Practical Budgeting, Cost Control & Planning

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. In order to reduce cost effectively, you need to have the heart of an entrepreneur. By creating value for your organization, you will be amazed at the speed of career advancement. 

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 

  • Managing Materials, Labour & overheads Costs 

  • Strategies on Turnaround the Company 

  • Strategies to Improve Debt Collection & Cash Flow

  • Formulating the Cost Reduction Strategies for Your Organization Costs

  • Understanding the tracking Cost Control Using Key Performance Indicators (KPI)

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 & 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: Budgets Behaviour 

  • Budget Games

  • Budgets Behaviour 

Module 4: 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 5: 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 6: Case Study: Success Story of Cost Reduction

  • How to target saving for your organization

Module 7: Managing Material Costs

  • Procurement 

  • Inventory 

  • Design errors 

  • Technical errors 

  • Reject output 

Module 8: Managing Labor Costs

  • Inefficient Work Processes 

  • Absenteeism 

  • Staff quality 

  • Manpower management 

  • Staff turnover 

  • Complex process 

Module 9: Managing Overhead Costs

  • Assets Management 

  • Customers 

  • Financial resources 

  • Human resources 

  • Expenditures 

Module 10: Case Study: How to Achieve the Budget Target 

  • Asset conversion 

  • Collection 

  • Cost reduction 

  • Revenues 

  • Purchasing policy 

Module 11: Linking KPI To Performance Management 

  • Design Scoring Mechanism

  • Design Weighting & Measures

  • Tracking KPI Using Excel

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Dr Liew had worked in private sector companies, ranging from family-run businesses to professionally manage multi-national corporations in South Asia and the ASEAN region. He has accumulated more than 28 years working experience in senior financial & operational management positions spearheading the profitability and growth of companies. He has worked for the MBF Finance & its related group of companies over the 10 years’ period. Steven has successfully developed Budgeting & Cost control model and are now actively imparting his skills.

He is a registered Trainer with the Government Human Resources Development Berhad (Pembangunan Sumber Manusia Berhad). 

Dr Steven Liew had conducted various seminars for corporate clientele including Association of Credit Management Malaysia, Chartered Institute of Management Accountants, Malaysia Institute of Management, Malaysia Institute of Accountants, Institute of Bank Bank Malaysia, Nestle,  IQPC Worldwide Pte Ltd , Singapore,  Lexis Nexis,, Proton Edar Malaysia , Brunei Investment Agency, Small Medium Industries Development Corporation , Ministry of Development, Brunei , BICPA Asean Management, Brunei,   Risda Group Of Companies,  Sales & Marketing Training  Forum, Sri Lanka, Giant Retail Sdn Bhd,  Telekom Brunei & Ministry of Foreign Affairs, Malaysia, Sabah Electricity Sdn Bhd,  Bank Islam Brunei Darussalam. Continental Tyres, Sime Darby Bhd, Sony Malaysia Sdn Bhd , Perodua Sdn Bhd & Credit Guarantee Corporation (M) Bhd; Fujixerox, UDA Holdings, SPNB, Diners Club, Elk Desa Capital Bhd, Antah Schindler, UCSI & Ministry of Finance

He is currently providing management consultancy and training specialising in Sales & Marketing, Fast closing monthly, leadership, Strategic Planning, budgeting, accounting, finance, Cost reduction, credit management & loan recovery. 

Testimonial from Past Participants

 “Thank you Dr liew for guiding us in cost reduction on how to look out for budgeting; cost reduction areas and the approach to implementation”: Assistant General Manager; Sarawak Produces Industry Co

“I really appreciated Mr Liew imparting his Real life story of actual application of budgeting & cost reduction strategies & many case studies” : Plant Controller; Ceramica Indah Sdn Bhd

“The case studies and exercises that are most practical & relevant to me are story of Automobile cost reduction; Cost Reduction/Turnaround case studies; Johnson- Relates to Speaker Personal experience – Soft landing skill”: Purchasing Executive; Ceramica Indah Sdn Bhd

Standard Costing Variance and Cost Control

Cost Reduction Techniques & Negotiation Skills

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