Introduction: The Relevance of Budgeting and Cost Management within Strategy Execution

The Link between Strategic Planning, Accounting, Budgeting and Cost Management

Why Budgeting and Costing are so important to your Company?

Financial & Management Accounting

Preparing Financial Statements & Cost Evaluation

Understand your Processes: Integrating Financial and Non-financial Aspects

Identify and Discuss the Key issues in terms of Budget / Costing for your own Organization

Day 2

The Budgeting Framework and its Role within the Management Process 

The Role & Types of Budgets within Management Accounting

The Budget Process

Preparing the Master Budget & Departmental Budgets

Preparing a Project/CAPEX Budget

Advantages and Disadvantages of Budgets & the Budget Process: The Critical issues for Success

Budgetary Control

Day 3

Cost Management for Budgeting Purposes

Cost Classification, Concepts and Terminology

Fixed vs. Variable Costs: The Cost-Volume-Profit Analysis Model

Contribution Margin Analysis

Estimating / Forecasting Costs

Calculating, Evaluating & Managing the Cost of:

Purchases

Manufacture

Inventory (IAS 2)

Working Capital

Improving Efficiency to Reduce Costs

Day 4

Traditional vs. Advanced Techniques in Cost-control

Under-costing and Over-costing: The Consequences for Profitability

How to refine a Costing System?

Indirect vs. Direct costs: Traditional Cost Allocations Systems vs. Activity-Based Costing

Cost Drivers: Linking Resources, Activities and Management

Introducing Activity-Based Budgeting (ABB) and Management (ABM)

Day 5

Broadening the Performance Measurement Systems

Shortcomings of Traditional Approaches to Budgeting and Performance Measurement

Recent Best Practices: the Balanced Scorecard and Six-sigma

Financial Perspective and Customer Perspective

Internal Business Process Perspective and Learning & Growth Perspective

Developing and Adapting the Scorecard

Elkington’s Triple Bottom Line: Profit, People & Planet