Details
The participants on this training course will be able to:
- Learn 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
- Link Finance and Operation for Budgeting Purposes and Strategy Execution
- Learn How to Build a Comprehensive Performance Measurement System
Outline
- 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
- 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
- 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
- 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
- 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
Financial Professionals, R&D Professionals, Sales / Marketing Professionals, General Accounting Professionals, Business Unit Professionals
TRAINING METHODOLOGY
The training methodology combines lectures, discussions, group exercises and illustrations. Participants will gain both theoretical and practical knowledge of the topics. The emphasis is on the practical application of the topics and as a result participant will go back to the workplace with both the ability and the confidence to apply the techniques learned to their duties.
Speaker/s
Special Offer
Schedules
Tue, Wed, Thu, Fri | 10:00 AM — 04:00 PM |
No. of Days: | 4 |
Alpha Partners is a reputable firm of Training and Management Consultants with many years of corporate training experience in Finance, Accounting, Auditing, Banking, Management, Information Technology, Oil and Gas Sector, Security, Engineering, Public Relations, Secretarial Studies, Leadership, Marketing and other fields of human endeavour.
We are one of the leading players in the profession. Our firm, a multi-disciplinary one with highly talented, experienced and dedicated partners and staff who have experiences in different facets of working life was established in 1996 and has branches in Lagos, Enugu and Awka.
We offer a wide range of professional services, which covers audits, accounting, finance, taxation, ICT, security, engineering, insurance, human resources management, secretarial and consultancy services in all ramifications.
Our numerous clients attest to the high quality services we offer which contribute in no small measure in ensuring sound and efficient management of their resources.