Budgeting, Planning & Management Reporting
Finance & Accounting
Course Description
INTRODUCTION
This Budgeting, Planning & Management Reporting training course provides participants with key cost awareness and budgetary skills, which are essential for managing and controlling resources in times of increasing global competition where the budgets are inextricably linked with both the achievement of strategic objectives as well as with evaluation of future and initiatives.
Budgeting lies at the heart of business management, yet businesses often encounter planning and financial difficulties as a result of either inadequate planning, lack of understanding of the business, or errors within the compilation of the budgets. Ineffective management reports heighten the challenge in collating inputs to the budget and use of budgeted information.
In addressing these issues, this training course is relevant for those professionals & analysts facing the difficult challenge of improving performance while reducing costs of those processes for which there are accountable.
Objectives
By the end of this Budgeting, Planning& Management Reporting training course, you will be able to:
Link budgeting and costing with strategy execution
Understand the critical factors which have an impact on business processes
Discuss about modern system of cost analysis for budgeting purposes
Master the budgeting and financial skills required for better decision-making
Explore the best practices required to manage the multiple organizational performances
Course Outline
Day 1
Planning Strategy and Corporate Governance
What are planning strategies?
Strategy analysis, choice & implementation
The role of strategy maps in defining the business
Effective and less effective management reporting practice
The agency problem and corporate governance
Planning requirements and the importance of working capital
Day 2
Forecasting Techniques for Budgeting
Determine the purpose and objective of the forecast
Statistical analytical tools
Quantitative analysis and forecasting
Forecasting techniques
Agency problems in forecasting- solutions
Causal analysis models – regression analysis
Using Excel ® to analyze historical data
Day 3
Budgets, Costs and Budgetary Control
Why do we budget? – the purposes of budgeting
Planning and control
Putting the budget together
Cost behavior and classification
Cost / volume /profit (CVP) and ‘what-if’ analysis
Standard costing
Flexed budgets
Variance analysis and the reasons for variances
Day 4
Activity Based Costing & Activity Based Budgeting
Activity based costing (ABC)
Refinement of the costing system
ABC and cost management
The cost hierarchy and cost drivers
Advantages and disadvantages of ABC systems
From traditional budgeting to activity based budgeting (ABB)
Time-based ABC for services organizations
Motivation and the behavioral aspect of budgeting
Day 5
Performance Management and Beyond Budgeting
Broadening performance measurement systems
The Drive toward Shareholder Value (EVA®)
Beyond budgeting: integrating financial and non-financial issues
Introducing the Balanced Scorecard and the key perspective