Effective Budgeting and Cost Control

Programme Overview

Planning and budgeting are must-have skills for all professionals regardless of their function or managerial level. This course covers the concept of budgeting as a planning tool, a financial device and a control mechanism.

Programme Objectives

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

Defend the importance of linking an organization's budget with its strategic plan
Demonstrate how the budget relates to the key financial statements: balance sheet, income statement, and cash flow
Prepare the key elements of an operating and capital budget and evaluate the different budgeting approaches used
Apply cost control tools, analyze management variance reports and take proper corrective action

Target Audience

All managers, supervisors and analysts who prepare or use management budgets.

Target Competencies

Interpreting financial statements
Planning and budgeting
Cost control

Programme Outline

Planning and the functions of management

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 key financial statements

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

Budgeting: process and approaches

The advantages of budgeting
The budget process
Rolling budgetsThe master budget
Operating and capital budgets
The budgeted financial statements
Approaches to budgeting:

Incremental budgeting
Zero based budgeting
Flexible budgeting
Kaizen budgeting and continuous improvement
Activity based budgeting

Characteristics of an effective budget
Problems in budgeting

Cost control

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

Programme Objectives

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

Defend the importance of linking an organization's budget with its strategic plan
Demonstrate how the budget relates to the key financial statements: balance sheet, income statement, and cash flow
Prepare the key elements of an operating and capital budget and evaluate the different budgeting approaches used
Apply cost control tools, analyze management variance reports and take proper corrective action

Target Audience

All managers, supervisors and analysts who prepare or use management budgets.

Target Competencies

Interpreting financial statements
Planning and budgeting
Cost control

Programme Outline

Planning and the functions of management

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 key financial statements

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

Budgeting: process and approaches

The advantages of budgeting
The budget process
Rolling budgetsThe master budget
Operating and capital budgets
The budgeted financial statements
Approaches to budgeting:

Incremental budgeting
Zero based budgeting
Flexible budgeting
Kaizen budgeting and continuous improvement
Activity based budgeting

Characteristics of an effective budget
Problems in budgeting

Cost control

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

Planning and the functions of management

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 key financial statements

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

Budgeting: process and approaches

The advantages of budgeting
The budget process
Rolling budgetsThe master budget
Operating and capital budgets
The budgeted financial statements
Approaches to budgeting:

Incremental budgeting
Zero based budgeting
Flexible budgeting
Kaizen budgeting and continuous improvement
Activity based budgeting

Characteristics of an effective budget
Problems in budgeting

Cost control

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



Programme Objectives

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

Defend the importance of linking an organization's budget with its strategic plan
Demonstrate how the budget relates to the key financial statements: balance sheet, income statement, and cash flow
Prepare the key elements of an operating and capital budget and evaluate the different budgeting approaches used
Apply cost control tools, analyze management variance reports and take proper corrective action



Target Audience

All managers, supervisors and analysts who prepare or use management budgets.



Target Competencies

Interpreting financial statements
Planning and budgeting
Cost control



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Programme Outline

Planning and the functions of management

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 key financial statements

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

Budgeting: process and approaches

The advantages of budgeting
The budget process
Rolling budgetsThe master budget
Operating and capital budgets
The budgeted financial statements
Approaches to budgeting:

Incremental budgeting
Zero based budgeting
Flexible budgeting
Kaizen budgeting and continuous improvement
Activity based budgeting

Characteristics of an effective budget
Problems in budgeting

Cost control

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

Planning and the functions of management

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 key financial statements

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

Budgeting: process and approaches

The advantages of budgeting
The budget process
Rolling budgetsThe master budget
Operating and capital budgets
The budgeted financial statements
Approaches to budgeting:

Incremental budgeting
Zero based budgeting
Flexible budgeting
Kaizen budgeting and continuous improvement
Activity based budgeting

Characteristics of an effective budget
Problems in budgeting

Cost control

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

Total Fee

Classroom -

£1390

Virtual-

£990

Programme Details

Code

TR-1053

Duration

5 Days

Delivery

Classroom or Virtual