Introduction

This GLOMACS Business Financial & Accounting Skills training course addresses key issues, such as cost analysis, continuous improvement of cost assignment, budgeting, management control, and performance evaluation. In so doing, training course pushes delegates to understand the cause-and-effect relationship among business strategy and vision, operational objectives, measures and targets, as well as advanced performance measurement and reporting.

Effective planning and control entails developing skills that go far beyond mastery of any one discipline.

This training course focuses on:

Master the Finance and Accounting jargon to understand business processes
Cost Analysis for Budgeting Purposes and Decision Making
Financial and Operational Measures to support the budgeting process
Best Practices to Manage Organizational Performance
Link Strategy to Costing and Performance Evaluation

Objectives

Understand the Finance and Accounting jargon
Learn Costing and Budgeting Terminologies used in business
Determine full costs of outputs for the goods and services provided
Master traditional techniques and recent best practices
Link Finance and Operation for Budgeting Purposes and Strategy Execution
Learn How to Build a Comprehensive Performance Measurement System

Training Methodology

This online training course will utilize a variety of proven online learning techniques to ensure maximum understanding, comprehension, retention of the information presented. The training course is conducted Online via an Advanced Virtual Learning Platform in the comfort of any location of your choice

Organisational Impact

Cost and Budgeting awareness will be enhanced
Higher chances to select a budgetary system that works
Broadened knowledge of performance management techniques
Better attitude to link cost and budgeting to strategy and performance measurement
Deeper understanding of cause and effect relationship for budgeting purposes
Better awareness of non-financial implications of budgeting

Personal Impact

Delegates will understand the costing and budgeting methods most useful to them
They will understand how to construct a relevant and efficient budget
They will learn to evaluate the usefulness of costing techniques in accurately calculating and ensuring profitability
They will reinforce and expand their knowledge by linking budgeting to strategy and performance measurement
They will broaden their understanding by linking financial and operational issues

Who Should Attend?

Financial Professionals, Finance Controllers Treasurers and Inventory Professionals
Senior Professionals with a direct responsibility for Financial Management and Control
Accountants, Planners, & Cost Professionals
Any professional who has responsibility for any portion of the planning process
Any professional, at a medium and senior level, who is a part of the financial decision making team
New interns and trainees with finance related responsibilities

DAY 1

Management and Financial Accounting: Key Concepts and Terminologies

Identify the Major Differences and Similarities between Financial and Managerial Accounting
Understand the Role of Management Accountants in an Organization
Linking Strategy to Planning and Costing
The Key Role of Budgeting and Cost Control in Contemporary Organizations
Towards a Cross-Functional Process-View of the Organization
Understand Your Processes: Integrating Financial and Non-financial Aspects
Understanding The Financial Statements

DAY 2

Cost Analysis

What is Costing?
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: Inventory Evaluation and Control

DAY 3

Traditional vs. Advanced Techniques in Cost-control

Under-costing and Over-costing: The Consequences for Profitability
How to refine a Costing System?
Indirect vs. Direct Costs
Traditional Cost Allocations Systems vs. Activity-Based Costing
Cost Hierarchy & Cost Drivers
Linking Resources, Activities and Management
Introducing Activity-Based Budgeting and Management
Video, Case Study and Examples

DAY 4

Budgeting: Flexible Budgets and Variance Analysis

The Role of Budgeting
Define the Master Budget and Explain Its Major Benefits to An Organization
Describe the Difference between a Static Budget and a Flexible Budget
Compute Flexible-budget Variances and Sales-volume Variances
Discuss The Behavioral Implication of Budgeting
The Budgeting Process in Your Organization: How to improve it?
Which tools shall we use to complement Budgeting and Costing?

DAY 5

Measuring Corporate Performance: The Balanced Scorecards and Six-Sigma

Broadening Performance Measurement Systems
The Key Role of Customer Satisfaction and Business Process Re-engineering
Beyond Budgeting: Integrating Financial and Non-financial Issues
Introducing The Balanced Scorecard
The Key Perspectives
Introducing The Strategy Maps
Introducing Six-Sigma

In Association With

Oxford Management Centre

A GLOMACS - Oxford Management Centre collaboration aimed at providing the best training services and benefits to our valued clients.

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PetroKnowledge

Our collaboration with Petroknowledge aims to provide the best training services and benefits for our valued clients