Advanced Budgeting and Cost Management Training Course

Why select this training course?

The ability to handle finances is increasingly sought after by employers across a wide range of fields. It’s essential for those in managerial and supervisory positions since they’re often the ones in charge of developing the company’s budget. Successful budgeting ensures that your organization’s financial resources are being managed effectively, which is essential to its growth and prosperity. Budgeting and cost management skills are significant in controlling the capital of an organization. They are also helpful in delivering the goals and aspirations of an organization. Understanding how to use these skills is among the requirements of achieving shareholder value addition and efficient running of an organization. Gaining command of day-to-day operations, enhanced corporate strategy, improved value delivery, and more are just some of the many gains that can be made by learning advanced budgeting and cost management skills. Budgeting and cost management are essential requirements for the sound management of an organization these days. Moreover, they are necessary for any organization that aims to stay competitive.

How do you become a budgeting and cost manager?

It would be best if you had some essential qualifications to excel in budgeting and cost management. Some of them include strong communication skills in written and spoken language to help you pass information to other staff members and workers. Other essential requirements are financial literacy, prioritization, and swift task handling, and being familiar with organizations’ work. In addition, this Rcademy course will provide you with the skills and techniques required to be a successful budgeting and cost management professional.

What functions do professionals in advanced budgeting and cost management perform?

These professionals are skilled in budgetary and cost awareness and are essential in resource control at a given time. Organizations depend on these professionals to stay competitive by reducing their operational costs while at the same time optimizing their profits. They link budgeting and costing with strategy execution, recognize financial and operational data sources supporting budgetary programs, and enhance budget and cost awareness. They choose budgetary methods in their workplace and appropriately manage economic and fiscal operational concerns.

The Advanced Budgeting and Cost Management Training Course from Rcademy focuses on giving the participants the practical skills to be professional budget controllers, create cost awareness in their organizations, and improve the resource control process in their place of work. It will also aid in understanding the significance of budget management in today’s more competitive environment when resource control is critical in accomplishing strategic objectives.

Who should attend?

Advanced Budgeting and Cost Management Training Course by Rcademy will be suitable, advantageous, and beneficial to:

• Professionals who would want to increase their knowledge of budgeting
• Individuals that are in control of arranging financial standing and obtaining operational details
• Professionals with the responsibility of entering data into the budget system
• Financial professionals, marketing professionals, and business unit professionals
• Financial managers organizations
• Chief financial officers
• Organizational managers

What are the course objectives?

Rcademy’s Advanced Budgeting and Cost Management Training Course focus on achieving the following objectives:

• Refine cost and budget terminologies that are commonly used in business
• Understand how to develop a complete performance guidelines system
• Connect finance and operations for budgeting purposes and process execution
• Know traditional techniques and modern best practices in budgeting and cost management
• Gain the skills required in determining the total cost of output for goods and services offered in an organization
• Know the importance of well-defined costing and budgeting process
• Identify and collect operational data for the primary purpose of creating budgets
• Make the necessary budgeting changes required for strategic planning in the business
• Understand the modern techniques of cost analysis in the budgeting process
• Develop awareness of the critical factors that may have an impact on business processes

How will the course be presented?

This training course will be presented using well-designed and tested methods that have been shown to work in teaching professionals and imparting practical skills. Some techniques that will be used include:

• • Interactive sessions
  • Case studies and management games
  • Presentations, discussions, and activities

The facilitators of this training course are experienced in their domain and teaching areas. Therefore, the methods will ensure you gain practical knowledge and skills to solve real-world problems.

What are the topics covered?

Module 1: Introduction to Budgeting and Cost Management

• Importance of cost management and budgeting
• The relationship between management and budgeting
• Integration of financial and non-financial aspects
• Discussing the main problem in budgeting and cost management in an organization
• Group discussion

Module 2: Creating a Performance Measurement System

• Improving and adapting the scorecard
• Modern global practices and international standards: balanced scorecard and six-sigma
• Internal business processes perspective an application from the learning perspective
• Financial perspective and customers’ perspective
• The need to understand financial problems
• Shortcomings of traditional approaches to performance measurements
• Discussion

Module 3: Budgeting Framework and its Role

• The importance of creating budgets for the organization’s management
• Value of budgeting in an organization
• Case study discussion and examples
• Programs execution
• Central concept and terminology of budgeting
• Merits and demerits of critical budgeting

Module 4: Cost Management for Budgeting Purposes

• Cost issues and their terminologies
• Type of costs
• Contribution of costing systems to business
• Time and how it affects costs
• Non-manufacturing cost against manufacturing cost

Module 5: Improved System in Cost Management against the Traditional One

• Ways of refining the cost system
• Impact of profitability in overpricing or underpricing
• Case analysis
• Examples and videos
• Budgeting activity and management
• References in indirect and direct prices
• The connection between resources activity and management
• Traditional price implication system against practices based on pricing

Module 6: Strategic Planning

• The primary strategic planning process
• Issues-based strategic planning
• Alignment strategic planning
• Various scenarios of strategic planning and their examples
• Organic strategic planning

Module 7: Operational Management

• Product management
• Enterprise resources management
• Operational research
• Inventory control

Module 8: Budgetary Control

• Quantitative analysis of budgets
• Change out the cost in budgetary control
• Analyzing cost budget
• Operating budget in fiscal control
• Management account in fiscal control

Module 9: Budgeting and Cost Management Skills

• Modern systems of cost analysis
• Costing strategy execution methods and tools
• Software used in budgeting and cost analysis
• The budgeting processes
• Ensuring all the necessary parties are involved
• Understanding the business process of budget creation
• Preparing operational costs for the organization or business
• Operational data used in budget and cost analysis