Project Description
Why attend
A flexible budget calculates different expenditure levels for variable costs, depending upon changes in actual revenue or any other activity measure. The result is a budget that varies, depending on the actual activity levels experienced. Actual revenues or other activity measures are entered into the flexible budget once an accounting period has been completed, and it generates a budget that is specific to the inputs. The budget is then compared to actual information for control purposes. Since nowadays market fluctuation is apparent, competition has become fiercely intense a company should be able to adjust its operations, and therefore its targets accordingly. Most importantly, a company should be able to monitor its performance in a timely and accurate manner. A Flexible Budgeting tool can for sure provide this.
Course Objectives
By the end of the course, participants will be able to:
- Demonstrating competence in understanding and implementing a flexible budget
- Setting up a flexible budget for their own department
- Applying cost control tools, analyzing management variance reports and taking proper corrective actions
- Analyzing basic Budget Cost Elements along with their influence to the company’s overall cost
- Linking Budget to other financial statements
- Knowing the problems which may arise during the budgeting process and devising solutions to avoid them
Who should attend
This course is ideal for either managers who are or may be involved in any level of budgeting or employees who may, in the course of their normal duties, be called upon to take up a responsibility in this budgeting process. Alternatively, the course would suit anyone within the company who wishes to understand the principles of Flexible Budgeting.
Course Outline
Definitions & Basic Principles
What is a Budget – Basic Elements – Assets & Liabilities – Different Types of Budgeting – Budgeting Process – Budget per company function – Other financial statements
Basic Costing Principles
Fixed Costs – Variable Costs – Depreciation – Differentiation of cost per Business Unit
Flexible Budgeting
How it works – Influencing Factors – Advantages of Flexible Budgeting
Implementation Process
Roles & Responsibilities – Units of measurement – The importance of bottleneck – The Notion of Variance – Presentation of results – Timing & Budget Period
Budget the cost of a company activity
Case Study demonstration
Budget Control Process
Roles & Responsibilities – Points of Control – Corrective Action Plans – Break-even Analysis
Budgeting as a Decision Making Process
Relation of Operational Planning with Budgeting
The workshop
This interactive training course includes the following training methodologies as presented on the next column based on percentage of the total tuition hours:
Lectures
Workshops & Work presentation
Case Studies & Practical Exercises
Videos, Sofware & General Discussion
The course instructor may modify the above training methodology before or during the course for technical reasons with no prior notice to participants.
Falcon Consulting Professionals is established in Greece for the last 15 years in the areas of technical consulting and professional training for the local industries. Falcon is expanding in GCC, aiming to provide the best consulting and training solutions to the industries of the region. Falcon’s instructors are accredited trainers and highly experienced in their fields, as well as adult training. We aspire to build our business relationships on mutual trust. The achievement of results with an emphasis on innovation and sustainability, quality, cost analysis and time scheduling are non-negotiable from the conceptual phase of the training.
