Budget Preparation, Allocation and Cost Control

Principles of Traditional & Advanced Cost Techniques

Format availability:

In-Person, Online streaming

Duration:

5 Days

Introduction to the course

Budget Preparation, Allocation & Cost Control training is essential for organizations and assists them in the decision making and planning process. This training course provides participants with crucial cost awareness and budgetary skills by combining techniques analysis, problems and examples of real case studies, which is essential in managing and controlling processes / projects in times of increasing global competition where the budgets are inextricably linked with both strategy formulation and cost analysis.

The effective management of budgeting and cost control is crucial for contemporary organizations. In a modern competitive world, companies want to stay competitive; they are urged to think in terms of process-value added to customers / shareholders. Along this line, budgeting, as well as tracking, controlling & reducing cost, represent essential activities that should be monitored efficiently by organizations as they implement their key processes, activities and operations.

In addressing these issues, this Finance & Budgeting training seminar on Budget Preparation, Allocation & Cost Control  is relevant for those professionals & analysts facing the difficult challenge of improving performance while reducing the costs of those processes for which they are accountable.

This training course will feature:

  • Identifying the role of budgeting within the organization’s management system
  • Developing a proper system of cost analysis for budgeting purposes 
  • Mastering the budgeting and financial skills required for better decision-making
  • Linking strategy to operational plans
  • Learning new best practices to manage organizational performance
  • Integrating organizational drivers with strategic objectives
  • Understanding of the interrelationship between financial and pre-financial drivers

Course details

Participants attending this training course will:

  • Successfully build integrated planning, budgeting and reporting process
  • Understand costs behavior more accurately
  • Deliver more timely and useful information to decision-makers
  • Understand capital budgeting
  • Identify & manage key financial indicators for the business
  • Be able to use specific cost analysis and performance measurement techniques
  • Be prepared to understand and implement the Balanced Scorecards
  • Be prepared to interpret the financial impact of strategic directions
  • Understand the problems of overheads allocation and how Activity-Based Analysis may aid decision-making and pricing strategies
  • Select the performance measurement systems that work
  • Think proactively beyond budgeting

This Budget Preparation, Allocation & Cost Control training seminar combines theory and practice. Therefore, besides lectures based on Power Point presentations, discussions and exercises, we use company examples to illustrate how the techniques presented have been applied in real case studies.

Participants in this training seminar will provide benefits for their organisation from the skill set and enhanced knowledge that they will take back to the workplace:

  • Thinking strategically to improve their understanding of the annual budget setting process and its links with the organisation's longer-term plans
  • Choosing appropriate approach to costing for more accurate planning and budgeting to enhance the actual performance
  • Improved forecasting and budgeting resulting in more efficient use of resources and value-adding opportunities
  • Applying effective budgetary control using flexed budgets and variance analysis, the balanced scorecard, and identifying ways the organisation's budget process may be improved
  • Communicating more effectively with other professionals and sharing knowledge gained from the seminar throughout the organisation

Participants in this training seminar will significantly enhance their understanding of the links between the strategic planning and budget setting processes and develop their application of budgeting and budgetary control best practice through:

  • Developing their ability to think strategically and prepare successful financial plans and budgets consistent with the organisation requirements
  • Comparing fixed and variable costs, direct and indirect costs, and the use of contribution accounting and Cost/Volume/Profit (CVP) analysis
  • Applying traditional and Activity-Based Costing (ABC) methods and allocation of overhead costs for planning, budget setting and budgetary control
  • Using the appropriate techniques of forecasting sales and costs, and sales pricing, and preparation of departmental budgets, the master budget, and cash budget
  • The use of standard costing in budgetary control using flexed budgets and variance analysis, the balanced scorecard, and evaluating ways of improving the organisational budget process

  • Those in charge of designing and managing a budgetary system
  • The Staff Person who will be responsible for entering data into the budget system or training others how to enter information
  • Those who want to gain control of the firm's financial standing and obtain a firm grasp on the numbers side of their job
  • Financial Professionals, R&D Professionals, Sales / Marketing Professionals, General Accounting Professionals, Business Unit Professionals
  • Anyone who wants to understand the basics of budgeting, costing and performance measurement

