IntroductionThis
seminar deals comprehensively with the questions you have always wanted to ask
about planning, budget setting, and budgetary control, in plain language that
is easy to understand. It covers in detail how the tools and techniques of
successful budgeting and budgetary control are applied within the overall
planning framework to ensure that organisational goals are met.
This
seminar clarifies the jargon and , and the links between strategy, budgeting,
costing and performance measurement. The instructor's own commercial career
experiences and many other real-world business scenarios are shared throughout
this stimulating seminar to illustrate and reinforce the practical application
of the tools and techniques and best practice.
This seminar will highlight:
- Strategic planning, budget
setting, performance measurement, and shareholder wealth maximisation
- Full costing, marginal costing,
and activity-based costing (ABC)
- Operating budgets, cash budgets,
capital budgets, and master budgets
- Fixed budgets, flexed budgets,
and variance analysis
- Continuous performance
improvement, and the balanced scorecard
ObjectivesBy the end of this seminar, participants will have learned how to:
- Identify the links between
strategic planning, budget setting, and performance measurement
- Use alternative approaches to
costing for planning, budgeting and budgetary control
- Set an operating budget, cash
budget, capital budget, and prepare a master budget
- Develop budgetary control
systems, and analyse variances using flexed budgets
- Integrate continuous performance
improvement into the budget process and link budgets and KPIs with
strategy using the balanced scorecard
Organisational
ImpactParticipants
in this seminar will provide benefits for their organisation from the skill set
and enhanced knowledge that they will take back to the workplace:
- Thinking strategically to enhance
their understanding of the annual budget setting process and its links
with the organisation's longer-term plans and financing requirements
- Choosing the most appropriate
approach to costing for more accurate planning and budgeting, better
budgetary control, and improved actual performance
- Improved forecasting and
budgeting resulting in more efficient use of resources and exploitation of
value-adding opportunities
- Evaluating the financial
consequences of budgeting for alternative new capital investment projects
using discounted cash flow (DCF) to optimise organisational value creation
- Applying effective budgetary
control using flexed budgets and variance analysis, the balanced
scorecard, and identifying ways the organisation's budget process may be
improved
- Communicating more effectively
with other professionals and sharing knowledge gained from the seminar
throughout the organisation
Personal ImpactParticipants
in this seminar will greatly improve their understanding of the links between
the strategic planning and budget setting processes, and develop their
application of budgeting and budgetary control best practice through:
- Developing their ability to think
strategically and prepare successful financial plans and budgets and
determine the financing requirements of the organisation
- Comparing fixed and variable
costs, direct and indirect costs, and the use of contribution accounting
and cost/volume/profit (CVP) analysis
- Applying traditional and
activity-based costing (ABC) methods and allocation of overhead costs for
planning, budget setting and budgetary control
- Using the appropriate techniques
of forecasting sales and costs, and sales pricing, and preparation of
departmental budgets, the master budget, and cash budget
- Capital budgeting using the
discounted cash flow (DCF) techniques of net present value (NPV), internal
rate of return (IRR), and the profitability index (PI)
- The use of standard costing in
budgetary control using flexed budgets and variance analysis, the balanced
scorecard, and evaluating ways of improving the organisational budget process
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 organisational goals are met.
This
seminar is suitable for a range of personnel from companies, corporations and
governmental organisations 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