Course dates
Featuring:
- Introduction to planning and control
- Budgeting overview
- Behavioural aspects of budgeting
- Understanding cost behaviour
- Flexible budgets and standard cost systems
- Developing an annual/master budget
- Conceptual aspects of budgeting
- Resource allocation
- Activity-based management and activity-based costing
- Cost control
- Measuring and evaluating performance
Who should attend:
- Those with management experience in industry or public practice
- Those with management responsibility in finance, operations or planning
- Those with experience in finance, operations or accounting
- Owners, CFOs, controllers, financial officers and budget managers
- Accountants and internal auditors in middle and upper management positions as wel as public practitioners responsible for the any of the following areas: planning, budgeting, performance, productivity and profitability of their organizations
What this course will enable you to do:
- Acquire best practices in budgeting
- Understand the strategic role of cost concepts
- Explain the costs concepts to the use of cost information for management control
- Describe the role of budgets in the management process
- Discuss the importance of strategy and its role in the master budget
- Prepare a master budget and explain the interrelationships among its supporting schedule
- Understand zero-base, activitybased, and kaizen approaches to budgeting
- Explain the essence of control systems
- Develop flexible budgets for evaluating short-term financial performance
- Identify different cost control measures
- Measure and evaluate performance
Today, the human mind is often absorbed in so much data, that it has difficulty processing the multitude of facts and relationships simultaneously and sometimes forgets important elements. Thus, as plans become more and more intricate, they should be documented in writing and include qualitative narratives of goals, objectives, and means of accomplishing the objectives.
This course will allow the participant to explore and share with other participants new thoughts in the planning, control, and budgeting cycle, resulting in a renewed energy in returning to the workplace and implementing a more focused budgeting process, which communicates useful and timely information to management.
The course will provide a framework for each topic covered, and then will make extensive use of exercises and case studies.
- Live group instruction
- Detailed practical examples
- Use of case studies and real world examples
- Interactive participation
All participants receive a comprehensive binder containing copies of the presentation slides, handouts and other course materials
Day 1
Introduction To Planning And Control
- Organizational Operating Environment
- Organizational Structure: Centralization v. Decentralization
- Responsibility Accounting
- Planning and Control Cycle: Strategic v. Tactical
- Hierarchy of Planning
Budgeting Overview
- Roles of Budgeting
- Formal Plan
- Management Decisions on the Budgeting Process
- Communication and Coordination
- Evaluation Tool – Budget Report
- Top Management Commitment
Case: Budgeting in Today’s Environment
Behavioral Aspects Of Budgeting
- Goal Congruence
- Controllability and Performance Evaluation
- Participatory Budgeting
- Departmental Budgeting
- Implementation of New System
Day 2
Understanding Cost Behavior
- Cost Structure
- Handling Indirect Costs
- Cost-Volume-Profit Analysis
- Product Life Cycles
Case: Cost Behavior
Flexible Budgets & Standard Cost Systems
- Why Activity Level Matters
- Setting Standard Costs
- Level of Standards
- Advantages of Standard Costs
- Behavioral Issues in Standard Cost Systems
Case: Flexible Budgeting and Standard Costing
Developing an Annual/Master Budget
- Introduction
- How Standard Costs Affect the Budgeting Process
- Budget Development Process
- Budget Games Managers Play
Case: Preparation of Master Budget
- Management By Exception
- Variance Analysis (including the possibility of fraud red flags)
Day 3
Conceptual Aspects Of Budgeting
- Alternative Approaches to Budgeting
- Kaizen Budgeting
- Continuous/Rolling Budgets
- Contingency Budgeting
- Incremental Budgeting
- Zero-Based Budgeting
- Program Budgeting
- Integrating Uncertainty into the Budgeting Process
Resource Allocation
- Measuring Service Department Costs
- Assigning Service Department Costs
- Nature and Problems of Reciprocal Services
- Transfer Pricing
Activity-Based Management And Activity-Based Costing
- Activity Analysis: Value-Added, Non-Value-Added, Business Value-Added
- Levels of Cost Incurrence
- Using Activities to Allocate Costs
- Determining if ABC is Appropriate
- Activity-Based Budgeting
Case: Budgeting
Day 4
Cost Control
- Committed v. Discretionary Costs
- Control using the Budget
- Economic Order Quantity
- Methods of Cost Reduction
- Just-in-Time
- Six Sigma
- Lean Processes
- Single Sourcing
- Outsourcing
Measuring And Evaluating Performance
- Financial Measures
- Nonfinancial Measures
- The Balanced Scorecard
- Communicating, Motivating, and Rewarding
- Closing the Loop: Back to Budgeting!
Case: Balanced Scorecard
Note: This will be an active 4-days, as more cases will be included
Summary and close
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The course director is a highly qualified educator and consultant with over 30 years of professional experience in accounting training (IFRS & US GAAP), professional certification, governmental accounting, Training of Trainers (TOT) programmes in the United States and abroad.
Most recently, as Regional Director of Accounting Education, she has developed the Certified International Professional Accounting certificate programme including training courses, examinations, and oversaw grading of examinations given in 8 countries. She also developed and delivered a series of summer workshops for teachers and trainers to improve their technical knowledge and teaching methodology for delivering IFRS courses.
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Lagos Hotel, Lagos, Nigeria
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Interested in holding this course in-house? Please fill out your details and a member of our team will be in touch with more information.
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Course dates