Effective Budgeting and Cost Control Workshop

Overview

This Effective Budgeting and Cost Control workshop will allow the participants to understand the main concepts and methodologies around cost management and budgeting, and explore new thoughts in the planning, control, and budgeting cycle, resulting in a renewed energy in returning to the workplace and implementing a more focused budgeting process, which communicates useful and timely information to management.
The workshop will provide a framework for each topic covered, and then will make extensive use of exercises and case studies to allow participants to apply on real-life examples.

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Outcome

Acquire best practices in budgeting

Understand the strategic role of cost concepts

Prepare a master budget and explain the interrelationships among its supporting schedule

Understand zero-base, activity based, and kaizen approaches to budgeting

Measure and evaluate performance

Details

Developed by: Beacon FinTrain
Standard Total Hours: 18 Hrs
Language: English - Bilingual "English & Arabic"
Modalities: 
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Outline

  • The critical functions of management
  • Aligning the budget with the strategy of the organization
  • Road map to strategy
  • Budget as a planning tool
  • Control: the missing link
  • Planning pitfalls

  • The accounting system
  • The income statement
  • The balance sheet
  • The cash flow statement

  • The advantages of budgeting
  • The budget process
  • Rolling budgets
  • The master budget
  • Operating and capital budgets
  • The budgeted financial statements
  • Approaches to budgeting
  • Tools of forecasting
  • Direct and indirect costs
  • Characteristics of an effective budget
  • Problems in budgeting

  • Budget as a control tool
  • The control process
  • Characteristics of an effective control system
  • Responsibility reporting
  • Variance analysis: identifying the components of variance
  • Variance analysis: taking the corrective action

  • Time value of money
  • Simple versus compound interest
  • Identifying and analyzing cash flows
  • The discount rate: using cost of capital
  • Net Present Value (NPV)
  • Internal Rate of Return (IRR)
  • Profitability Index (PI)
  • Pay-Back Period (PBP)
  • Accounting Rate of Return (ARR)
  • Approval for Expenditure (AFE)
  • Sensitivity and risk analysis

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Who Should Attend

  • Professionals from every business discipline
  • department who have to run budgetary plans, and who are responsible for cost and strategic analysis
  • Professionals who need to build, modify, and understand budgeting, cost, and management accounting
  • Professionals with some costing experience who have the responsibility of developing or maintaining budgeting, cost, and management accounting
  • Corporate finance and structured finance professionals who want to increase the depth and breadth of their knowledge

Why Beacon

Quality

Beacon FinTrain prioritizes excellence in every service, ensuring top-notch, reliable, and consistent outcomes that meet and exceed client expectations.

Specialization

We focus on finance, offering expert knowledge and bespoke solutions that cater to the unique needs of finance professionals in the Middle East and Africa.

Punctuality

Time is money. We respect deadlines, delivering precise and timely results to help our clients stay ahead in the fast-paced financial world.

Guidance

Beacon FinTrain is a guiding light in finance, providing insightful advice and support to navigate the complexities of financial markets and regulations.

Integrity

We uphold the highest ethical standards, fostering trust and transparency in all our dealings to build lasting relationships with clients.

Flexibility

Adapting to the dynamic finance sector, we offer versatile services and solutions that align with the evolving needs of our clients.