(Click Category to List Courses)
4 - AAU - Accounting and Financial Auditing
AAU 109 - Budget Preparation Skills
| Code | Start Date | Duration | Venue | |
|---|---|---|---|---|
| AAU 109 | 19 August 2024 | 5 Days | Istanbul | Registration Form Link |
| AAU 109 | 23 September 2024 | 5 Days | Istanbul | Registration Form Link |
| AAU 109 | 28 October 2024 | 5 Days | Istanbul | Registration Form Link |
| AAU 109 | 02 December 2024 | 5 Days | Istanbul | Registration Form Link |
Please contact us for fees
Course Description
This course focuses on the essential skills required to understand the processes of costing and budgeting within organizations wish special light shed on public organizations. The course is designed to address all the relevant issues concerning cost analysis, budget preparation and performance measurement. By completion of this course, participants will be able to develop their own systems and make sophisticated decisions. Thus will result in a better management of the organization's performance.
Course Objectives
- Identifying the key factors required to understand business processes
- Developing proper system of cost analysis for budgeting purposes
- Mastering the budgeting and financial skills required for better decision-making
- Identifying sources of financial and operational data to support the budgeting process
- Learning new best practices to manage organizational performance
Who Should Attend?
- Financial professionals
- R&D professionals
- Sales/marketing professionals
- General accounting professionals
- Anyone who wants to understand the basics of budgeting and costing
Course Details/Schedule
Day 1
- Budgeting and its role within the management process
- The role of budgeting within management accounting
- Linking costing and budgeting to strategy and performance measurement
- The process of value creation: implications for budgeting
- What is a budget and why costing is fundamental
- Budgets - the financial expression of the operating plan
- How is it important for public institutions
- Linking financial and operational issues
- Behavioral implications of budgeting
Day 2
- The importance of strategic plan in budget preparation
- Costs analysis for budgetary purposes
- Costing for budgeting: Why?
- Cost terms and purposes
- Fixed and variable costs
- Cost, volume, profit (CVP) relationships
- The key concept of contribution margin
- Direct and indirect cost – the allocation problem
- Traditional methods versus activity based costing
Day 3
- The framework for budgeting
- Elements of the budgeting framework
- Key concepts and terminology
- Discretionary spending
- Advantages and disadvantages: critical issues to be discussed
- Overview of the financial statements
- Balance sheet, income statement, and the statement of cash flows
- Introducing cost analysis for decision-making
- The importance of understanding full costs
Day 4
- Budgeting for management control purposes
- Budgets for public institutions
- Flexed budgets and variance analysis
- Explain why standard costs are used in variance analysis
- Describe the difference between a fixed budget and a flexed budget
- Compute flexed budget variances and sales volume variances
- How to interpret variance analysis
- Integrate continuous improvement into variance analysis
- Is budgeting enough?
Day 5
- Beyond budgeting: broadening performance measurement systems
- Anomalies, flaws and shortcomings of traditional approaches to budgeting and measurement
- Performance measurement indicators
- Linking financial to operational issues
- Linking strategy to performance measurement
- The balanced scorecard and six sigma
- Financial perspective
- Customer perspective
- Internal business process perspective
- Learning and growth perspective
- Developing and adapting the scorecard
