Setting and Controlling Budgets Training Course
Corporate Finance, Banking and Auditing

Select Other "city & date"
Setting and Controlling Budgets Training Course
Course Overview:
Setting and Controlling Budgets training enables participants to develop the skills required to combine strategic planning, budgeting and performance measurement.
It details various budgeting approaches such as operating, cash, master and capital budgets and highlights budget cost control and performance budgeting. Participants will get to appreciate flexible budgeting, variance analysis as well as activity based budgeting (ABB) for effective financial planning.
The audiences will also learn how budgets can be tied up to strategic objectives through the balanced scorecard, which promotes continuous improvement in performance.
Appropriate for individuals from different business fields, it ensures the learning of all the financial and none financial issues pertaining to budgeting and budgetary control.
Course Objectives:
After end of this Setting and Controlling Budgets Training course, participants will be able to do:
- Identify the links between strategic planning, budget setting, and performance measurement
- Use alternative approaches to cost for planning, budgeting, and budgetary control
- Set an operating budget, cash budget, capital budget, and prepare a master budget
- Develop budgetary control systems, and analyze variances using flexed budgets
- Integrate continuous performance improvement into the budget process and link budgets and KPIs with strategy using the balanced scorecard
Who Should Attend?
It is crucially important for everyone involved in strategic planning, budgeting, and budgetary control to be conversant with their best practice because their practical application impacts directly on the relevance and accuracy of the annual budget in ensuring that organizational goals are met. This Setting & Controlling Budgets training course is suitable for a range of personnel from companies, corporations, and governmental organizations and, in addition to financial analysts, controllers, accountants, and departmental managers active in the planning and budget setting processes, will benefit business professionals working in:
- General Management
- Estimating and Costing
- Operations
- Facilities Management
- Sales and Marketing
- Quality Management
- Engineering
- Project Management
- Procurement
- Logistics
- Research and Development
- Asset Management
- Human Resources
- And any other financial and non-financial personnel that need or wish to understand planning, budget setting and budgetary control
Course Outlines:
Strategic and Financial Planning
- Financial Accounting and Management Accounting
- The Links between Strategic Planning, Budget Setting, and Performance Measurement
- Planning and Strategic Management
- Mission, Vision, and Objectives
- The Planning Process
- External Environment Analysis, Internal Resources Analysis, SWOT and PESTEL
- Shareholder Wealth Maximization, value Creation and Financial Strategy
- Financial Planning and Modelling, and Long-term and Short-term Financing
Cost Analysis for Budgeting
- What is Costing?
- Cost Behavior – fixed costs and variable costs
- Contribution, Cost / Volume / Profit (CVP) Analysis and break-even models
- Traceable Costs and Non-traceable Cost Allocation
- Product Costs and Period Costs – product costing for inventory valuation and profit ascertainment
- Direct costs, Indirect costs, Absorption Costing and Marginal Costing
- Product Costing for Budget Setting, Budgetary Control and Performance Measurement
- Refinement of the Costing System and Activity-Based Costing (ABC)
The Framework for Budgeting
- What is a Budget – and Why Budget?
- The Budgeting Framework and the Various Types of Budgets: top-down; bottom-up; incremental; zero-based; activity-based
- The Budget Process
- Qualitative and Quantitative Techniques of Forecasting Sales and Costs, and Sales Pricing
- Budgeting for Labor Costs and Depreciation
- The Departmental Budget
- Preparation of the Master Budget and the Cash Forecast / Budget
- The Human Side and the Behavioral Aspects of Budgeting
Activity-Based Budgeting (ABB), Capital Budgeting, Budgetary Control and Variance Analysis
- How the Budget is controlled in your organization
- Activity-Based Budgeting (ABB)
- Budgeting for Capital Projects
- Discounted Cash Flow (DCF) investment appraisal methods of Net Present Value (NPV) and Internal Rate of Return
- Capital Rationing and the Profitability Index (PI)
- Budgetary Control Systems and Responsibility Accounting
- Standard Costing for Budgeting and Budgetary Control
- Fixed Budgets, Flexed Budgets, Variance Analysis and the Reasons for Variances
Beyond Budgeting – Broadening Performance Measurement Systems
- Integrating Continuous Improvement into the Budget Process
- Advantages and Disadvantages of Budgeting
- How to Improve the Budget Process in Your Organization
- The Conflict between Performance Improvement and the Costing System
- Lean Thinking and Performance Improvement
- What next – beyond the Budget?
- The Balanced Scorecard – linking strategy with budgeting and with performance measurement
- Developing and Adapting the Balanced Scorecard: Financial Perspective; Customer Perspective; Internal Business Process Perspective; Learning and Growth Perspective
see more: Advanced Financial Management, Grants Management and Auditing for Donor Funded Projects Course