Effective Budget Preparation Skills

Created by LEC Team
Last updated Mon, 27-Mar-2023
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Spending plan preparation calls for a collection of skills and thorough specialist knowledge to guarantee that the drifting process will succeed in the future.

Program Purposes of Effective Spending Plan Prep Work Abilities


  • Learn Costing as well as Budgeting Terminology used in Service
  • Recognize the Importance of a Distinct Costing and Budgeting Process
  • Determine Full Prices of Outcomes for the Goods and also Solutions offered
  • Master conventional Methods as well as current Best Practices
  • Link Finance and Operation for Budgeting Purposes as well as Technique Implementation
  • Learn Just How to Build a Thorough Efficiency Measurement System


Day 1
BUDGETING AND ITS ROLE WITHIN THE MANAGEMENT PROCESS

  • The Role of Budgeting within Management Accounting

  • Linking Costing and Budgeting to Strategy and Performance Measurement

  • The Process of Value Creation: Implications for Budgeting

  • What is a Budget and Why Costing is Fundamental?

  • Budgets - The Financial Expression of the Operating Plan

  • Linking Financial and Operational Issues

  • Behavioural Implications of Budgeting

  • Case Discussion and Examples



Day 2
COSTS ANALYSIS FOR BUDGETARY PURPOSES

  • Costing for Budgeting: Why?

  • Cost Terms and Purposes

  • Fixed and Variable Costs

  • Cost, Volume, Profit (CVP) Relationships

  • The Key Concept of Contribution Margin

  • Direct and Indirect Cost – The Allocation Problem

  • Traditional Methods vs. Activity Based Costing (ABC)

  • Case Discussion and Examples



Day 3
THE FRAMEWORK FOR BUDGETING

  • Elements of the Budgeting Framework

  • Key Concepts and Terminology

  • Advantages and Disadvantages: Critical Issues to be Discussed

  • Overview of the Financial Statements

  • Balance Sheet, Income Statement, and the Statement of Cash Flows

  • Introducing Cost Analysis for Decision-Making

  • The Importance of Understanding Full Costs

  • Case Discussion and Examples



Day 4
FLEXED BUDGETS AND VARIANCE ANALYSIS

  • Budgeting for Management Control Purposes

  • Explain Why Standard Costs are used in Variance Analysis

  • Describe the difference between a Fixed Budget and a Flexed Budget

  • Compute Flexed Budget Variances and Sales Volume Variances

  • How to Interpret Variance Analysis?

  • Integrate continuous improvement into Variance Analysis

  • Is Budgeting Enough?

  • Case Discussion and Examples



Day 5
BEYOND BUDGETING: BROADENING PERFORMANCE MEASUREMENT SYSTEMS
  • Shortcomings of Traditional approaches to Budgeting and Measurement

  • Linking Financial to Operational Issues

  • Linking Strategy to Performance Measurement

  • The Balanced Scorecard and Six Sigma

  • Financial Perspective

  • Customer Perspective

  • Internal Business Process Perspective

  • Learning and Growth Perspective

  • Developing and Adapting the Scorecard

  • Case Discussion and Examples


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