Description

Background:

The issue of controlling costs becomes important:

• When setting up the financial and accounting
• When the financial and accounting systems have been set up and management wants to develop a cost control
• When management does not yet have a system to manage and control costs.
• When the system has been set up but is not as effective as

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 Benefits:

At the end of this course, participants will be able to:

• Identify different types of costs
• Define the role of controlling costs
• Analyze cost variance
• Use tools for controlling costs
• Create cost consciousness within an enterprise

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Who should attend?

Managerial staff from all levels of expertise and fields will benefit from completing this training. This includes anyone who manages teams of employees or anyone who is bound to create a positive, engaging work culture in their business.

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Curriculum

Day One

• Project management methods
• Budgeting Overview
• The budgeting process
• How and whom to engage
• Budgetary statements
• Budgeting Methods
• Top-down & bottom-up budgeting

Day Two

• Zero-based versus activity based budgeting
• Types of Budgets
• Departmental budgets
• Cash budgets
• Capital and operating budgets
• Master budgets

Day Three

• Types of Costs
• Fixed & variable costs
• Controllable & uncontrollable costs
• Budgeting and Forecasting
• Creating forecast for revenue and expenditure
• Rolling forecast as a catalyst for change

Day Four

• Variance reporting template
• Reporting template
• Financial and non-financial key performance indicators (KPIs)
• Annual Budget and Forecasting Cycle
• Budget and forecasting timetable

Day Five

• The different types of reports and their use
• Risk Management
• Risk management in corporate governance
• Finance’ role in supporting risk management
• Cost Control and how to reduce costs
• Cost management and motivation
• Embedding cost control in the business
• Post Test