Course details

Overview ?

Introduction

The Seminar focuses on the internal view of an organization: strategic decision making, budgeting and cost control. The program will increase your understanding of the overall budgeting process and how it fits in to the strategic objectives of your organisation.

It is important that all professionals in every department understand the budget its linkage to the strategic objectives of the business and appreciate that it is a vital component of managing organizations. The budgeting process helps to create a culture of performance measurement and spread it throughout the organization in order to help the business meet its objectives.

The budget is an extremely powerful tool in:

Setting performance indicators
Achieving control over costs
Maintaining good cash flow
Making correct capital project decisions.
Motivating staff

Seminar Objectives

Understand the importance of linking finance with the business
Understand the purpose of budgets and their impact on the organisation.
Appreciate the place of the budget in strategic planning
Understand the motivational effects of budgets
Understand how budgets are used both for planning and for control
Understand how budget variance analysis can provide insight into the day to day operations of a business

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 some of the budgeting concepts in an operations environment. Group discussions will form a major part of this seminar. Difficult mathematical concepts are minimized wherever possible and handled in a visual way that is easy to understand with examples demonstrated.

Organisational Impact

Increase financial awareness in the organization
The organization will be in a better position to develop useable budgets
Those attending will be in a position to lead others in budget preparation
Motivation will be improved
Cost control will be improved
Strategy & budgeting will be integrated
Financial and non-financial key performance indicators will be identified

Personal Impact

Delegates will feel more comfortable with terminology.
They will understand the linkages between budgeting & costing
The delegates will understand the control aspects of budgeting
The delegates will appreciate the motivational aspects of budgeting
They will understand how to discuss and communicate in budgeting terms
Delegates will understand how to link financial and non-financial measures

Who Should Attend?

The staff person who will be responsible for the budget system
Those who want to gain control of the firm’s financial standing and obtain a firm grasp on the numbers side of their job.
Anyone who wants to understand the basics of budgeting
Anyone who has the responsibility for controlling a budget and delivering performance targets

Programme Outline

Day 1 – Strategy & Budgeting: Creating a “Business Finance” Culture

The difference between Managerial accounting and financial accounting
The key financial statements
- Income statement
- Balance sheet
- Cash flow forecast
The complexity of managing contemporary organization
Strategic Plan, Budgeting, Costing and Management Control
Management Accounting for organizational control systems
Responsibility accounting and the process-view
The Budget and its role for achieving organizational targets
What is it the situation in your organization
Problems and Examples – Case study illustration