Setting & Controlling Budgets

ICTD International Centre for Training and Development

How long?

  • 5 days
  • in person

What are the topics?

ICTD International Centre for Training and Development

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Who should attend

  • The staff person who will be responsible for entering data into the budget system or training others how to enter information
  • Those who want to gain control of the organization’s financial standing and obtain a firm grasp on the numbers side of their job
  • Financial professionals, R&D professionals, sales/marketing professionals, general accounting professionals, business unit professionals
  • Anyone who wants to understand the basics of budgeting and costing.

About the course

Setting and controlling budgets properly and accurately is fundamental to every successful business. This seminar 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 management accounting and performance measurement.

Key learning objectives include:

  • Strategic planning
  • The linkages between planning, budgeting, costing and performance measurement
  • The features of budgetary control
  • Cost analysis: fixed versus variable costs; cost/volume/profit (CVP) analysis; direct versus indirect costs; traditional costing and activity based costing
  • The role of full costing and contribution margin
  • Advantages and disadvantages of budgeting

## Course Objectives

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

  • Link finance and operations 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

## Course Outline

Strategic and Financial Planning

  • Financial versus management 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?
  • The drivers of value creation
  • Case studies, examples, and exercises.

Cost Analysis for Budgeting

  • What is costing?
  • Defining costs
  • Cost behaviour – fixed and variable costs
  • The contribution concept
  • Cost, volume, profit (CVP) analysis and break-even models
  • Direct and indirect costs
  • Traditional versus activity based costing (ABC)
  • Product costs versus period costs
  • Case studies, examples, and exercises.

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 versus bottom-up budgets
  • Incremental versus zero-based budgets
  • Case studies, examples, and exercises

Budgeting and Controlling the Budget Variances

  • What is the situation in your organization?
  • Is budgeting organized by department or projects?
  • Budget variance analysis
  • Describe the difference between a fixed budget and a flexed budget
  • Explain why standard costs are used in variance analysis
  • Compute flexed budget variances and sales volume variances
  • Integrate continuous improvement into variance analysis
  • Case studies, examples, and exercises.

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
  • Developing and adapting the scorecard
  • Case studies, examples, and exercises.

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Setting & Controlling Budgets at ICTD International Centre for Training and Development

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Disclaimer

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