A good plan should start with a good forecast, which in turn can lead to a good budget. The strategy is a long-term plan of what the company will do to achieve its policy. A budget is a short-term plan for how the strategies will be achieved. It is an estimate of the activities that the company has to develop to achieve its short-term plans.
- Financial accounting team members.
- Cost accounting and management personnel.
- Finance professionals.
- Planning managers.
- Members of the Capital Investments and Projects team.
At the end of this course, the participants will be able to:
- Understand the planning and budgeting process and apply it in an effective manner.
- Predict cash flows accurately and use statistical tools for analysis and forecasting.
- Calculating the cost of capital and applying financial models to evaluate investments.
- Use scenario analysis to plan for various circumstances.
- Analyze financial data in an effective way and apply advanced Excel.
- Create and monitor an effective budget using Budget Control.
- Understand cost systems and their application to various activities.
- Optimize cost systems using activity-based costing.
- Design an ABC system and understand its advantages and disadvantages.
- Performance evaluation using the Balanced Scorecard.
- Planning for success.
- prediction process.
- budget process.
- Balancing control.
- Anticipate expenses.
- Activity-Based Business Costing (ABC).
- Activity-Based Budgeting (ABB).
Unit 1: Planning for Success:
- What are planning strategies?
- Work with cycle planning
- the message
- Strategic analysis
- The strategic choice
- Strategic execution
- Corporate goals
- Corporate value and shareholder value
- The problem of agency and corporate governance
- Planning and working capital requirements
- Abstract outline
- Financial planning for growth
- Make a financial model
- Develop key performance indicators (KPIs)
- Balanced card
Unit 2: the forecasting process:
- Determine the purpose and objective of the forecast
- data analysis
- Statistical analysis tools
- Quantitative analysis and forecasting
- forecasting techniques
- Univariate analysis models: time series; moving averages; housing smoothing; trend development
- Causal Analysis Models - Regression Analysis
Unit 3: The Budget Process:
- Why do we do balancing? Budget objectives
- Planning and Control
- Create a budget for sales and costs
- Stages of the budget process
- Budget preparation process
- Monitor the number of workers and labor costs in the budget form
- Considering depreciation in the budget form
- Complete budgeting
Unit 4: Balancing Control:
- Standard cost
- standard cost targets
- Flexible budgets
- Analyze differences
- Reasons for differences
- Plan and run variations
Unit 5: Expense Forecasting - Activity-Based Costing (ABC) and Activity-Based Budgeting (ABB):
- Activities that cause costs
- Operations and activities
- Under- and over-cost - the exchange of costs between products
- Activity Based Costing (ABC)
- Optimize the cost system
- ABC and cost management
- ABC systems design
- Cost hierarchy and price factors
- Advantages and disadvantages of ABC systems
- From traditional budgeting to activity-based budgeting (ABB)
- ABB process
- Incentives and the behavioral aspect of budgeting.