Essential Keys to Budgetingand Cost Control

Introduction:

This course is introduced to you by the International Academy of Human Resources Development (IAHRD). Our courses are specially designed to meet your needs, explained to you by experts with a long experience in the field. Linking the organization's budget with its strategic plan is very important, which as a result, arises the importance of this course. In this course, you will understand how the budget relates to the key financial statements. You will also learn how to evaluate different budgeting approaches and use the ones that fits your situation. This course is highly interactive and will definitely be beneficial to you in interpreting financial statements, planning and budgeting, cost control, capital budgeting, and breakdown analysis.

Objectives:

By the end of the course, participants will be able to:

1. Defend the importance of linking an organization's budget with its strategic plan
2. Demonstrate how the budget relates to the key financial statements: balance sheet, income statement, and cash flow
3. Prepare the key elements of an operating and capital budget and evaluate the different budgeting approaches used
4. Apply cost control tools, analyze management variance reports and take proper corrective action
5. Calculate different capital budgeting evaluation techniques as included in a capital expenditure proposal
6. Utilize cost-volume-profit analysis in making budgeting decisions

Content:

Module 1:

1. Introduction to accounting.
2. Basic concepts and definitions.
3. What do we mean by "budgeting"?
4. What do we mean by "cost control"?

Module 2:

1. The relationship between budgets and strategic plans.
2. Common key financial statements.
3. What is the relationship between budgeting and cost control?
4. How to create a budget?

Module 3:

1. Achievable forecasts.
2. A straightforward costs budgeting.
3. The evaluation of different budgeting approaches.

Module 4:

1. Paying attention to early warnings.
2. Overhead Costs vs. Variable Costs.
3. Improving cash flow and profitability.
4. Cost-Volume-Profit analysis.

Module 5:

1. Cutting costs without cutting quality.
2. Effective cost control tools.
3. Management variance reports analysis.
4. Corrective actions to take.

Case study and recommendations.

Who Should Attend?

1. All managers.
2. Supervisors and analysts
3. Candidates who prepare or use management budgets.
4. Interested candidates.