Course Details
Course Outline
5 days course
Introduction: Building a Common Financial Language
- The key role of budgeting and cost control in contemporary organizations
- The 21st century business imperative: Delivering value added (but to whom?)
- Financial vs. Managerial accounting (for decision making)
- Understand your processes: Integrating financial and non-financial aspects
- The budgeting process
- Examples and Discussion
The Budgeting Process
- The key features of budgeting
- Advantages and concerns with budgeting
- Accountability and centers of responsibility
- Zero-based budgeting
- Budgeting and cost control
- Examples and Discussion
Cost Analysis
- Different costs for different purposes
- Fixed vs. Variable costs
- The Cost-Volume-Profit analysis model
- Contribution Margin analysis
- Examples and Discussion
Traditional vs. Advanced Techniques in Cost-Control
- Under-costing and over-costing: The consequences for profitability
- Indirect (OH) vs. Direct costs
- Traditional Cost Allocations systems vs. Activity-Based Costing (ABC)
- Linking resources, activities and management
- Variance analysis
- Video, Case Study and Examples
Beyond the Budgets: Balanced scorecards and Six-sigma
- Broadening performance measurement systems
- Beyond budgeting: Integrating financial and non-financial issues
- Introducing the Balanced Scorecard
- Introducing the Strategy maps
- Introducing Six-sigma
- Video, Case Study and examples
