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Budgeting and Cost Control


Program Place: Dubai

Program Date: 11.11.2024

Price: $4900

Course Details


Introduction

The effective management of budgeting and cost control is crucial for contemporary organizations. Nowadays, if companies want to stay competitive, they are urged to think in terms of process-value added to customers/shareholders.  It is essential value is increased for the stakeholder while the organisation controls their business processes and budget. This has led to an amplified focus on budget management, operational cost control and tracking critical business processes.

 

This program has been developed for professionals who are responsible for improving the performance of a team or department while simultaneously reducing costs where necessary.

 

Through the use of a combination of technical analysis, problem solving and case studies this course will provide the delegate with the latest innovations in essential budgetary and cost awareness analysis that would stand up to the most rigorous of external scrutiny..

Objectives

By the end of this Budgeting and Cost Control Course, you will able to:

 

    Understand the peaks and troughs of income and expenditure
    Learn costing and budgeting terminology used in business
    Master techniques for cost-benefit analysis
    Learn how to construct profit, cash and balance sheet plans and budgets
    Learn how to evaluate variances from plan and identify corrective actions
    Cover the different types of cost
    Evaluate the differences between traditional and innovative budget analysis
    Understand Activity Based Budgeting
    Capital Budgeting Techniques and Cash Flow
    Understand the key financial indicators and how to monitor accordingly
    The role of project management within cost control
    Evaluate the connection between budget processes and business improvement.

Who Should Attend ?

This Budgeting and Cost Control Course ideal for:

 

    Those in charge for designing and managing a budgetary system
    The staff person who will be responsible for entering data into the budget system or training others how to enter information
    Those who want to gain control of the firm's financial standing and obtain a firm grasp on the numbers side of their job
    Financial professionals, R&D professionals, sales/marketing professionals, general accounting professionals, business unit professionals
    Anyone who wants to understand the basics of budgeting, costing and performance measurement.

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Course Outline


days course


The need for Financial Control in business

 

    Understanding accounting
    Management accounting versus financial accounting
    The relationship between business management and financial management
    How budgeting fits into the bigger picture
    How cost management  improves an organisation’s financial position
    Key aspects of managing working capital
Capital Budgeting and Investment Appraisal

 

    The time value of money
    Understanding Appraisal Techniques – Net Present Value (NPV), Internal Rate of Return (IRR) and Payback period
    Selecting an appraisal technique
    The use of Sensitivity analysis in evaluating projects
    Strategic  considerations in assessing capital projects
    Creating an effective Capital Budgeting framework.
Cost Analysis and Management

 

    Understanding cost structure and behaviour
    Costs as a relationship to outputs – cost/volume/price relationship
    The concept of contribution margin
    Break-even analysis for planning and control
    Cost allocation and apportionment
    Benefit-cost analysis.
Full Costing, Marginal Costing and Activity Based Costing
 

    Comparing full and marginal costing
    Direct and indirect costs in budgeting for decision making
    Role of costs in pricing strategies
    Activity Based Costing (ABC)
    Managing cost control.
Budget Construction and Control

 

    Nature and purpose of budgets for planning and control
    Types of budgets and budgeting
    Creating Key Performance Indicators for financial and non financial performance
    Building a budget
    Budgetary control and variance analysis
    Budgeting for non-financial measures -introducing the Balanced Scorecard.