The Seminar focuses on the internal view of an organization: strategic decision making, budgeting and cost control. The program will increase your understanding of the overall budgeting process and how it fits in to the strategic objectives of your organisation.

It is important that all professionals in every department understand the budget its linkage to the strategic objectives of the business and appreciate that it is a vital component of managing organizations. The budgeting process helps to create a culture of performance measurement and spread it throughout the organization in order to help the business meet its objectives.

  • Setting performance indicators
  • Achieving control over costs
  • Maintaining good cash flow
  • Making correct capital project decisions.
  • Motivating staff

Objectives

  • Understand the importance of linking finance with the business
  • Understand the purpose of budgets and their impact on the organisation.
  • Appreciate the place of the budget in strategic planning
  • Understand the motivational effects of budgets
  • Understand how budgets are used both for planning and for control
  • Understand how budgets can be used for responsibility accounting

Training Methodology

The seminar will be conducted along workshop principles with formal lectures, case studies and interactive worked examples. Relevant case studies will be provided to illustrate the application of each tool in an operations environment. Group discussions will form a major part of this seminar. Difficult mathematical concepts are minimized wherever possible and handled in a visual way that is easy to understand with examples demonstrated.

Organisational Impact

  • Increase financial awareness in the organization
  • The organization will be in a better position to develop useable budgets
  • Those attending will be in a position to lead others in budget preparation
  • Motivation will be improved
  • Cost control will be improved
  • Strategy & budgeting will be integrated
  • Financial and non-financial key performance indicators will be identified

Personal Impact

  • Delegates will feel more comfortable with terminology.
  • They will understand the linkages between budgeting & costing
  • The delegates will understand the control aspects of budgeting
  • The delegates will appreciate the motivational aspects of budgeting
  • They will understand how to discuss and communicate in budgeting terms
  • Delegates will understand how to link financial and non-financial measures

SEMINAR OUTLINE 

DAY 1

Strategy & Budgeting: Creating a "Business Finance" Culture

The difference between Managerial accounting and financial accounting

The key financial statements

  • Income statement
  • Balance sheet
  • Cash flow forecast

The complexity of managing contemporary organization

Strategic Plan, Budgeting, Costing and Management Control

Management Accounting for organizational control systems

Responsibility accounting and the process-view

The Budget and its role for achieving organizational targets

What is it the situation in your organization

Problems and Examples - Case study illustration

DAY 2

Issues of Budgeting

  • The Budget and its role for achieving organizational targets
  • The limits of the budget
  • The Master budget and it schedules
  • The motivational aspects of budgeting
  • The linkages between budgeting and costing
  • Cost classifications
  • Problems and Examples - Case study illustration

DAY 3

Costing for Budgeting Purposes

  • Cost terms and methodologies
  • Inventorial vs. period costs
  • Manufacturing vs. non-manufacturing costs
  • Variable vs. Fixed costs (CVP analysis)
  • Direct vs. indirect cost
  • Under-costing and Over-costing problems
  • Problems and Examples - Case study illustration

DAY 4

Flexible Budgets & Variance Analysis

  • The budgets and performance measurement as tools for communications
  • What is it the situation in your organization? How to improve it?
  • The imperative of value-creation: towards value-based budgeting
  • Describe the difference between a static budget and a flexible budget
  • Compute flexible-budget variances and sales-volume variances
  • Integrate continuous improvement into variance analysis
  • Cases, problems and exercises

DAY 5

Balanced Scorecards: Tools To Bring Finance In The Business

  • Bringing Finance in the Business by making the strategy visible
  • The balanced scorecard and its four perspective
  • Implementing the balanced scorecard
  • Setting Objectives and KPIs
  • Developing the Strategy Maps
  • Develop a Balanced Scorecard for your organization
  • Exercises and Case study

Knowledge

The adage that “knowledge” is power holds very true in this industry. In order to maximize results we are constantly updating and upgrading ourselves. This commitment to ongoing skills development is one of the reasons we are success, the belief that there is a “better way to do things” is what motivates us each and every day. By aligning with us you are going to benefit from our years of expertise in real world scenarios. Classroom learning is great but there is no substitute to real world experience which is what we are bringing to the table.

Quality

Billionaire investor Warren Buffett said “price is what you pay but quality is what you get” and that expression is very true. With use we understand that your time is very valuable and you only want the best and most current industry related knowledge which is what we bring to the table.  Instead of giving you massive amounts of inaccurate or outdated information you get precisely what you want, the most current knowledge so you can make truly informed decisions that will directly impact productivity and your bottom line. When results are what you are looking for then the choice is clear, we are your partners in success.

Innovation

Technology has revolutionized the way knowledge is disseminated in throughout the world, what use to take months or even years to reach the masses can be done in a few hours ! In order to remain relevant and viable we need to embrace innovations. The challenge with innovation is knowing when to implement it and what type of return you can expect from it. Instead of risking your time and resources we have the answers for you, Since we are at the vanguard of the industry whenever there is a fruitful innovation we will be there providing you with the information needed to make the right decision.

Respect

We understand you may have unique need so we provide a tailored made (bespoke for our U.K. friends) approach that will address your questions in the most conducive manner possible.  Respect to us means putting your interests, your needs at the forefront of our mind. You will see how genuine we are and that you not just “some customer” you are our partner in success just as much as we are your partner in success. We firmly believe in the “golden rule”, treat others with graciousness, courtesy and respect.  Come experience the difference that quality and respect makes and you will truly be amazed.

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