The Budgeting and operational cost control training course provides a necessary focus for the management of financial performance. But it is effective budgeting and operational cost control that enables organisations to remain competitive through adopting best practice and using appropriate tools of planning and control to add value for customers and shareholders. Budget preparation, and analysis, management and control of costs are the essential activities to ensure that long-term strategies are met.
Each of these areas, which are covered during this training course, are essential for all those involved in the budgeting process and cost management, and all those having budget responsibility whether it is at the departmental, business unit, project, or organisational level.
This Coventry Academy course will feature:
Practical management accounting applications
The budget process and best practice
Traditional and alternative methods of budgeting and cost control
Purposes and benefits of cost analysis
KPIs and the balanced scorecard
What are the goals?
By attending this Coventry Academy training course you should achieve these goals:
Implement the budgeting process
Identify the various types of cost behaviour
Consider traditional and innovative approaches to budgeting and cost control
Carry out cost analysis
Use a balanced scorecard
Who is this training course for?
This Coventry Academy training course is suitable for a wide range of professionals, greatly benefiting those with direct or indirect budget responsibilities within a team, department, division or at the corporate level. This training course is suitable for first appointment professionals on fast-track development programmes, and for all professionals from every business discipline and department who are involved in the budget process, and include those employed in:
Financial planning, costing and control
Departmental planning and management
Cost centre, revenue centre, profit centre, investment centre management
Manufacturing, production, engineering, human resources, marketing, and sales
Project management
Course Outline
Day One: Introduction: Building A Common Financial Language
The key role of budgeting and cost control in contemporary organisations
Budgetary planning and control
The importance of value – for customers and shareholders
Financial accounting and management accounting
Integrating the financial and non-financial aspects of budgeting
Financial planning and the budgeting process
Day Two: The Budgeting Process
The key features of budgeting
Advantages and disadvantages of budgeting
Divisionalisation and responsibility accounting
Operating budgets: zero-based, incremental, and activity-based
Capital budgets
Cash budgets
Day Three: Cost Analysis
Different costs for different purposes
Fixed costs and variable costs
Cost-volume-profit (CVP) analysis
Contribution and marginal costing
Absorption costing
Decision-making
Day Four: Traditional And Advanced Techniques Of Cost Control
Indirect costs (overheads) and direct costs
Under-costing and over-costing: the consequences for profitability
Traditional cost allocation systems and activity based costing (ABC)
Refinement of the costing system
Activity based budgeting (ABB)
Standard costing, flexed budgets, and variance analysis
Day Five: Beyond the Budgets, The Balanced Scorecard And Six Sigma
Broadening performance measurement systems
Innovative approaches to costing
Integrating financial and non-financial performance measures
The balanced scorecard
Strategy maps
Six sigma
The certificate
Coventry Academy Certificate of Attendance will be provided to delegates who attend and complete the course