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An intensive professional development training course on

The Essentials of
Budgeting & Cost Control

Practical Financial Planning and Budgetary Control

Why Choose this Training Course?

Planning and management control are essential for contemporary organisations. This Essentials of Budgeting & Cost Control training course will include widely used tools and techniques for short-term planning, monitoring and sustaining performance – budgeting and budgetary control.

Budgeting and strategic management are both inextricably linked together. Realistic budgets depend on accurate cost analysis and forecasting. It is essential to understand how costs behave to be able to plan realistically and implement the use of appropriate financial and non-financial performance measures. Budgetary control best practice uses flexed budgets to calculate variances against actual performance and enable corrective actions. This AZTech training course will enable you to use the traditional tools of budgeting and control as well as some new approaches, which reflect and respond to today’s complex business environment.

This AZTech training course will feature:

  • The links between strategic planning, budgeting and cost control
  • The key features of budgeting
  • Clarification of cost terms and concepts
  • Traditional and innovative approaches to budgeting and cost control
  • The impact of non-financial KPIs on planning, budgeting and cost control

What are the Goals?

By the end of this AZTech training course, participants will be able to:

  • Develop an integrated planning, budgeting and reporting process
  • Actively participate in the budgeting process within the organisation
  • Analyse cost behaviour and manage costs more effectively
  • Master traditional and innovative approaches to budgeting and cost control
  • Select appropriate and effective performance measurement systems and KPIs

Who is this Training Course for?

This AZTech training course is suitable for a wide range of professionals and will greatly benefit those with budget responsibilities at a team, departmental, divisional, or corporate level. This course is suitable for first appointment professionals on fast-track development programmes. It is also suitable for professionals from every business discipline involved in strategic planning, budgeting, cost analysis, and budgetary control including:

  • Financial planners and controllers
  • Financial managers and analysts
  • Departmental and divisional managers
  • Manufacturing, procurement, logistics, engineering, quality and HR managers
  • Project managers

How will this Training Course be Presented?

This AZTech training course combines theory and practice. Presentations, discussions and exercises will be complemented with the use of case studies to illustrate how appropriate tools and techniques may be applied in a real-life context. The use of proven learning techniques ensures maximum clarity, comprehension and retention of the information presented.

The Course Content

Day One: Management Control

  • Budget target-setting, participation and control
  • Strategic planning, budgeting and management control systems
  • Key elements of planning: setting objectives, and responsibility accounting
  • The role of financial control, and management accounting concepts
  • Advantages and disadvantages of budgeting
  • Budgeting within your organisation

Day Two: Budgeting and Cost Control

  • The essential stages of the budgeting process
  • Types of budgets, incremental and zero-based budgeting
  • Budget preparation: operating budgets and cash budgets
  • Variable costs and fixed costs
  • Contribution and marginal costing
  • Decision-making using marginal costing, and cost/volume/profit (CVP) analysis

Day Three: Traditional, and Activity Based Costing & Budgeting

  • Costs and activities
  • Direct costs and indirect costs, product costs and period costs
  • Cost allocation and absorption costing
  • Product cost cross-subsidisation, and activity-based costing (ABC)
  • Activity based budgeting (ABB)
  • Budgetary control: standard costs, flexed budgets and variance analysis

Day Four: Capital Budgeting

  • Capital investment costs and operating costs
  • Accounting rate of return (ARR) and payback
  • Discounted cash flow (DCF), and net present value (NPV)
  • Cost of equity, cost of debt, and the weighted average cost of capital (WACC)
  • Internal and modified internal rate of return (IRR/MIRR), and discounted payback
  • Capital rationing, budgeting and the profitability index (PI)

Day Five: Linking Financial and Non-Financial KPIs

  • Planning for world class performance
  • Drivers of corporate and shareholder value, and financial strategy
  • The changing cost base and alternative approaches to costing
  • The conflicts between accounting and business performance measurement
  • Integrating financial and non-financial key performance indicators (KPIs)
  • The balanced scorecard

The Certificate

  • AZTech Certificate of Completion for delegates who attend and complete the training course

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All rights reserved. Any unauthorized copying, distribution, use, dissemination, downloading, storing (in any medium), transmission, reproduction or reliance in whole or any part of this course outline is prohibited and will constitute an infringement of copyright.


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