INTRODUCTION

This Advanced Budgeting and Cost Management training course equips participants with essential skills in cost awareness and budgeting, crucial for effectively managing resources in an increasingly competitive global landscape. As budgets are closely tied to achieving strategic goals and assessing future initiatives, mastering these skills is more important than ever.

In today’s dynamic business environment, organizations must align their strategies with precise resource allocation and performance measurement systems to remain competitive. Effective budgeting, alongside tracking, controlling, and reducing costs, are vital activities that organizations must implement to optimize their processes and operations. This training course is designed for professionals and analysts who face the challenge of enhancing performance while minimizing costs in their areas of responsibility.

By participating in this GLOMACS Advanced Budgeting and Cost Management training course, attendees will:

– Connect budgeting and cost management with strategic execution
– Grasp the key factors influencing business processes
– Discuss modern cost analysis systems for budgeting
– Acquire budgeting and financial skills for improved decision-making
– Identify financial and operational data sources to support the budgeting process
– Explore best practices for managing organizational performance

 OBJECTIVES

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

– Understand budgeting and costing terminology in business contexts
– Implement a structured costing and budgeting process
– Determine the total costs associated with goods and services provided
– Master traditional and contemporary budgeting and cost management techniques
– Integrate finance and operations for effective budgeting and strategy execution
– Develop a comprehensive performance measurement system

TRAINING METHODOLOGY

This training course will employ a workshop approach, combining formal lectures with case studies and interactive examples. Participants will engage with relevant case studies that demonstrate practical applications of budgeting and cost management tools in operational settings, reinforced by hands-on exercises.

 ORGANIZATIONAL IMPACT

Participants will enhance their awareness of cost and budgeting practices, increasing their ability to design or select effective budgeting systems. This course will broaden knowledge of performance management techniques and foster a better understanding of how to link costs and budgeting with strategy and performance metrics. Attendees will gain insights into the cause-and-effect relationships relevant to budgeting and the non-financial implications of cost management.

 PERSONAL IMPACT

Delegates will gain familiarity with the budgeting methods most applicable to their roles, enabling them to construct relevant and efficient budgets. They will evaluate the effectiveness of various costing techniques in accurately calculating and ensuring profitability, while reinforcing their understanding of the connections between budgeting, strategy, and performance measurement.

WHO SHOULD ATTEND?

This course is designed for a broad range of professionals, particularly those who will benefit from:

– Data entry roles in budgeting systems or training others in these tasks
– A desire to gain control over the financial aspects of their organization
– Financial professionals, R&D specialists, sales and marketing staff, general accountants, and business unit leaders
– Individuals seeking to enhance their knowledge in budgeting and costing

COURSE OUTLINE

DAY 1: Introduction to Budgeting and Cost Management
– The Link between Strategic Planning, Accounting, Budgeting, and Cost Management
– Importance of Budgeting and Costing in Organizations
– Financial and Management Accounting Fundamentals
– Preparing Financial Statements and Evaluating Costs
– Integrating Financial and Non-Financial Aspects of Business Processes
– Identifying Key Budget and Costing Issues in Your Organization

DAY 2: The Budgeting Framework
– The Role and Types of Budgets in Management Accounting
– Overview of the Budget Process
– Creating the Master Budget and Departmental Budgets
– Developing a Project/CAPEX Budget
– Analyzing Advantages and Disadvantages of Budgets and Budgeting Processes
– Understanding Budgetary Control

DAY 3: Cost Management for Budgeting
– Cost Classification and Terminology
– Fixed vs. Variable Costs: Cost-Volume-Profit Analysis
– Contribution Margin Analysis
– Forecasting Costs Effectively
– Managing Costs of Purchases, Manufacturing, Inventory, and Working Capital
– Strategies for Improving Efficiency and Reducing Costs

DAY 4: Techniques in Cost Control
– Comparing Traditional and Advanced Cost-Control Techniques
– Implications of Under-costing and Over-costing on Profitability
– Refining Costing Systems
– Understanding Indirect vs. Direct Costs: Traditional vs. Activity-Based Costing
– Identifying Cost Drivers and Linking Resources, Activities, and Management
– Introducing Activity-Based Budgeting (ABB) and Management (ABM)

DAY 5: Expanding Performance Measurement Systems
– Limitations of Traditional Budgeting and Performance Measurement Approaches
– Recent Best Practices: Balanced Scorecard and Six Sigma
– Perspectives on Financial, Customer, Internal Business Processes, and Learning & Growth
– Adapting and Developing the Scorecard
– Understanding Elkington’s Triple Bottom Line: Profit, People, and Planet

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