Prospen Africa

ProspenAfrica | Training and Consulting Services Provider

Budget Preparation, Allocation and Cost Control

5 Day Training

Dates: 04 – 08 November 2024
Locations: Grayston Ridge Office Park, Sandton
Platform: Available In-Class / Online

Price: Available on Request

Course Introduction

Prospen Africa’s Budget Preparation, Allocation and Cost Control course emphasizes the importance of budget preparation, allocation, and cost control in organizational decision-making and planning. It aims to help participants gain essential skills by using techniques, analysis, problems, and real case studies. The course underlines the importance of effective budget management and cost control in maintaining competitiveness in a global market.

 

Course Features

  • Understanding the role of budgeting within management systems.

  • Developing cost analysis systems for budgeting.

  • Enhancing budgeting and financial decision-making skills.

  • Linking strategy to operational plans.

  • Adopting best practices for organizational performance management.

  • Integrating organizational drivers with strategic objectives.

  • Understanding the relationship between financial and non-financial drivers.

Course Objectives

Participants will learn to:

  • Build integrated planning, budgeting, and reporting processes.

  • Understand cost behaviour.

  • Provide timely information to decision-makers.

  • Grasp capital budgeting concepts.

  • Identify and manage key financial indicators.

  • Use cost analysis and performance measurement techniques.

  • Implement the Balanced Scorecard.

  • Interpret the financial impact of strategic directions.

  • Understand overhead allocation problems and use Activity-Based Analysis.

  • Select effective performance measurement systems.

  • Think proactively beyond budgeting.

Who should attend?

  • Budget system designers and managers.

  • Staff responsible for entering budget data.

  • Individuals seeking control over financial standing.

  • Financial, R&D, Sales/Marketing, General Accounting, Business Unit Professionals.

  • Anyone interested in budgeting, costing, and performance measurement.

Finance Courses

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

Day 1: Budgeting & Cost Control in the Management System

  • Link with Strategic Planning

  • Budgeting in contemporary organizations

  • Strategic planning and management control

  • Setting goals and objectives

  • Translating strategy into operating plans

  • Measuring performance with KPIs

  • Managerial accountability

Day 2: Budgeting Principles and Key Concepts

  • Context for budgeting

  • Benefits and role of budgeting

  • Improving budgeting process

  • Budgeting principles

  • Issues with budget preparation

  • Capital vs. operational expenditures

Day 3: Cost Analysis for Budgetary Purposes

  • Cost concepts and terminology

  • Different costs for different purposes

  • Cost-Volume-Profit analysis

  • Contribution margin analysis

  • Manufacturing vs. non-manufacturing costs

  • Period vs. product costs

Day 4: Traditional vs. Advanced Techniques in Cost Control

  • Understanding cost allocation methods

  • Refining costing systems

  • Indirect vs. direct costs

  • Traditional vs. Activity-Based Costing (ABC)

  • Cost hierarchy and cost drivers

  • Activity-Based Budgeting (ABB) and Management (ABM)

Day 5: New Integrated Performance Measurement Systems

  • Integrating financial and pre-financial information

  • Drivers of value creation

  • Balanced Scorecard

  • Strategy maps

  • Integrated reporting

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