Daily Agenda

DAY 1:
Budgeting & Cost Control in the Management System: Link with Strategic Planning
  • Budgeting and the Management System of Contemporary Organizations
  • Strategic Planning, Budgeting and Management Control
  • Strategic Management Accounting – Setting Goal and Objectives
  • From Strategic to Operating Plans – Actions and Initiatives
  • Measuring and Managing the Performance – KPIs and targets
  • Managerial Accountability  
DAY 2:
Budgeting: Principles and Key Concepts
  • Understanding the Context for Budgeting
  • The Benefit of Budgeting and its Role for Achieving Organizational Targets
  • The Shortcomings of the Budgeting Process - How to improve them?
  • Principles of Budgeting
  • Main Issues with Budget Preparation
  • Capex (Capital Expenditures) vs. Opex (Operational Expenditures)
DAY 3:
Cost Analysis for Budgetary Purposes
  • Cost Concepts and Terminology
  • Different Costs for Different Purposes
  • Fixed vs. Variable Costs: The Cost-Volume-Profit Analysis Model
  • Contribution Margin Analysis
  • Manufacturing vs. Non-manufacturing Costs
  • Period vs. Product Costs
DAY 4:
Traditional vs. Advanced Techniques in Cost-Control
  • Under-costing and Over-costing: Understand Allocation Methods
  • How to refine a Costing System?
  • Indirect (OH) vs. Direct Costs
  • Traditional Cost Allocations Systems vs. Activity-Based Costing (ABC)
  • Cost Hierarchy & Cost Drivers - Linking Resources, Activities and Management
  • Introducing Activity-Based Budgeting (ABB) and Management (ABM)
DAY 5:
New Integrated Performance Measurement Systems
  • Beyond Budgeting: Integrating Financial and Pre-financial Information
  • The Drivers of Value Creation
  • The Balanced Scorecard
  • Strategy Maps
  • Integrated Reporting

Frequently Asked Questions

There are no prerequisites. Our courses are open to students of all backgrounds who are 18 years of age and older. All courses are conducted in English. Video lectures include English subtitles and the option to slow-down, pause, or replay lectures for better retention. Discussion boards are a critical component of each of our courses; therefore, we suggest students have a conversational knowledge of English when pursuing a Certificate of Completion. For any of the art writing courses, students need to be 100% proficient in written English.

You should have an up-to-date web browser such as: Chrome, Safari, Firefox, or Internet Explorer. For more detailed information, please see the guides for supported browsers and basic computer specifications. Our Online Courses can be accessed on a mobile or tablet device, although we strongly encourage you to have access to a desktop or laptop computer and reliable internet connection for certain course components. Former students have told us it is easiest to read discussion threads and complete written assignments on a laptop or desktop computer.

Registration is available on our website. Just follow these simple steps: Click the “Apply Now” button in the top right corner of your screen. Select “Online Courses.” Choose your course(s). You will be asked for basic contact information and your credit card payment. We require full payment at the time of registration and all tuition is billed in US dollars. Be sure to check with your bank or credit card company, as your financial institution may charge a foreign transaction fee.

Our classes are kept small, at no more than 30 students, to better facilitate and encourage personalized interaction with the instructor and fellow participants. Your classmates come from all over the globe and contribute their global perspectives and experience. Some are currently working within the arts while others are just beginning. All classmates share in their passion for the art world.

It is recommended that you begin your course promptly. If you do need to start the course a few days late, contact your instructor as soon as possible after the course has opened to discuss your options. Registration closes on the Friday after the course begins.

Enroll now

Click on a date to enroll and save your seat
London
23-27 Jun 2025
Fee: $5,950
Online streaming
27-31 Oct 2025
Fee: $3,950
Amsterdam
27-31 Oct 2025
Fee: $5,950
Course customization available
Course customization available

This training course is available to be conducted at your own pace & at your own time. Request for a quotation now and our training advisor will contact you shortly

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