Budgeting and Cost Control are fundamental for contemporary organizations. This Coventry Academy training course will help you master the most widely used internal tools for planning and monitoring activities and sustaining performance over time. The Budgets are inextricably linked with both strategy formulation and execution. But accurate Budgets depend on Cost Control and their accurate analysis. It is essential to understand how costs behave so that realistic plans can be produced, and appropriate financial and non-financial resources can be made available to the business. This Coventry Academy training course will allow you to master the traditional tools of budgeting and control as well as new dynamic approaches, which reflect and respond to the current complex business environment.
What are the goals?
By attending this Coventry Academy training course you should achieve these goals:
Master the Essential Component of Costing and Budgeting
Understand Fixed and Variable Costs, Direct and Indirect, OPEX and CAPEX
Link innovative approaches to Cost Savings
Improve Capital Budgeting
Measure and Manage the Performances that Matters
Who is this training course for?
This Coventry Academy 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.
Moreover, the training course is suitable to first appointment professionals on fast-track development programs, and to professionals from every business discipline and department who have to run budgetary plans, and who are responsible for cost and strategic analysis, including:
Financial Planning & Control Staff
Those With Direct or Indirect Financial Responsibilities
Those From Every Business Discipline and Department Who Have to Run Departments and Budgetary Plans, and Who are Responsible for Cost and Strategic Analysis
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
Course Outline
Day One: Management Control
Budget target-setting, participation and control
Strategic planning, budgeting and management control systems
Key elements of planning: setting objectives, and responsibility accounting
The role of financial control, and management accounting concepts
Advantages and disadvantages of budgeting
Budgeting within your organisation
Day Two: Budgeting and Cost Control
The essential stages of the budgeting process
Types of budgets, incremental and zero-based budgeting
Budget preparation: operating budgets and cash budgets
Variable costs and fixed costs
Contribution and marginal costing
Decision-making using marginal costing, and cost/volume/profit (CVP) analysis
Day Three: Traditional, and Activity Based Costing & Budgeting
Costs and activities
Direct costs and indirect costs, product costs and period costs
Cost allocation and absorption costing
Product cost cross-subsidisation, and activity-based costing (ABC)
Activity based budgeting (ABB)
Budgetary control: standard costs, flexed budgets and variance analysis
Day Four: Capital Budgeting
Capital investment costs and operating costs
Accounting rate of return (ARR) and payback
Discounted cash flow (DCF), and net present value (NPV)
Cost of equity, cost of debt, and the weighted average cost of capital (WACC)
Internal and modified internal rate of return (IRR/MIRR), and discounted payback
Capital rationing, budgeting and the profitability index (PI)
Day Five: Linking Financial and Non-Financial KPIs
Planning for world class performance
Drivers of corporate and shareholder value, and financial strategy
The changing cost base and alternative approaches to costing
The conflicts between accounting and business performance measurement
Integrating financial and non-financial key performance indicators (KPIs)
The balanced scorecard
The certificate
Coventry Academy Certificate of Attendance will be provided to delegates who attend and complete the course