In particular, this seminar enables participants to:

• Link budgeting and costing with strategy execution
• Understand the critical factors which have an impact on business processes
• Discuss about modern system of cost analysis for budgeting purposes
• Master the budgeting and financial skills required for better decision-making
• Identify sources of financial and operational data to support the budgeting process
• Explore the best practices required to manage the multiple organizational performances​

By the end of this course, delegates will be able to:

• Refine costing and budgeting terminology used in business
• Understand the importance of a well-defined costing and budgeting process
• Determine full costs of outputs for the goods and services provided
• Master traditional techniques and recent best practices on budgeting / cost management
• Link finance and operation for budgeting purposes and strategy execution
• Learn how to build a comprehensive performance measurement system

Financial Managers, Senior Accountants, Accounting & Budgeting Personnel

Introduction

• The link between strategy, planning, budgeting and cost management
• Why budgeting and costing are so important to manage your company
• Towards a cross-functional process-view of the organization
• Financial vs. Managerial accounting (where you get information for decision making)
• Understand your processes

The Budgeting Framework and Its Role within the Management Process

• The role of budgeting within management accounting
• The value of budgeting in your company
• Advantages and disadvantages
• Balance sheet, Income statement and cash-flow

Cost Management for Budgeting Purposes

• Cost concepts and terminology
• Different costs for different purposes
• Fixed Vs Variable costs
• The Cost-Volume-Profit analysis model
• Manufacturing vs. non-manufacturing costs
• Period Vs. Product costs

Traditional vs. Advanced Techniques in Cost-Control

• Under-costing and over-costing
• The consequences for profitability
• How to refine a costing system?
• Indirect Vs. Direct costs
• Traditional Cost Allocations systems Vs. Activity-Based Costing
• Introducing Activity-Based Budgeting (ABB) and Management (ABM)

Broadening the Performance Measurement Systems

• Shortcomings of traditional approaches to budgeting and performance measurement
• Balanced Scorecard and Six-sigma
• Financial perspective
• Customer perspective
• Developing and adapting the scorecard

BTS attendance certificate will be issued to all attendees completing minimum of 75% of the total course duration.

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