Strategic Budget Planning and Cost Control
This intensive 3-day course provides participants with a comprehensive understanding of essential elements. Through a blend of examples, case studies, and analyses, it explores the management process and the role of accounting systems, Costing techniques and budgeting, Cost control and variance analysis
Course Objectives
This program equips participants with modern decision-making strategies crucial for business success. It emphasises leveraging accounting information, both financial and managerial, to enhance financial operations and strategies. Participants will focus on budgeting, evaluating capital projects, cost analysis, and rationalising managerial decisions to optimise financial performance and organisational success.
Benefits Of Attending
This program guides delegates through fundamental accounting principles and diverse capital project evaluation techniques, fostering adept cost management. By mastering budget construction, participants develop strategic financial planning skills. Moreover, they explore advanced organisational and strategic analysis, enhancing operational efficiency and behavioural dynamics. In essence, attending this program equips delegates to drive financial success and organisational excellence.
Why Should Attend
- Both financial and non-financial professionals at all levels
- Delegates with a financial background will enjoy the opportunity to broaden their knowledge base in aspects of budgeting and cost control that will improve their current experience
- All delegates will gain a strong understanding of the practicalities; techniques and strategies of budgeting and cost control
TRAINER PROFILE
Dr. Ashraf Elbakry is a senior lecturer of Accounting at Swansea University. He has vast experience in teaching at university level for 30 years. He taught in various universities across the UK; namely the University of Plymouth, Aston University, The University of Sunderland, Newcastle University, The University of Salford and the University of Huddersfield. Ashraf completed his PhD in Interna.Financial Reporting Standards (IFRSs) at the University Of Plymouth, UK in 2010. He got a certificate in International Financial Reporting awarded by ACCA. Ashraf has wide experience in delivering training courses in accounting, budgeting and finance within the UK and abroad. Cost management and control and the principles of preparing budgets in both profit-oriented and non-profit oriented entities. He also has long experience in teaching professional courses for ACCA and CIMA qualifications in financial accounting; management and cost accounting and advanced corporate reporting.
Learning Benefits
- Master budgeting processes by understanding their importance and creating budgets relevant to your organization.
- Leverage management accounting information to rationalize short-term decisions and perform variance analysis with probability theory.
- Support investment decisions using Present Value, IRR, and discounted cash flow (DCF) techniques for informed financial decision-making.
Course Outline
Understanding the management process and the role of accounting systems
- Managerial Functions
- Role of Accounting Systems
- Decision Making Process
Costing techniques and budgeting.
- Costing Methods
- Traditional vs. Activity-Based Costing Budgeting and its Cycle
- Types and Approaches of Budgeting
Cost control and variance analysis
- Standard Costing and Setting Standards
- Understanding Variances
- Types of Variances
- Investigating Variances
- Integrating Financial and Non-Financial Measures
- Fundamentals of Data Mining
- Objectives of Data Mining
- Key aspects of Data Mining
- Data visualization and exploration