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Course Code
FANT-004
Advanced Budgeting & Cost Management
- Advanced Budgeting & Cost Management training seminar 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 and cost analysis are crucial elements for the management of contemporary organizations.
Learning Outcomes
- Refine costing and budgeting terminology used in business
- Understand the importance of a well-defined costing and budgeting process
- Determine full costs of outputs for the goods and services provided
- Master traditional techniques and recent best practices on budgeting / cost management
- Learn how to build a comprehensive performance measurement system
Course Contents
- The Link between Strategy, Planning, Budgeting and Cost Management
- Why Budgeting and Costing are so important to manage your company?
- Towards a Cross-functional Process-view of the Organization
- Financial vs. Managerial Accounting
- Understand your Processes: Integrating Financial and Non-financial Aspects
- Discuss the Key issues in terms of Budget and Costing for your own Organization
- The Role of Budgeting within Management Accounting
- The Value of Budgeting in your Company
- Behavioral Implications of Budgeting
- Key Concepts and Terminology
- Advantages and Disadvantages: Critical issues to be Discussed
- Overview on the Financial Statements
- Balance sheet, Income statement and Cash-Flow
- Cost Concepts and Terminology
- Different Costs for Different Purposes
- The Cost-Volume-Profit Analysis Model
- Contribution Margin Analysis
- Manufacturing vs. Non-manufacturing Costs
- Period vs. Product Costs: Inventory Evaluation and Control
- Under-costing and Over-costing: The Consequences for Profitability
- How to refine a Costing System?
- Traditional Cost Allocations Systems vs. Activity-Based Costing
- Cost Drivers: Linking Resources, Activities and Management
- Introducing Activity-Based Budgeting (ABB) and Management (ABM)
- Shortcomings of Traditional Approaches to Budgeting and Performance Measurement
- Need to Link Financial to Operational Issues
- The Balanced Scorecard and Six-sigma
- Financial Perspective and Customer Perspective
- Internal Business Process Perspective and Learning & Growth Perspective
- Developing and Adapting the Scorecard
The Relevance of Budgeting and Cost Management within Strategy Execution
The Budgeting Framework and its Role within the Management Process
Cost Management for Budgeting Purposes
Case Study Day - Traditional vs. Advanced Techniques in Cost-control
Broadening the Performance Measurement Systems
Our Methodology
- Make coaching and monitoring innovative and using modern
- Media training also using on the go training by using interactive means and focusing on
- The exercises, practical applications and real situations study
- Live delivery method, instructor-led training
- Experienced consultant, trainers, and professional
- Qualified trainer with high-level experience
Attendance Reports
- Send daily attendance reports to training departments
- Send full attendance report to training dep. by the end of the course
- Attend 100 % from the course days also provide daily
- Issue attendance certificate for participant who attend minimum 80% from the course duration
Pre/Post Reports
- Pre- assessment before starting training
- Post assessment after finish training
- Full report for the deferent between Pre-& Post assessment
Who Should Attend
- Any working in budget Department
- Who want to gain control of the firm's financial?
- Financial Professional
- Sales and Marketing Professional,
- General Accounting Professional
- Business Unit Professional
