Course details

Overview ?

Introduction

Effective planning and control entails developing skills that go far beyond mastery of any one discipline. This program addresses key issues, such as cost analysis, continuous improvement of cost assignment, budgeting, management control, and performance evaluation. In so doing, the program pushes delegates to understand the cause-and-effect relationship among business strategy and vision, operational objectives, measures and targets, as well as advanced performance measurement and reporting. The program focuses on:

Master the finance and accounting jargon to understand business processes
Cost analysis for budgeting purposes and decision making
Financial and operational measures to support the budgeting process
Best practices to manage organizational performance
Link strategy to costing and performance evaluation

Objectives

Understand the finance and accounting jargon
Learn costing and budgeting terminology used in business
Determine full costs of outputs for the goods and services provided
Master traditional techniques and recent best practices
Link finance and operation for budgeting purposes and strategy execution
Learn how to build a comprehensive performance measurement system

Training Methodology

The seminar will be conducted along workshop principles with formal lectures, case studies and interactive worked examples. Relevant case studies will be provided to illustrate the application of each tool in an operations environment. Each learning point will be re-enforced with practical exercises. Difficult mathematical concepts are minimized and handled in a visual way that is easy to understand with examples demonstrated.

Organisational Impact

Cost and budgeting awareness will be enhanced
Higher chances to select a budgetary system that works
Broadened knowledge of performance management techniques
Better attitude to link cost and budgeting to strategy and performance measurement
Deeper understanding of cause and effect relationship for budgeting purposes
Better awareness of non-financial implications of budgeting

Personal Impact

Delegates will understand the costing and budgeting methods most useful to them
They will understand how to construct a relevant and efficient budget
They will learn to evaluate the usefulness of costing techniques in accurately calculating and ensuring profitability
They will reinforce and expand their knowledge by linking budgeting to strategy and performance measurement
They will broaden their understanding by linking financial and operational issues

SEMINAR OUTLINE

DAY 1

Management and Financial Accounting: Key Concepts and Terminology

Identify the major differences and similarities between financial and managerial accounting
Understand the role of management accountants in an organization
Linking strategy to planning and costing
The key role of budgeting and cost control in contemporary organizations
Towards a cross-functional process-view of the organization
Understand your processes: integrating financial and non-financial aspects
Understanding the Financial Statements
Video, Examples & Discussions

DAY 2

Cost analysis

What is costing?
Cost concepts and terminology
Different costs for different purposes
Fixed Vs Variable costs: the Cost-Volume-Profit analysis model
Contribution Margin analysis
Manufacturing vs. non-manufacturing costs
Period Vs. Product costs: inventory evaluation and control
Case study

DAY 3

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 hierarchy & Cost drivers
Linking resources, activities and management
Introducing Activity-Based Budgeting and Management
Video, Case Study and Examples

DAY 4

Budgeting: Flexible Budgets and Variance Analysis

The role of budgeting
Define the master budget and explain its major benefits to an organization
Describe the difference between a static budget and a flexible budget
Compute flexible-budget variances and sales-volume variances
Discuss the behavioral implication of budgeting
The budgeting process in your organization: how to improve it?
Which tools shall we use to complement budgeting and costing?
Problems, Case Study and Exercises

DAY 5

Measuring Corporate Performance: The Balanced Scorecards and Six-sigma

Broadening performance measurement systems
The key role of customer satisfaction and business process reengineering
Beyond budgeting: integrating financial and non-financial issues
Introducing the Balanced Scorecard
The key perspectives
Introducing the Strategy maps
Introducing Six-sigma
Video, Case Study and examples

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Day 5

Training Methodology

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