Budget Preparation Skills

Introduction

This Budget Preparation Skills training course focuses on the essential skills required to understand the processes of costing and budgeting within organisations.

This is designed to address all the relevant issues concerning cost analysis, budget preparation and performance measurement. This Budget Preparation Skills training course is a must for all professionals who need to master their budgeting skills by learning how costs behave so that realistic business plans can be produced. 

This GLOMACS training course enables participants to:

• Identify the key factors required to understand business processes
• Develop proper system of cost analysis for budgeting purposes 
• Master the budgeting and financial skills required for better decision-making
• Identify sources of financial and operational data to support the budgeting process
• Learn new best practices to manage organisational performance

Objectives

• Learn costing and budgeting terminology used in business
• Understand the importance of a well-defined costing and budgeting process
• 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 GLOMACS Budget Preparation 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 reinforced with practical exercises. Difficult mathematical concepts are minimised 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 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