2 days workshop
Introduction:
Is your organization budget still valid & reliable? This practical budgeting course will assist you to revisit the way budgeting is being done and ways to improve and create values for your organization. Many budgeting case studies will be used to highlight the importance of using your financial statement to achieve your budget target.
The Standard cost accounting & Variance Analysis Modeling can help the senior management as well as the executives in knowing more about the finer aspects of cost accounting and then implementing the same for better productivity as well as profit margins. Real-current problematic budgeting & costing cases will be analyzed and scenario solutions will be provided under the guidance of Dr. Steven Liew
Course Objectives
Participants will be able to:
Revisit your organization vision & mission to be relevant in today’s competitive environment.
Devise ways to achieve your budget targets
Plan how to achieve optimum profitability under budget constraints
Consider the basis for deciding whether to proceed or reject the project proposal
Formulating the Cost Reduction Strategies for Your Organization Costs
Understanding the tracking Cost Control Using Key Performance Indicators (KPI)
What is Standard Costing and why it is use.
Know how to formulate and set Standard Costs
Variance analysis for Material, Labour and Overhead Costs
Identify methods to improve positive variances/ reduce negative variances
Understand the use of Standards in Budgets
METHODOLOGY
Case Study & Group Discussion. Real-current financial issues & cases will be analysed and scenario solutions will be discussed within the workshop.
WHO SHOULD ATTEND
Accountants, CFO, Business Managers, Finance Managers, Supervisors, Managers and All Professionals Who Are Interested in Managing Budgeting & Variance Analysis Cost control
Special Feature:
NOTE: Please bring laptop along
Course outline
Day 1
Module 1: Converting Business Plan & Key Performance Indicators into Budgets
CEO Vision & Mission
KPI (Dept & Individual)
Module 2: Profit Planning and Activity-Based Budgeting (Exercise)
Operational Budget
Financial Budget
Module 3: Linking the Budget to Management Actions
What are Essential Considerations Before Preparing the Budgets
How to Present a More Accurate & Realistic Budget
How to Get Cooperation from Operating Units
How to Convince or Find Out Easier Solution for Other Staffs to Understand /Follow on Budget Being Prepared
How to Avoid Unexpected Results or Uncertainties
How to Measure Performance
Discuss the Planning Budgeting Strategies for Management
Module 4: Project Based Budgets (Case Study)
Calculation of operating cash flow
Calculation of Project payback period, profitability index, IRR & NPV of the project?
Basis for decision on proceeding or rejecting the project proposal
Day 2
Module 5: Material Variance Analysis
Understand Material Price Variance and how-to Computer.
Understand Material Usage Variance
Material Rejects and Costing into Product Standard Cost
Investigation and Improvement into Material Related Variances
Module 6: Labor Variance Analysis
Computation of Labor Wages Variance
Computation of Labor Rate Variance
Incorporation of Labor Variances into Product Standard Cost
Improving Labor Related Variances
Module 7: Overhead Variance Analysis
Computation & Understanding Variable Overhead Variance
Understanding Variable Overhead Efficiency Variance
Understanding Fixed Overhead and Volume Variance
Module 8: Case Study: Success Story of Cost Reduction
How to target saving for your organization