Effective Budgeting and Cost Control

Today, people are often absorbed in so much data, that they have difficulty processing the multitude of facts and relationships simultaneously and sometimes forgets important elements. Thus, as plans become more and more intricate, they should be documented in writing and include qualitative narratives of goals, objectives, and means of accomplishing the objectives, costs and forecasts. This seminar will allow the participant to explore and share with other participants new thoughts in the control, and budgeting cycle, resulting in a renewed energy in returning to the workplace and implementing a more focused budgeting process, which communicates useful and timely information to management.

Content

• Introduction to planning and control.
• Budgeting overview.
• Behavioural aspects of budgeting.
• Understanding cost behaviour.
• Flexible budgets and standard cost systems.
• Developing an annual/master budget.
• Conceptual aspects of budgeting.
• Resource allocation.
• Activity-based management and activity-based costing.
• Controlling Costs: Economy, Efficiency & Effectiveness.
• Delivering operational excellence.

Learning Outcome

• Acquire best practices in budgeting.
• Understand the strategic role of cost concepts.
• Explain the costs concepts to the use of cost information for management control.
• Describe the role of budgets in the management process.
• Discuss the importance of strategy and its role in the master budget.
• Prepare a master budget and explain the interrelationships among its supporting schedule.
• Understand zero-base, activity-based, and kaizen approaches to budgeting.
• Explain the essence of control systems.
• Develop flexible budgets for evaluating short-term financial performance.
• Identify different cost control measures.
• Measure and evaluate performance.
• Leverage emerging technologies for delivering operational excellence.

Who should attend

• This seminar is addressed to financial controllers, management and financial accountants, financial consultants, auditors, business owners, directors, departmental managers and corporate administrators, to all members of ICPAC and as well as other interested parties.
• Individuals seeking to gain comprehensive knowledge of Financial Statement Reporting concepts, processes and principles.
• Advisors involved in organizational strategy formulation and financial planning.