Business Financial, Budgeting & Accounting Skills

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 Business Financial & Accounting Skills 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 Business Financial & Accounting Skills training course will be conducted along workshop principles with formal lectures, case studies and interactive worked examples. Relevant case studies will be provided to illustrate the application of each tool in an operations environment. Each learning point will be re-enforced with practical exercises. Difficult mathematical concepts are minimized and handled in a visual way that is easy to understand with examples demonstrated.

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