ProspenAfrica | Training and Consulting Services Provider

5 Day Training

Dates: 20 – 24 May 2024
Locations: Johannesburg, South Africa
Platform: Available In-Class / Online

Price: Available on Request

This is a Non-accredited Course

Course Introduction

This seminar provides participants with key cost awareness and budgetary skills, which are essential
for managing and controlling resources in times of increasing global competition where the budgets
are inextricably linked with both the achievement of strategic objectives as well as with evaluation of
future plans and initiatives. This seminar enables participants to:

  • Discuss about modern system of cost analysis for budgeting purposes

  • Explore the best practices required to manage the multiple organizational performances

  • Link budgeting and costing with strategy execution

  • Understand the critical factors which have an impact on business processes

  • Master the budgeting and financial skills required for beter decision-making

  • Identify sources of financial and operational data to support the budgeting process

Course Objectives

By the end of this Financial Analysis, Modelling and Forecasting training course you will have learned to:

  • Understand the importance of a well-defined costing and budgeting process

  • Link finance and operation for budgeting purposes and strategy execution

  • Master traditional techniques and recent best practices on budgeting / cost management

  • Refine costing and budgeting terminology used in business

  • Determine full costs of outputs for the goods and services provided

  • Learn how to build a comprehensive performance measurement system business risk

Who should attend?

  • Financial Directors

  • Chief Financial Officers

  • Finance Managers and Financial Controllers

  • Budget Officers

  • Finance Officers

  • Group Finance Managers

  • Management Accountants

  • Financial Accountants; and

  • Graduate and Management Trainee

  • Anyone who wants to refine and advance the budgeting and costing Knowledge

Training methodology

Training Methodology

Our diverse instructional approaches ensure effective learning:

– Lectures & Presentations: Engage with expert-driven, stimulating content.
– Course Material: Access well-crafted supporting resources.
– Group Work: Collaborate on discussions and case studies for practical insights.
– Workshops & Role-Play: Participate in immersive, scenario-based activities.
– Practical Application: Focus on applying theoretical knowledge in real situations.
– Post-Training Support: Receive extensive support after training for skill implementation.

Training Outline

Module One

  • Financial vs. Managerial accounting (where you get information for decision making)

  • Why budgeting and costing are so important to manage your company

  • Towards a cross-functional process-view of the organization

  • Understand your processes: integrating financial and non-financial aspects

  • The link between strategy, planning, budgeting, and cost management

  • Identify and discuss the key issues in terms of budget/costing for your own organization

  • Discussion

Module Two

  • The Budgeting framework and its role within the Management Process

  • Behavioural implications of budgeting

  • The role of budgeting within management accounting

  • The value of budgeting in your company

  • Key concepts and terminology

  • Advantages and disadvantages: critical issues to be discussed

  • Overview on the financial statements – Balance sheet, Income statement and cash flow

  • Case discussion and examples.

Module Three

  • Cost management for budgeting purposes

  • Cost concepts and terminology

  • Different costs for different purposes

  • Fixed vs. Variable costs: the Cost-Volume-Prot analysis model

  • Contribution Margin analysis

  • Period Vs. Product costs: inventory evaluation and control

  • Case study and discussions

Module Four

  • Traditional vs. advanced techniques in cost-control

  • Under-costing and over-costing: the consequences for profitability

  • How to refine a costing system?

  • Indirect Vs. Direct costs: Traditional Cost Allocations Systems Vs. Activity-Based Costing

  • Cost drivers: linking resources, activities, and management

  • Introducing Activity-Based Budgeting and Management

  • Case Study analysis

  • Examples and videos


Module Five

  • Broadening the Performance Measurement Systems

  • Shortcomings of traditional approaches to budgeting and performance measurement

  • Need to link financial to operational issues

  • Recent best practices: the Balanced Scorecard and Six-sigma

  • Financial perspective, Customer perspective

  • Internal Business Process perspective, Learning and growth perspective

  • Developing and adapting the scorecard

  • Case study & Discussion

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