Setting Controlling Budgets

التخصصات

كود البرنامج : EU-13225

Overview:

Introduction

Setting & 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 managerial 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 vs. variable costs (CVP analysis); direct vs. indirect costs (traditional method and activity-based costing)
The role of full costing and contribution margin
Advantages and disadvantages of budgeting

Objectives

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

Training Methodology

The seminar is based on a combination of interactive activities – group and individual exercises, case studies, and discussions.

The environment will be a supportive one in which individuals with varying degrees of experience will be encouraged to share the approaches they currently use as well as try out new ones that they encounter on the seminar. The seminar speaker will be on hand to answer any questions a delegate may have and to act as a facilitator for building and applying new approaches.

Organisational Impact

Better understanding of the strategic planning process
Cost and budgeting awareness will be enhanced
Higher chances to select a budgetary system that works
Broadened knowledge of performance management techniques
Better attitude to link cost and budgeting to strategy and performance measurement
Deeper understanding of cause and effect relationship for budgeting purposes

Personal Impact

Delegates will understand the budgeting methods most useful to them
They will understand how to construct a relevant and efficient budget
They will learn to evaluate the usefulness of costing techniques in accurately calculating and ensuring profitability
They will reinforce and expand their knowledge by linking budgeting to strategy and performance measurement
They will broaden their understanding by linking financial and operational issues
They will have better awareness of non-financial implications of budgeting

SEMINAR OUTLINE

DAY 1

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
Examples and cases

DAY 2

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
Examples of budgetary schedules

DAY 3

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
Case study and examples

DAY 4

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
Case study, examples and exercises

DAY 5

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 study illustration

مواعيد واماكن الإنعقاد

تاريخ الإنعقاد

مكان الإنعقاد

مدة البرنامج

2024-05-07

باريس