Setting and Controlling Budgets Training
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Setting and Controlling Budgets Training Course
Introduction:
Welcome to the Setting & Controlling Budgets training course, where we address your burning questions about planning, budget setting, and budgetary control in a clear and easily understandable manner. This comprehensive course takes a deep dive into the tools and techniques that drive successful budgeting and budgetary control, ensuring that your organizational goals are achieved.
We understand that budgeting can often be accompanied by confusing jargon and complex methodologies. That's why this course aims to demystify the process, providing you with a solid understanding of how strategy, budgeting, costing, and performance measurement are interconnected. We break down the concepts and techniques, allowing you to grasp their practical application within the larger planning framework.
What sets this course apart is the Instructor's own business career experiences and the inclusion of real-world business scenarios. These examples bring the concepts to life, illustrating how the tools and techniques are successfully applied in practice. By providing relatable and stimulating case studies, we reinforce the practicality and relevance of the skills you will learn.
By the end of this course, you will have gained a comprehensive understanding of planning, budget setting, and budgetary control. You will possess the knowledge and tools to navigate the budgeting process confidently and contribute to the achievement of organizational objectives. So join us on this enlightening journey as we empower you with the skills and insights needed to excel in budgeting and make a positive impact in your organization.
Course Objectives:
After end of this Setting and Controlling Budgets Training course, participants will be able to do:
- Identify the links between strategic planning, budget setting, and performance measurement
- Use alternative approaches to cost for planning, budgeting, and budgetary control
- Set an operating budget, cash budget, capital budget, and prepare a master budget
- Develop budgetary control systems, and analyze variances using flexed budgets
- Integrate continuous performance improvement into the budget process and link budgets and KPIs with strategy using the balanced scorecard
Who Should Attend?
It is crucially important for everyone involved in strategic planning, budgeting, and budgetary control to be conversant with their best practice because their practical application impacts directly on the relevance and accuracy of the annual budget in ensuring that organizational goals are met. This Setting & Controlling Budgets training course is suitable for a range of personnel from companies, corporations, and governmental organizations and, in addition to financial analysts, controllers, accountants, and departmental managers active in the planning and budget setting processes, will benefit business professionals working in:
- General Management
- Estimating and Costing
- Operations
- Facilities Management
- Sales and Marketing
- Quality Management
- Engineering
- Project Management
- Procurement
- Logistics
- Research and Development
- Asset Management
- Human Resources
- And any other financial and non-financial personnel that need or wish to understand planning, budget setting and budgetary control
Course Outlines:
Strategic and Financial Planning
- Financial Accounting and Management Accounting
- The Links between Strategic Planning, Budget Setting, and Performance Measurement
- Planning and Strategic Management
- Mission, Vision, and Objectives
- The Planning Process
- External Environment Analysis, Internal Resources Analysis, SWOT and PESTEL
- Shareholder Wealth Maximization, value Creation and Financial Strategy
- Financial Planning and Modelling, and Long-term and Short-term Financing
Cost Analysis for Budgeting
- What is Costing?
- Cost Behavior – fixed costs and variable costs
- Contribution, Cost / Volume / Profit (CVP) Analysis and break-even models
- Traceable Costs and Non-traceable Cost Allocation
- Product Costs and Period Costs – product costing for inventory valuation and profit ascertainment
- Direct costs, Indirect costs, Absorption Costing and Marginal Costing
- Product Costing for Budget Setting, Budgetary Control and Performance Measurement
- Refinement of the Costing System and Activity-Based Costing (ABC)
The Framework for Budgeting
- What is a Budget – and Why Budget?
- The Budgeting Framework and the Various Types of Budgets: top-down; bottom-up; incremental; zero-based; activity-based
- The Budget Process
- Qualitative and Quantitative Techniques of Forecasting Sales and Costs, and Sales Pricing
- Budgeting for Labor Costs and Depreciation
- The Departmental Budget
- Preparation of the Master Budget and the Cash Forecast / Budget
- The Human Side and the Behavioral Aspects of Budgeting
Activity-Based Budgeting (ABB), Capital Budgeting, Budgetary Control and Variance Analysis
- How the Budget is controlled in your organization
- Activity-Based Budgeting (ABB)
- Budgeting for Capital Projects
- Discounted Cash Flow (DCF) investment appraisal methods of Net Present Value (NPV) and Internal Rate of Return
- Capital Rationing and the Profitability Index (PI)
- Budgetary Control Systems and Responsibility Accounting
- Standard Costing for Budgeting and Budgetary Control
- Fixed Budgets, Flexed Budgets, Variance Analysis and the Reasons for Variances
Beyond Budgeting – Broadening Performance Measurement Systems
- Integrating Continuous Improvement into the Budget Process
- Advantages and Disadvantages of Budgeting
- How to Improve the Budget Process in Your Organization
- The Conflict between Performance Improvement and the Costing System
- Lean Thinking and Performance Improvement
- What next – beyond the Budget?
- The Balanced Scorecard – linking strategy with budgeting and with performance measurement
- Developing and Adapting the Balanced Scorecard: Financial Perspective; Customer Perspective; Internal Business Process Perspective; Learning and Growth Perspective