To ensure effective financial management of a department or and even the entire organisation, there is the need to prepare a realistic budget and ensure compliance with the approved budget. Furthermore, to ensure this compliance, operational costs need to be monitored and controlled so that as to ensure financial discipline. Effective Budgeting and Operational Cost Control training course will help participants to understand the main concepts and methodology around cost management and budgeting.
This one week Effective Budgeting and Operational Cost Control training course is ideal for senior managers who manage budgets or managers who are currently managing projects and/or contracts. Senior managers who control cost and budgeting for their departments or organizations will also find this course extremely beneficial.
Introduction: Building a Common Financial Language
- Key role of budgeting and cost control in contemporary organisations
- The 21st century business imperative: delivering value added (but to whom?)
- Towards a cross-functional process-view of the organisation
- Financial vs. Managerial accounting (decision making)
- Understand your processes: integrating financial and non-financial aspects
- Identify the key processes/projects for your own organisation
Contributing effectively to Strategic Planning
- Budgeting and Cost analysis
- 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
Linking Budgeting and Forecasting into the Business’ Strategy
Traditional vs. Advanced Techniques in Cost-control
- Under-costing and over-costing: the consequences for profitability
- How to refine a costing system?
- Indirect (OH) Vs. Direct costs: Traditional Cost Allocations systems Vs. Activity-Based Costing (ABC)
- Cost hierarchy & Cost drivers
- Linking resources, activities and management
- Introducing Activity-Based Budgeting (ABB) and Management (ABM)
Preparing Rolling Forecasts
- Role of forecasts and the link to strategy
- Comparing and contrasting budgets and forecasts
- Identifying key business drivers
- The rolling forecast process
- Forecasting methods
Applying ‘best practice’ risk management and control in your area
- Role of risk management in corporate governance
- Finance’ role in supporting risk management
- Cost / Effective risk management in Finance’ own processes
Cutting costs and improving effectiveness
- Role of cost management in the business strategy
- Cost management and motivation
- Embedding cost control in the business
- Role of Finance in cost control
Beyond the Budgets: 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
- Introducing the Strategy maps
By the end of the course, participants will be able to:
- Apply the essential concepts of accounting, budgets and finance
- Apply the use of unit cost measurements in performance-based budgeting
- Maintain strategic cost control.
- Appreciate the importance of reducing unnecessary costs
- Identify appropriate outputs for an organizational unit or programme component
- Determine and apply the costs estimated to produce those outputs and calculate a cost per unit of output.
- Use best practices to create written budget justifications
- Locate guidance on budgeting for capital assets, and integrate performance budgeting into your organization’s budget formulation process.
Small Classes
With small class sizes, much more individual attention can be given to each delegate.
Competitive Pricing
We believe our prices are very competitive and our quality is second to none.
Friendly Staff
Our friendly Customer Support team is here to help you with every step of the way to make your BOC experience comfortable and welcoming.
Course registrations can be made via our website either from individual course pages or through our booking page.
Alternatively, you can download and complete course application form and send via email: training@boc-uk.com or fax: +44 (0) 207 112 4845 Call: +44 (0) 207 112 4846
Commitment to Quality
We strive to provide the best service possible, with the highest regards to quality and professionalism.
Different trainers every day
Each day we have different trainers to maximise the experience sharing.
Kindle for every BOC Delegate
to promote paper free environment, we are giving Kindle Fire to our delegates instead of the course binder.
Luxury Course Venue
All our Training Courses take place at the luxury 4-5 Star hotels located in central London
Certificate of Achievement
At the end of the programme participants will receive a certificate of achievement.
FREE On-going Support
Each delegate receives unlimited support from the trainers after they attended the course with us.
TAILORED MADE / IN-HOUSE MANAGEMENT TRAINING COURSES
All of our open courses can also be run as bespoke courses, tailored to your organisation's specific needs and requirements. Our Tailored Management Training comes in many formats from one-to-one through to fully customised company wide programmes.
To find out more email: training@boc-uk.com or call us on +44 (0) 207 112 4846
ONE TO ONE COACHING & MENTORING
All of BOC open courses can also be run as One to One Training Sessions, where delegate gets a dedicated trainer for their specific learning requirements. This mode of training is highly preferred by those who need undivided attention of the instructor for a fulfilling learning experience. The courses can be tailored to suit the individual needs of the organisation and the delegate.
To find out more email: training@boc-uk.com or call us on +44 (0) 207 112 4846
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