The Whole Thing reserves the right to alter dates, content, venue and the trainer for each course with reasonable notice.
This course is CPD Certified with each day equivalent to 6.5 hours of CPD
Duration : 4 days
Budgeting and Cost Control Principles and Practice for Better Economic Forecasts and Great Results
WHO SHOULD ATTEND?
Business owners, managers at all levels and top talent in the organisation that are responsible for the budgeting and cost control of projects that want to learn (or relearn) and improve their budgeting and cost control competency so that they can get the very best results from their leadership, teams and colleagues in pursuit of the organization’s goals.
Budgeting is one of the most important management skills that you can have. In any economic forecast, planning and budgeting are crucial when it comes to conserving and increasing your resources. A budget is a financial plan and a list of all planned expenses (your costs) and revenues. The use of a budget can be helpful to not only companies but individuals and families as well. In order to grow every company from the small business to the large corporation must keep track of their finances. Once you have a clear picture of how much money is coming in and going out, you can determine where you stand financially. It is a plan for saving, borrowing and spending. Mastery of the principles and practice of budgeting and cost control is vital for effective leader and leadership and driving business growth.
Budgeting and Cost is a very practical and proven approach to budgeting and cost control that covers the fundamentals of budget creation and cost estimation that establishes the financial standards required for effective project implementation and control. The course gives particular attention to the application of budgeting and costing techniques as our experience tells us that lack of this process knowledge coupled with an inconsistent approach to budget creation is where most budgeting and cost control practice fails. The program takes a holistic view of budgeting and cost control and introduces the delegate to the knowledge, skills and attitude required to confidently create, communicate, implement and control any project budget for great results.
The program is well researched, knowledge-based and designed with the individual learner at the centre of the learning process which means that the course is extremely interactive and practical.
By the end of this course delegates will be able to:
✓ Determine budget and the budgeting and cost control process
✓ Determine appropriate estimation techniques in the development of revenue and expense budgets.
✓ Determine management cost reports and take corrective action
✓ Identify how the budget relates to the key financial statements: balance sheet, income statement, and cash flows
✓ Identify all the appropriate costs to be included in a capital expenditure proposal
✓ Develop a budget consistent with the organization strategic plan.
✓ Develop the skills to effectively prepare budgets and cost estimate
✓ Practice hands-on analysis and recognition of accounting transactions
✓ Produce drive to self-develop in budgeting and cost control
✓ Produce positive impact on the overall performance of each delegate and the organization
DAY 1 • INTRODUCTION TO MANAGEMENT ACCOUNTING
Financial Accounting Overview
Types of Budgets
Types of Costs
Job Costing and Cost Overview
DAY 2 • THE MASTER BUDGET
Approaches to Budgeting
Cost Management Drivers
The Master Budget
DAY 3 • FLEXIBLE BUDGETS, STANDARD COSTS AND BEST PRACTICES
Best Practices from the Marketplace and Other Industries
DAY 4 • SPECIAL BUSINESS DECISIONS, PROJECTS AND CAPITAL BUDGETING ANALYSIS
Special Business Decisions
Project Budgeting and Analysis
Key Learning Review
Group discussion and professional feedback to consolidate key learning. Delegates will leave the day with a list of development activities to improve their budgeting and cost control competency back at work.
Each delegate will be asked to complete a pre-course questionnaire to determine their individual learning objectives. These will be used by the trainer to give on track training that is focused on the individual learner attending.
ON-TRACK FOR GROWTH
The individual leaves this program with a Personal Action Plan to encourage immediate transfer of training to the job.
REGISTER FOR THIS COURSE
To register for this course please review the grey box above. If no public course is listed or the location and dates shown don’t suit you then please request a proposal for this course either as a public training course or if you have 6 delegates or more as an in-company training course.