Advanced Tools in Budgeting, Forecasting and Reporting
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This program has been designed to provide the participants with a broad view and understanding of financial budgeting for enterprises. A discussion of financial statements is a must when considering the creation or analysis of financial budgets. Also, an understanding of how costs behave and how they can be derived and allocated to the various aspects of the business units is also an important part of preparing budgets. We will be discussing various budgeting methods that have been used and are still in use today in various enterprises. We will also be discussing the methods we can use to assess whether a budget is appropriate and should be approved, and in some cases, whether a project should be undertaken at all. And finally, no discussion about budgets can be complete without assessing how well a company or sub-unit has actually performed in relation to their budget, and understanding why there are any differences, which there will usually always be.
Understanding of how to prepare budgets.
Ability to analyse budgets using various methods.
Improved ability to forecast revenues and costs.
Understanding of the key elements of financial statements.
Ability to prepare a complete master budget.
International Academy of Business and Financial Management
The International Academy of Business and Financial Management™ is one of the world’s fastest growing professional association with more than 200,000 members, associates and affiliates in 145 countries. IABFM™ hosts and organizes certification training worldwide and offers exclusive board designations to candidates who meet the highest professional standards and assessment criteria. The IABFM is credited by the American National Standards Institute (ANSI) the International Standards setting authority.
SESSION 1: Master Budget and Responsibility Accounting
→ The advantages/disadvantages of budgets → What the master budget is and explain its benefits → Review an operating budget and its supporting schedules → How to use sensitivity analysis to test financial planning models Case study: Scenario & sensitivity analysis to test budget assumptions → Responsibility centers and responsibility accounting
SESSION 2: Flexible Budgets, Direct Cost Variances and Management Control
→ Distinguish a static budget from a flexible budget → Flexible budgets variances Case study: Evaluating performance by calculating variances from standard costing → Standard costs used in variance analysis Case study: Material, Labor & Variable Overhead variances → Price and efficiency variances for directcost categories Case study: Standard Cost and Operating Performance Measures → How benchmarking is used in cost management
SESSION 3: Overhead Cost Variances and Management Control
→ Similarities and differences in planning variable and fixed overhead costs → Compare & contrast variable overhead efficiency and overhead spending variances Case study: Calculate the 3 comparative methods → How the variable overhead efficiency variance differs from the efficiency variance for a direct-cost Case study: Standard Cost Variances for Variable Overhead → Compute a budgeted fixed overhead cost rate → How the 4-variance analysis approach reconciles the actual overhead incurred with the overhead amounts allocated during the period Case study: Show how the 4-variance analysis approach reconciles the actual overhead incurred with the overhead amounts allocated during the periods → The economic impact of Covid-19 on various industries
SESSION 4: Cost Allocation, Customer-Profitability Analysis, and Sales-Variance Analysis
→ Identify the 4 purposes for allocating costs to cost objects → Criteria to guide cost-allocation decisions → The concept of cost hierarchy to customer costing → Why customer-level costs differ across customers Case study: Customer profitability → Subdivide the sales-volume variance into the sales-mix variance and the salesquantity variance Case study: Sales Price, Mix, Quantity and Market Share & Size variances Case study: Cost, efficiency, mix, and yield variances.
SESSION 5 - Capital Budgeting and Cost Analysis
→ Recognize the multiyear focus of capital budgeting → Understand the 6 stages of capital budgeting for a project → Identify relevant cash inflows and outflows for capital budgeting decisions → Use and evaluate the 4 discounted cash flow (DCF) methods: net present value (NPV); internal rate-of-return (IRR), Modified Internal Rate of Return (MIRR) & Profitability Index (PI). Case study: Calculate all 4 methods to make an informed decision Case study: Calculate project rankings based on the 4 methods Case study: Calculate AFN (Additional Funding Needed)
Who Should Attend?
This highly practical and interactive course has been specifically designed for
→ Budgeting and planning personnel
→ Capital and resource planning
→ Managing Directors
→ Finance managers
→ Financial Controllers
→ Senior and mid-level management
→ Department managers
→ Data analysts
→ Risk controllers
→ Board members
What language will the course be taught in and what level of English do I need to take part in an LEORON training program?
Most of our public courses are delivered in English language. You need to be proficient in English to be able to fully participate in the workshop and network with other delegates. For in-house courses we have the capability to train in Arabic, Dutch, German and Portuguese.
Are LEORON Public courses certified by an official body/organization?
LEORON Institute partners with 20+ international bodies and associations.We also award continuing professional development credits (CPE/PDUs) for:1. NASBA (National Association of State Boards of Accountancy) 2. Project Management Institute PDUs 3. CISI credits 4. GARP credits 5. HRCI recertification credits 6. SHRM recertification credits
What is the deadline for registering to a public course?
The deadline to register for a public course is 14 days before the course starts. Kindly note that occasionally we do accept late registrations as well, but this needs to be confirmed with the project manager of the training program or with our registration desk that can be reached at +1071 4 1075 5711 or [email protected].
What does the course fee cover?
The course fee covers a premium training experience in a 5-star hotel, learning materials, lunches & refreshments, and for some courses, the certification fee and membership with the accrediting bodies.
Does LEORON give discounts?
Yes, we can provide discounts for group bookings. If you would like to discuss a discount on a corporate level, we will be happy to talk to you.