Budgeting, Planning & Financial Reporting Masterclass

NTRODUCTION
Budgeting, Planning & Financial Reporting Masterclass training course is focused on some of the most important elements key to attaining organizational excellence and creating real business value. Most companies recognize that the profitable growth that drives business value can only be consistently achieved and sustained when a competitive advantage can be employed in a compelling business strategy that can be put into action through a functional business model. But in the challenging and dynamic world of the 21st century it is also critically important to be able to use the right tools within an effective performance management framework in order to execute, control and adapt this strategy in response to the ever present threat of business model evolution and disruption.

OBJECTIVES
• Use budgets to manage strategic execution
• Employ up-to-date techniques in cost analysis and control
• Prepare and present effective financial reports
• Combine non-financial KPIs in management dashboards
• Apply planning and reporting to improve decision-making

COURSE OUTLINE
DAY 1
• Planning Strategy and Corporate Governance
• What are planning strategies?
• Strategy analysis, choice & implementation
• The role of strategy maps in defining the business
• Effective and less effective management reporting practice
• The agency problem and corporate governance
• Planning requirements and the importance of working capital
DAY 2
• Forecasting Techniques for Budgeting
• Determine the purpose and objective of the forecast
• Statistical analytical tools
• Quantitative analysis and forecasting
• Forecasting techniques
• Agency problems in forecasting- solutions
• Causal analysis models – regression analysis
• Using Excel ® to analyse historical data
DAY 3
• Budgets, Costs and Budgetary Control
• Why do we budget? – the purposes of budgeting
• Planning and control
• Putting the budget together
• Cost behaviour and classification
• Cost / volume /profit (CVP) and ‘what-if’ analysis
• Standard costing
• Flexed budgets
• Variance analysis and the reasons for variances
DAY 4
• Activity Based Costing & Activity Based Budgeting
• Activity based costing (ABC)
• Refinement of the costing system
• ABC and cost management
• The cost hierarchy and cost drivers
• Advantages and disadvantages of ABC systems
• From traditional budgeting to activity based budgeting (ABB)
• Time-based ABC for services organisations
• Motivation and the behavioural aspect of budgeting
DAY 5
• Performance Management and Beyond Budgeting
• Broadening performance measurement systems
• The Drive toward Shareholder Value (EVA®)
• Beyond budgeting: integrating financial and non-financial issues
• Introducing the Balanced Scorecard and the key perspective