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