificate
A Coventry Academy e-Certificate will be provided to delegates who attend and complete the online training course