Analyzing scenarios with differing levels of risk is a part of every business decision. This Accounting and Finance Budgeting training course reveals the fundamental abilities needed to comprehend the budgeting and expense management procedures, facilitating improved decision-making. The key to comprehending project budgeting and appreciating the significance of a clearly defined budget process is this course on cost control and project budgeting. In order to create realistic cost-cutting and budgeting strategies utilizing a variety of project budgeting techniques and tools, participants will investigate how costs behave. It is impossible to overestimate the significance of project budgeting in the current competitive environment. Oxford Training Center can efficiently estimate and manage their expenditures with the help of a project budgeting system, which guarantees that resources are distributed correctly and financial objectives are fulfilled. Participants in this project budgeting and cost control program will get knowledge of various project budgeting approaches and how to use them to keep financial control over their projects.
Objectives and target audience
Objectives
Participants in this project budgeting and cost control course will graduate with the following skills:
- Determine the key elements needed to create a compelling business case.
- Gain the financial and budgeting skills necessary for improved decision-making.
- Locate sources of business and financial data to aid in the project budgeting process.
- Acquire new methods and strategies to model common business situations.
- Recognize the significance of a clear budgeting approach.
- Learn the terms used in company budgeting and costing.
- Learn cost-benefit analysis techniques.
- Learn how to create budgets and plans for the cash, profit, and balance sheets.
- Acquire the ability to assess deviations from the plan and determine remedial measures.
- Learn how to apply discounted cash flow (DCF) concepts to financial decision-making.
- Create and implement budgets that are appropriate for your company.
Target audience
- Professional in finance.
- R&D specialist.
- Professional in general accounting.
- Professional in Business Units.
- Anyone who wishes to improve and expand their understanding of costing and budgeting.
- The employee will be in charge of training others to enter data or entering data themselves into the budget system.
- Those who wish to take charge of the company’s financial situation and get a solid understanding of the financial aspects of their work.
How will attendees benefit?
The following skills will be shown by participants in this project’s budgeting and cost control training:
- Financial statement interpretation.
- Budgeting and planning.
- Control of project costs.
- Budgeting for capital.
- Using the study of cost, volume, and profit.
- Using breakeven analysis.
Course content
Module 1
- Knowing accounting is essential for financial control in business.
- The differences between financial and management accounting.
- The connection between financial and business management.
- What role does budgeting play in the overall scheme of things?
- In what ways does cost management strengthen the financial standing of a company?
- Important facets of working capital management.
Module 2
- Time Value of Money in Capital Budgeting and Investment Appraisal.
- Comprehending Appraisal Methods: Payback Period, Internal Rate of Return (IRR), and Net Present Value (NPV).
- deciding on an evaluation method.
- Sensitivity analysis is used to assess initiatives.
- Strategic factors to take into account while evaluating capital investments.
- establishing a workable framework for capital budgeting.
Module 3
- Comprehending the structure and behavior of costs is essential for cost analysis and management.
- The cost/volume/price relationship shows how costs relate to outputs.
- The contribution margin concept.
- Planning and control breakeven analysis.
- Allocating and apportioning costs.
- cost-benefit analysis.
Module 4
- Comparing full and marginal costing is covered in Unit 4: Full Costing, Marginal Costing, and Activity-Based Costing.
- Budgeting for decision-making involves both direct and indirect costs.
- Costs’ place in pricing plans.
- ABC stands for activity-based costing.
- Controlling expenses.
Module 5
- The nature and function of budgets for planning and control are discussed in Budget Construction and Control.
- Budgeting methods and budget types.
- Establishing key performance metrics for both monetary and non-monetary success.
- Establishing a spending plan.
- Control of the budget and examination of deviation.
- Introducing the balanced scorecard, a budgeting tool for non-financial metrics.