This Budgeting Training Course is a thorough training course that focuses on the basic skills required to understand the processes of costing and budgeting within businesses. The goal of the Oxford Training Center is to cover every pertinent topic related to budget preparation, performance evaluation, and cost analysis. All professionals who need to learn how to create realistic business plans by understanding how costs behave must take this training course on budget preparation abilities. Participants in this training program determine the essential elements needed to comprehend business processes. They can also create an appropriate cost analysis system for budgetary objectives. From this course, a person can develop the financial and budgeting skills necessary for improved decision-making.
Participants in this course learn how to combine financial planning with operational strategy, create realistic budgets, and assess expenses. Better decision-making and organizational performance management are made possible by its coverage of important subjects such as budgeting terms, cost analysis methods, business process aspects, and performance measurement systems.
Objectives and target audience
Objectives
The objectives of a Budget Preparation Skills training course for finance professionals typically include the following key goals:
- Develop a proper system of cost analysis to support accurate and effective budgeting.
- Being financially and budget-master is a key to making decisions with more information.
- Sit and conduct sources of financial and operational data to improve the budgeting process.
- Study costing and budgeting terms and learn how a clear budgeting process can be important.
- Assess the total expenses of goods and services to come up with realistic input all-inclusive budgets.
- Master both traditional budgeting techniques and recent best practices, including flexible budgeting and variance analysis.
- Connect the financing with the operations to match budgeting with the implementation of strategy and organizational goals.
- Design detailed performance measurement systems (e.g., Balanced Scorecards) that allow one to track the performance and enhance the performance in an organization.
- It is imperative to apply cost control, capital budgeting, cost-volume-profit analysis, and breakeven analysis to handle budgets effectively.
- Learn to understand financial statements to improve different understanding and ability to communicate the implications of a budget.
- Get to know how to apply budgetary control practices to control performance and make changes to budgets wherever they are necessary.
- Improve communication of budget information to stakeholders in a clear manner to allow the achievement of transparency and accountability.
Target audience
A training course on budget preparation skills usually has the following target audience:
- Professionals in finance who work directly on financial planning, control, and budgeting.
- Professionals in general accounting and accounting who support organizational financial management must comprehend costing and budgeting procedures.
- Managers and business unit specialists are in charge of creating or overseeing departmental budgets.
- Advanced abilities in cost analysis and budget monitoring are necessary for budget officers and analysts.
- Directors and project managers are in charge of project budget control.
- Business owners and entrepreneurs who are interested in improving the management of resources and conceptualization of workable financial plans.
- Professionals in various areas who just need to know the basics of costing and budgeting to be able to play a more significant role in the financial decision-making
How will attendees benefit?
- Delegates will comprehend which budgeting techniques are most beneficial to them.
- They will comprehend how to create an effective and pertinent budget.
- They will get the capacity to assess how well costing techniques work for precisely estimating and guaranteeing profitability.
- By connecting budgeting to strategy and performance measurement, they will strengthen and broaden their understanding.
- Awareness of costs and budgeting will increase.
- Increased likelihood of choosing an effective budgetary system
- Increased Understanding of Performance Management Methods
- Improved Attitude to Connect Strategy and Performance Measurement with Cost and Budgeting
- A greater comprehension of the cause-and-effect relationship for the sake of budgeting
- Increased knowledge of the non-financial effects of budgeting
Course content
Module 1
The function of budgeting in the management process
- Budgeting’s function in management accounting
- Connecting strategy and performance evaluation with costing and budgeting
- The value creation process: Budgetary consequences
- Why is costing essential, and what is a budget?
- Budgets: The operational plan’s financial expression connects operational and financial concerns
- Budgeting’s effects on behavior: A case study and examples
Module 2
Cost analysis for budgetary purposes
- Costing for Budgeting: Why?
- Cost Terms and Purposes
- Fixed and Variable Costs
- Cost, Volume, Profit (CVP) Relationships
- The Key Concept of Contribution Margin
- Direct and Indirect Cost – The Allocation Problem
- Case Discussion and Examples
Module 3
The framework for budgeting
- Elements of the Budgeting Framework
- Key Concepts and Terminology
- Advantages and Disadvantages: Critical Issues to be Discussed
- Overview of the Financial Statements
- Balance Sheet, Income Statement, and Statement of Cash Flows
- Introducing Cost Analysis for Decision-Making
- The Importance of Understanding Full Costs
- Case Discussion and Examples