Effective Budgeting & Cost Control

Description:

We will cover the strategic elements leading to better budgets.

KeyTopics:

• 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 strategic plan
• Mission, Vision, Goals
• Using Porters 5 Forces, SWOT and PESTLE
• Aligning budgeting to the Organizations strategy Case studies and exercises

Description:

We will cover the manufacturing elements leading to better costing

KeyTopics:

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

Description:

We will drill down into the details that make costing better

KeyTopics:

• Different types of costs
• Cost centers
• Full costing
• Absorption costing
• Marginal costing
• Standard Costing
• Break-even analysis
• Activity-based approaches
• Variance analysis
• Direct product profitability Case studies and exercises

Description:

We will span the entire range of budgets

KeyTopics:

• 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 Case studies and exercises

Description:

We will cover the critical elements of capital budgets

KeyTopics:

• The time value of money
• Investment Appraisal Techniques:
  • Net Present Value (NPV)
  • Internal Rate of Return (IRR)
  • Payback Period
• Exercises and case studies
• Beyond Pure Financial Budgeting
  • Balance Scorecard
  • Budgets and issues of motivation Case studies and exercises