Audience

Managers, prospective managers, and any other employees seeking advanced competency in the area of budgeting and financial planning

Prerequisites

An understanding of the principles of financial planning

Course Aim

To acquaint the learner with the role of budgetary performance monitoring as an aid to strategy implementation

Learning Objectives

Explain how a budgetary control system can help to monitor your company's performance. Explain how a responsibility accounting system works. Distinguish between fixed and flexible budgets. Prepare alternative flexible budget forecasts for the cost of production in your company. Prepare a flexible production budget. Prepare a performance report for your company. Calculate the variances between actual and budgeted figures.

Topics Covered

Performance monitoring and control - Control systems - Control and responsibility accounting - Methods of control Flexible budgeting - Fixed vs flexible budgeting - Preparing a flexible production budget forecast - Hands-on: Preparing a flexible production budget Using variances in your budgets - Using variances in a fixed budget - Using variances in a flexible budget Performance reports and variances - Creating a performance report - Hands-on: Using variances

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