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The course will be conducted along workshop principles designed with case studies, course materials, formal lectures and interactive solution driven examples. Relevant and matching case studies will be provided to the delegates to visualize the proper application of each tool in the operations environments. All the learning points will be supported with practical examples and exercises. Complicated and difficult to understand mathematical concepts are reduced and handled in such a way that it become easy to understand with supporting examples.

Who Should Attend?

The employees who are responsible for maintaining the database and entering the data into budgeting system or the employees providing trainings to the concerned personnel’s on how to enter the information. Those professionals who are willing to have a firm grip on the numbers and to gain control of the firm’s financial standing can attend this course. Professionals as mentioned below can pursue this course such as:

  • R & D professionals
  • Sales & marketing professionals
  • Financial professionals
  • General accounting professionals
  • Business unit professionals
  • Anyone who is willing to understand the basic concepts of cost and budgeting

Course Objectives:

  • Learn budgeting and cost terminologies used in businesses
  • Recognize the significance of a well-defined budgeting and costing process
  • Decide the costs of outputs for services and goods provided
  • Adopt recent and traditional best practices
  • Associate operation and finance for strategy execution and budgeting purposes
  • Learn the ways to develop a comprehensive performance measurement system

Course Outline:

Role of budgeting within the management process

  • Budgeting role defined within management accounting
  • Associate budgeting and costing to performance and strategy measurement
  • Budgeting Implications: Process of value creation
  • Budget: definition and the reason behind why costing is fundamental
  • Operating plan-The financial expression: Budgets
  • Associating operational and financial issues
  • Budgeting: Behavioural implications
  • Case examples and discussion

Method of Cost Analysis for Budgetary Purposes

  • Why costing for budgeting?
  • Cost purposes and terms
  • Variable and fixed costs
  • Volume, profit (CVP), cost relationships
  • Contribution margin: The key concept
  • The allocation problem: Indirect and Direct cost
  • Activity-based costing (ABC) versus traditional procedures and methods
  • Case examples and discussion

Budgeting Framework

  • Budgeting framework: Elements
  • Key features, concepts, and terminologies
  • Issues for discussion: Merits & Demerits
  • Financial statements overview
  • Statement of cash flows, income statement, and balance sheet
  • Cost analysis introduction for decision making
  • Significance of recognizing full costs
  • Case examples and discussion

Concept of variance analysis and flexible budgets

  • Management control purposes: Budgeting
  • Why standard costs are considered in variance analysis: Explanation
  • Difference between flexed and fixed budget: Description
  • Calculate sales volume and flexed budget variances
  • Procedure to interpret variance analysis
  • Merge continuous improvement into variance analysis
  • Budgeting: Is it enough?
  • Case examples and discussion

Expand performance measurement systems: Beyond Budgeting

  • Limitations of traditional approaches to measurement and budgeting
  • Associating financial to operational issues
  • Associating strategy to performance measurement
  • Six Sigma and the balanced scorecard
  • Financial perspective
  • Customers perspective
  • Internal business process perspective
  • Growing and learning perspective
  • Adapting and growing the scorecard
  • Case examples and discussion

General Notes

  • All our courses can be facilitated as Customized In-House Training course.
  • Course duration is flexible and the contents can be modified to fit any number of days.
  • As for Open Enrolment Courses, we offer our clients the flexibility to chose the location, date, and time and our team of experts who are spread around the globe will assist in facilitating the course.
  • The course fee includes facilitation, training materials, 2 coffee breaks, buffet lunch and a Certificate of successful completion of Training.
  • FREE Consultation and Coaching provided during and after the course.
Online Courses
Customized Schedule is available for all courses irrespective of dates on the Calendar. Please get in touch with us for details.
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Live Online Training

Due to the recent COVID-19 pandemic, we've decided to offer live online webinar training classes for all of our courses.

You can participate in our training sessions with the safety & comfort of your own home or office. This helps you fulfill your learning requirements, while availing massive discount on regular course fees.

Register for a live online session now.

To register for a course, please fill the information request form on the course page, or reach us through the live chat or WhatsApp using the apps below.