Course objectives:

The specific objects of this course will be to give participants: 

• A comprehensive understanding of the role of budgeting in the planning and control process of the business,
• A working familiarity with the foundation building blocks required prior to preparing the budget,
• A detailed understanding and familiarity with the techniques of budgeting for income, expenses, cash flow, profit & loss and balance sheet.
• A working knowledge of the techniques of analyzing variances between actual results and budgets, including sales volume, price and mix variances; labour variances; material quantity and price variances; overhead variances.
• A comprehensive understanding of the forms and procedures involved in the budgeting process
• An introduction to the subjects of budget modeling and capital budgeting. 

Who should attend? 
All workers in the accounting and finance departments and follow-up projects. 

Course Outline :

This course on Budget Preparation Techniques will examine: 

• Advantages of budgeting and budgetary control;
• The concept of control;
• Elements of a control system;
• Setting the goals and objectives to be achieved;
• Types of budgets prepared;
• Setting the budget assumptions;
• Zero based budgeting;
• Budget preparation, review and approval process;
• Operating budgets and capital budgets
• Monitoring actual performance;
• Budget variance analysis and comparing actual with budget;
• Flexible budgeting
• Risk analysis and project evaluation:
• Payback Period
• Net Present Value ( NPV )
• Internal Rate of Return. ( IRR) 

WORKSHOP STYLE: 

A mixture of short presentations, interactive discussion, individual exercises and group work. The emphasis throughout is on a practical approach using case material and examples.