Budgeting and Control

Budgeting and Control

Course Description

The Budgeting & Control course considers practical finance and accounting tools for decision-making within organisations.

It also covers budgets and how they are used in organisational settings; you will gain an understanding of the uses and functions of master budgets, operating budgets, sales, production and cost of goods sold budgets, cash budgets, cost benefit analysis, return on investment (ROI), fixed and variable costs, break-even and CVP (cost-volume-profit) analysis, tracking and performance measures, and the Balanced Scorecard and its varied uses.

For Whom

The course is written for people in the below positions:

  • Financial Controllers
  • Accounting Managers
  • Business Analysts
  • Business Managers
  • Small Business Owners
Learning Objectives

Upon completion of this crash course, the participant will be able to:

  • Recognize the principles, techniques, and practices applicable to every business
  • Identify how budgeting principles, techniques, and practices apply specifically to your business
  • Evaluate the use of your budget forms
  • Recognize the uses and functions of budgeting
  • Recognize the key activities, considerations, and benefits of strategic organizational planning
  • Recognize the purpose and make-up of a master budget
  • Identify the components and calculations used to create a master budget and recognize uses for this information
  • Identify the components and purpose of an operating budget
  • Recognize how sales, production, and cost of goods sold budgets are created and perform related calculations
  • Recognize the purpose of cash budgets and how they are prepared
  • Identify ways the budget process can be managed for optimal results and recognize the benefits and limitations of the management-by-objective system
Topical Outline

The student will be taught the below subjects:

Day One

  • Assess your company’s present budget, managers’ budget, budget forms, pre-budgeting activity and budgeting process
  • Recognize inherent problems in the budgeting process
  • Evaluate how your budget plans allow for the occurrence of inherent problems
  • Distinguish the “must” elements of planning a budget
  • Evaluate your budget plans to determine if these elements have been addressed
  • Identify and define an organization’s’ outputs
  • Determine what controls those outputs
  • Verify the three kinds of organizational inputs
  • Integrate these inputs specifically to your organization

Day Two

  • Identify costs and cost drivers
  • Prepare for uncertainty
  • Recognize assumptions as powerful tools in overcoming uncertainty
  • Determine outside environmental factors and internal uncontrollable factors
  • Identify uncontrollable factors in your company
  • Provide participants with tools to effectively communicate opportunities and problems in meaningful terms to bosses, peers, and subordinates
  • Recognize the three sources of budget numbers
  • Specify the key questions that must be answered before revenue forecasting
  • Recall the principles of effective cost budgeting
  • Verify the different types of capital expenditures and how they should be justified
  • Formulate process for obtaining budget approval

Day Three

  • Explain cost benefit analysis
  • Calculate return on investment and the payback period
  • Explain fixed and variable costs
  • Calculate breakeven and understand CVP (cost-volume-profit) analysis
  • Explain tracking and performance measures
  • Explain and calculate Balanced Scorecard measures
  • Summary of best practice
  • Personal Budgetting & Control experiences and discussions

Summary

Course Title: Budgeting and Control

Type of Course: Crash Course

Number of Sessions: 3 sessions (5 hours each)

Language: English

Course Materials: ICC Course Reader

Certificate: Professional Development Certificate

Fees: EUR 1,575.- per participant