This two-day intensive training is designed to equip you with the essential skills and knowledge needed to excel in the management field
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Description
Financial Analytics for Strategic Budgeting, Planning & Costing
Module Overview
The business environment is becoming increasingly uncertain and complex more than ever. Hence, modern organizations require effective management tools, techniques and financial analytics useful in managing the business successfully. Strategic planning is an essential activity during business planning exercise that is used to set priorities right, deciding on the goals of the organization and strategies for achieving these goals.
Budgeting on the other hand is the process by which managers plan and coordinate activities within the organization as means of allocating resources and implementing these strategies to ensure successful achievement of the defined goals and objectives. It is of paramount importance for the organization to adopt effective cost control to facilitate informed decision-making in managing its business undertakings and operational activities.
Therefore, financial analytics which analyse an organization's specific financial processes, functions, and data are commonly used for investing, forecasting, strategic financial goal setting, and other financial decision-making to increase profitability. These financial analytics also help management establish agreement around intended outcomes and assess and adjust the organization’s direction in response to a changing environment.
This program provides fundamental understanding of strategic planning, effective budgeting and cost control using relevant financial analytics and to work on financial analytics requires skills that include financial modelling, analysis, budgeting, forecasting and more. Learn key skills to adopt strategic effective budgeting and cost control to create immaculate strategic business plans, implementing and evaluating them using practical guide and relevant financial analytics for planning and control.
Learning Objectives
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Understand the importance of linking an organization’s budget with its strategic plan
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Demonstrate how budget relates to the key components of Financial Statements and their respective financial analytics: Balance Sheet, Income Statement, and Cash Flow Statement
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Prepare the key elements of an operating and capital budget and evaluate the different budgeting techniques used
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Apply cost control using financial analytics as tools to analyse and manage budget variance reports for immediate corrective actions
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Calculate different capital budgeting evaluation techniques for effective capital expenditure management
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Utilize cost-volume-profit analysis as important financial analytics in making budgeting decisions
Who Should Attend?
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Managers/Department Heads in finance, accounting, costing
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Non-finance professionals who have budget responsibilities or are involved in strategic decision-making
Course Outline
Module 1: Introduction
Module 2: 5 Steps of Strategic Business Planning
Module 3: Improving Financial Literacy for Effective Business Decision
Module 4: Budgeting Process & Cycle
Module 5: Cost Control
Module 6: Capital Expenditure Budgeting and Analysis
Module 7: Cost-Volume-Profit Analysis (CVP)
