Passionately developing careers.
Effective Budgeting and Cost Control - Virtual Learning

Effective Budgeting and Cost Control - Virtual Learning

Why Attend

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.

Quick Enquiry Call Me Back
Overview
Course Methodology

Live online course where participants will be able to interact with instructor (video and audio), view slides, collaborate with others, comment on discussions, complete assessments, activities and case studies. 

Course 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
Course 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 budgets
    • The 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
Schedule & Fees
HAVE A QUESTION?
Rim will help you find what you are looking for.