* All fees are exclusive of vat ** PREMIUM - Customize your learning experience
Setting & Controlling Budgets properly and accurately is fundamental to every successful business. This course shows how budgeting is linked to strategy, costing and performance measurement. The purpose of the seminar is to clarify the jargon and methodology of budgeting within the areas of managerial accounting and performance measurement.
What Do Participants Learn?
Link finance and operation for budgeting purposes and strategy execution
Learn how to build a comprehensive performance measurement system
Master traditional techniques and recent best practices
Develop an understanding of the corporate budgeting process
Be able to interpret the financial impact of strategic directions
Understand the problems of overheads allocation and how Activity Based Analysis may aid decision-making and pricing strategies
Who Should Attend?
Financial officers and planners
Anyone interested and wanted to develop his performance in finance
What Will the Learning Experience Include?
Comprehensive pre-program activities include:
Web-based information forms & surveys completed by attendee.
Direct consultation with the attendee about the expectations.
During the training, participants engage in data, activities, and conversations that lead to insight and knowledge.
Participants learn from expert trainers who have both academic and business experiences.
Highly applicable training content & instructive activities for adding depth to training topics.
**A half-day site visit for integrating the experience & plan next steps. Opportunities to provide connections, ideas & support.
Explore & Practice
Apply & sustain the learning experience by using this ongoing support:
To ensure participant has new skills or behavior progress.
Optional, fee-based mentoring & coaching with the trainer.
Training materials & additional documents (e-books, pdf files, presentations and articles)
Evaluate your training experience by giving us feedbacks and help us to reach our organizational goals.
Section One: Strategic and Financial Planning
Financial vs. managerial accounting
Exploring the linkages between strategy, budgeting, costing and performance measurement
Understanding what strategic planning is and why it is important
Mission; Vision; Strategy; Goals and Objectives
The outside environment and the internal context: SWOT and PESTEL analysis
What is happening in your company
Looking for the drivers of value creation
Section Two: The Framework for Budgeting
What is a budget – why create a budget?
The budgeting framework
Various types of budgets
The budgeting process and the human side of budgeting
Sales forecasting and budgeting schedules
What is the budgeting process in your company?
Top-down vs. bottom-up budget; incremental vs. zero-based
Section Three: Cost Analysis for Budgeting
What is costing? Defining costs
Cost behavior – Fixed and variable
Breakeven models – The Equation Method
The contribution margin concept
Direct and indirect costs
Traditional vs. Activity-Based Costing
Product vs. period costs
Section Four: Budgeting: case study day – Controlling the budget variances
What is the situation in your organization?
Is budgeting organized by department and/or projects?
Budget variance analysis
Describe the difference between a static budget and a flexible budget
Compute flexible-budget variances and sales-volume variances
Explain why standard costs are often used in variance analysis
Integrate continuous improvement into variance analysis
Section Five: Beyond Budgeting: Broadening Performance Measurement Systems
Advantages and disadvantages of budgeting
How to improve budgeting in your organization
What next? Beyond the Budget…
The Balanced Scorecard: Linking Strategy to budgeting to Performance Measurement
Financial perspective, Customer perspective
Internal Business Process perspective, Learning and growth perspective