An Intensive 5-day Training Course
Budgeting & Cost Control
Mastering Techniques for Effective Budgeting & Cost Efficiency
CLASSROOM DATES
INTRODUCTION
All business decision making involves analysing situations and assessing alternatives, risks and benefits. This Budgeting & Cost Control training course offers an opportunity to acquire and then deploy new skills and ideas to achieve improved financial operations and strategies. The knowledge acquired will enhance the budget process and control processes through a variety of strategies and techniques that will provide new insights to how financial performance can be enhanced.
In this programme you will participate in many aspects of modern thinking:
- Budgets and Models as a key element of management and financial strategy
- The analysis of opportunities, risks and rewards in the context of Capital Projects
- Controlling costs by analysis, modelling, KPI’s and review of the cost drivers
- Develop a broader view in the context of the enterprise’s objectives and constraints
TRAINING OBJECTIVES
- Understand the importance of a well-defined budget processand create budgets relevant to your organisation
- Acquire costing and budgeting terminology and techniques
- Master methods for risk, payback and cost-benefit analysis
- Learn how to integrate profit, cash and balance sheet plans and budgets
- Using ‘what-if’ and Stochastic Models to evaluate probable outcomes and ranges of variances and identify key drivers for corrective actions
- Understand the use of Present Value, IRR and discounted cash flow (DCF) to support investment and financial decision making
WHO SHOULD ATTEND?
- Both financial and non-financial professionals at all levels
- Delegates with a financial background will enjoy the opportunity to broaden their knowledge base in aspects of budgeting and cost control that may not be part of their current responsibilities or experience
- By participation in this course, participants whose background is not in the financial sector will gain an understanding of both the strategic and the technical aspects of budgeting and cost control involving both the financial and the operational opportunities for performance improvement
- At the conclusion of the course all delegates will gain a strong understanding of the practicalities; techniques and strategies of budgeting and cost control that will both enhance their effectiveness and contribution in their current role and their career opportunities based on the skills and insights acquired
TRAINING METHODOLOGY
You will learn by active participation during the programme through the use of exercises, case studies, practical workshops, syndicate and group discussions.
TRAINING SUMMARY
This Budgeting & Cost Control training course is presented in a manner that will make budgeting, costing and decision making techniques more easily understood by people from every discipline across the organisation. Case studies and practical exercises are used to emphasise key issues and underpin learning by relating them to typical business scenarios.
Delegates will progress through the underlying accounting principles, the application of various techniques to evaluate capital projects and the use of analysis to both understand and manage costs. They will then engage in practical steps to building budgets and conclude by gaining experience in the various developments in organisational and strategic analysis that can enhance the fundamental operational and behavioural aspects of an effective organisation.
TRAINING OUTLINE
Day 1 - The need for Financial Control in Business
- Understanding accounting principles and methods
- Management accounting versus financial accounting
- The relationship between business management and financial management
- How budgeting fits into the bigger picture
- How cost management improves an organisation’s financial position
- Key aspects of managing working capital
Day 2 - Capital Budgeting and Investment Appraisal
- The time value of money
- Understanding Appraisal Techniques – Net Present Value (NPV), Internal Rate of Return (IRR) and Payback period
- Probability Models (Monte Carlo), Stress Testsand Value at Risk (VaR)
- The use of Sensitivity analysis in evaluating projects
- Strategic considerations in assessing capital projects
- Creating an effective Capital Budgeting framework
Day 3 - Cost Analysis and Management
- Understanding cost structure and behaviour
- Costs as a relationship to outputs – cost / volume / price relationship
- The concept of contribution margin
- Break-even analysis for planning and control
- Cost allocation and apportionment
- Benefit-cost analysis
Day 4 - Full Costing, Marginal Costing and Activity Based Costing
- Comparing full and marginal costing
- Direct and indirect costs in budgeting for decision making
- Role of costs in pricing strategies
- Activity Based Costing (ABC)
- Managing cost control
Day 5 - Budget Construction and Control
- Nature and purpose of budgets for planning and control
- Types of budgets and budgeting
- Creating Key Performance Indicators for financial and non-financial performance
- Building a budget
- Budgetary control and variance analysis
- Budgeting for non-financial measures -introducing the Balanced Scorecard
CALL ME BACK
Do you wish for us to conduct this course at your premises?
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ACCREDITATION
EuroMaTech is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.
Euromatech is a Knowledge & Human Development Authority (KHDA) approved training institute in Dubai, licensed and approved to deliver training courses in the UAE.
The KHDA is the regulatory authority in the UAE, that oversees administering, approving, supervising, and controlling the activities of various education providers in the UAE. We are proud of our commitment to ensuring quality training courses and status as a KHDA-approved training provider.
FAQ
Do you provide assistance with hotel accommodation?
Yes, we can assist you with the following:
- Corporate Discount: If available, we can extend our corporate discount for your stay at selected hotels.
- Hotel Suggestions: We can provide recommendations for nearby hotels based on your preferences and budget.
Feel free to explore online booking platforms for the most cost-effective options.
Do you offer customized training for organizations?
Yes, we provide tailored training solutions designed to meet the specific needs of your organization. Customized courses can be delivered either in-person or online, and you can select the dates and duration that best fit your schedule. For more details, please contact us at [email protected]
What types of training formats do you offer?
We provide two flexible training formats to suit your preferences:
- Classroom Training: Experience in-person learning with expert instructors. Engage in interactive discussions, hands-on activities, and benefit from face-to-face networking.
- Online Training: Join live online sessions from anywhere, offering flexibility for those with busy schedules or who prefer remote learning.
- In-House Training: We can bring our training directly to your organization, allowing for tailored sessions that address your specific needs and objectives.
Can you assist with visa arrangements?
Yes, we can help by issuing an official Letter of Invitation once you’ve confirmed your training registration, which can assist in your visa application process.
Who will be the senior consultant leading the training?
We are happy to share the profiles of our expert instructors. To learn more about their qualifications and experience, please contact us [email protected]
