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Finance, Costing and Budgeting

Who should attend: 

Managers and Senior Managers who have to prepare and monitor their departments budget and use cost information as the basis of management decisions.

NOTE: This course is designed to have practical budgeting exercises, participants should bring a calculator they are familiar with.

5 days
Course aims: 

To enable participants to understand the whole budgeting concepts and use of management accounts for decision-making.

Course benefits: 
  • Understand the purpose and concept of budgeting
  • Learn what factors affect the construction of budgets
  • Understand the relationship between budgets and costing information within the decision making process
  • Learn how to use budgets to help you plan and manage more effectively.
Course outline: 
  • The strategic plan: how an organisation’s annual budget fits into the strategic plan
  • The functional budget: constructing the budget; information gathering; setting standards; limiting factors
  • The role of Senior Management in co-ordinating functional budgets
  • Using the budget to manage: understanding variance reporting; profiling budgets and cash flow; forecasts; ‘zero-based’ and ‘cost-plus’ budgeting
  • The implications for managers of capital and revenue expenditure
  • Costing techniques: fixed and variable costs; ‘break even’, marginal and absorption costing
  • The effect of costing methods on management decisions
  • Allocation and apportionment by cost or profit centre
  • People and budgets: the key to success
  • Points for action on return to work: reviewed in the context of the ‘seven steps to successful budgeting’