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Businesses often encounter financial difficulties as a result of either inadequate budgeting or errors within the compilation of the budgets.

This Budget & Cost Control training course takes a practical approach to financial planning for the organisation and considers the compilation of budgets; how to identify potential problems arising and suggests actions which can be taken. It also looks at ways of improving financial control using budgets, so as to avoid reduced profits and/or financial problems, providing opportunities for participants to apply the course content to practical examples.

Course Outline:

Strategic and Financial Planning

  • What comes before the financial numbers
  • Differences between Financial and Management accounting
  • Changing Competitive Environment
  • How strategy links to budgeting and costing
  • The need for the financial plan
  • Using Porter’s 5 Forces, SWOT and PESTLE
  • Aligning budgeting to the Organization’s strategy

Factors Affecting Budgeting and Cost Control

  • The Product Lifecycle
  • Focus on customer satisfaction
  • The Value Chain
  • World Class Manufacturing
  • Just In Time (JIT)
  • Quality Management Systems
  • Theory of Constraints
  • Target Costing

Costing: From traditional to Activity-Based

  • Different types of costs
  • Cost centres
  • Full costing
  • Absorption costing
  • Marginal costing
  • Standard Costing
  • Break-even analysis
  • Activity-based approaches
  • Variance analysis
  • Direct product profitability

Budgets and Variance Analysis

  • What is budgeting?
  • Planning, coordination and communication
  • Types of Budget: Short, long, fixed, rolling, incremental, zero-based (ZBB), Kaizen
  • The Master Budget
  • Operating Budget
  • Financial Budget
  • Cash Budget
  • The Human side of budgeting
  • Sensitivity Analysis

Capital Budgeting and Investment Appraisal

  • The time value of money
  • Investment Appraisal Techniques:
  • Net Present Value (NPV)
  • Internal Rate of Return (IRR)
  • Payback Period

Who Should Attend?

  • Both financial and non-financial professionals at all levels
  • Delegates with a financial background will enjoy the opportunity to broaden their knowledge base in aspects of budgeting and cost control that may not be part of their current responsibilities or experience
  • By participation in this course, participants whose background is not in the financial sector will gain an understanding of both the strategic and the technical aspects of budgeting and cost control involving both the financial and the operational opportunities for performance improvement
  • At the conclusion of the course, all delegates will gain a strong understanding of the practicalities; techniques and strategies of budgeting and cost control that will both enhance their effectiveness and contribution in their current role and their career opportunities based on the skills and insights acquired

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