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Who should attend
Managers, Supervisors and all those who need to have an understanding of budgetary and financial control systems program within a business environment.
About the course
Competitive organizational strategies and plans are usually based on cost effectiveness and even under buoyant markets are the key to continued success. Profit can be halved by waste of scarce resources and requires continual review to ensure that all in house and departmental costs are accountable and measurable. Budgeting and Cost Controls is a positive management function, which is subjected to constant review and justifications. It also ensures careful consideration of resource allocation.
This program offers a blueprint plan to control and monitor all areas of income and expenditure utilizing Budgeting and Cost Control principles and objectives.
## Course Objectives
This program is designed and focuses on the principles and reasons for cost controls and the budgetary accounting process. It will also bring awareness of cost and cost analysis for organizational expenditures and includes successful budget preparation, implementation and reviews techniques.
This course is specifically designed to provide the delegates with the competency skills and knowledge to:
- Introduction to the Types of Budgets and Cost Control Methods and
- Understanding of Budget Functions and Forecasting Techniques
- How to prepare Budgets and organize the Budget Information into a meaningful format.
- Flexible and Budget Reviews
- Cost Controls and Monitoring Cash Flows
## Course Outline
INTRODUCTION TO BUDGETING
The role of Management
The Essence of Financial Planning
The Essence of Managerial Control
BUDGET PREPARATION PROCESS – AN OVERVIEW
The Budget Preparation, Review and Cost Control Process
Timing of the Process
Line and Staff Responsibilities
Some Behavioral Implications
Dealing With Uncertainty
Generating Proper Assumptions
Choosing the Outside Environmental Factors
From Assumptions to Budget
Consequences for Planning and Budgeting
PREPARATION OF THE CAPITAL BUDGET
Estimating cash flows within the business system
Net present value and IRR as superior methods to payback and accounting rate of return.
Defining the approval criteria and review process
Post-implementation audits of capital projects
Sensitivity analysis and uncertainty
Using Monte Carlo simulation techniques in capital budgeting
PREPARATION OF THE OPERATING BUDGET
Selection of the Forecasting Method
The Qualitative Approach
The Quantitative Approach
BUDGET PERFORMANCE MONITORING AND COST CONTROL
Budgeting – a Behavioral Management Problem
Establishing Monitoring Procedures
Management Follow-Up Procedures
Type of Cost
The Behavioral of costs as the affect budgeting
Coping with Uncertainty
Budget Input Sales
Budgeting & Cost Control Practical Exercises
Videos and materials
Because of COVID-19, many providers are cancelling or postponing in-person programs or providing online participation options.
We are happy to help you find a suitable online alternative.