Effective Budgeting and Cost Control

Course Overview

Budgeting and Forecasting Manager’s role is to take decisions. In this highly competitive world understanding the financial impact of these decisions is critical. What you are today, and what you will be tomorrow is highly based upon these decisions. Performance of every manager is reflected in numbers – the bottom line. Manager, regardless of his area of operation, must show a great deal of understanding of basics tools and techniques of Budgting & Forecasting. These concepts are usd in their daily planning of managers so they must be able to understand how their efforts are converted into controlling and managing costs.

Effective Budgeting and Cost Control training course is designed to ensure that managers are in a position to achieve the goals by giving overview of the important methodologies and concepts which are included in cost control and budgeting. In order to provide a clear idea, it looks into the issues of operational costs and control so that financial disciplines can be promoted and limits of budgeting can be respected.

Course Objectives

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

  • Identify different kinds of business assets
  • Describe elements and structure of internal control system
  • Develop control activities of the assets
  • Explain how asset control activities can be implemented effectively
  • Identify benefits of budget
  • Use budget for controlling business activities
  • Identify principles so that budget can be applied in the enterprises effectively

Course Content

Budgets and Strategic Planning

  • Linking Budgets to business objectives
  • Budgeting to achieve organizational objectives
  • How to turn measurement into management

Using Budgets as Performance Management

  • The impact of budgets on organizational performance
  • Integrating forecasting and budgeting as essential tools for measuring performance
  • Translating the organization’s values into measures and targets

Reporting

  • Using reporting to promote accountability
  • Variance analysis
  • Budgeting and forecasting as a planning and management tool
  • Assessment and selection of appropriate systems

Building a Budget

  • Revenue calculation
  • Headcount and other staffing costs
  • Operational expenses
  • Capital expenditure

Building a Forecast

  • Incorporating budgets, actuals and forecast
  • Creating a "rolling" forecast with live data

Reporting

  • Creating an actual vs. budget vs. forecast report
  • Building a variance analysis with "alert flags"

Scenarios

  • Stress-testing, break-even and sensitivity analysis
  • Creating and displaying budget scenarios

Course Methodology

The training is going to be highly interactive combination of lectures, group discussions, questionnaires, individual reflections, role plays, simulations and videos.

Target Audience

Effective Budgeting and Cost Control course is designed for the managers including the staff comprising of the directors, supervisors, business owners, shareholders, chief financial officers or others who are managing or controlling the business assets.

Duration

2 Days (08:30–14:30) with appropriate breaks for tea/refreshments and lunch.

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