Professional Skills for Finance Accounting & Budgeting Control
September 03 – September 07 \ 2023 : Amman
October 08- October 12\ 2023 : Kuwait
November 05 - November09\2023 : Dubai
Introduction
This IACT Professional Skills for Finance Accounting & Budgeting Control 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 training course focuses on:
Þ Master the Finance and Accounting jargon to understand business processes
Þ Cost Analysis for Budgeting Purposes and Decision Making
Þ Financial and Operational Measures to support the budgeting process
Þ Best Practices to Manage Organizational Performance
Þ Link Strategy to Costing and Performance Evaluation
Objectives
By the end of the course, participants will be able to:
Þ Understand the Finance and Accounting jargon
Þ Learn Costing and Budgeting Terminologies used in business
Þ Determine full costs of outputs for the goods and services provided
Þ Master traditional techniques and recent best practices
Þ Link Finance and Operation for Budgeting Purposes and Strategy Execution
Þ Learn How to Build a Comprehensive Performance Measurement System
Who Should Attend?
Þ Financial Professionals, Finance Controllers Treasurers and Inventory
Professionals
Þ Senior Professionals with a direct responsibility for Financial Management and Control
Þ Accountants, Planners, & Cost Professionals
Þ Any professional who has responsibility for any portion of the planning process
Þ Any professional, at a medium and senior level, who is a part of the financial decision making team
Þ New interns and trainees with finance related responsibilities
Course Methodology
The course uses self-assessments and a wide mix of business cases that promote healthy discussions around the importance of managing multiple tasks, deadlines and priorities. Participants will benefit from role plays covering workplace challenges related to handling tasks, deadlines and priorities. They will learn how to deal with conflicts that may arise as a result. Interactive team exercises are also used with each team presenting their findings and comments.
Each module covers different aspects of using Game-Based Learning and Gamification in education. Coursework will incorporate
your existing knowledge and experience and provide helpful learning environment with a good mix of theoretical and practical knowledge. On all outlines will apply Skills for Game-Based Learning and Gamification and practiced in hands-on, collaborative way within an international group setting
This interactive training course includes the following training methodologies as a percentage of the total tuition hours:
- 30% Lectures, Concepts, Role Play
- 30% Workshops & Work Presentations, Techniques
- 20% Based on Case Studies & Practical Exercises
- 20% Videos, Software & General Discussions
Pre and Post Test
Outline
DAY 1:
Management and Financial Accounting: Key Concepts and Terminologies
Þ Identify the Major Differences and Similarities between Financial and Managerial Accounting
Þ Understand the Role of Management Accountants in an Organization
Þ Linking Strategy to Planning and Costing
Þ The Key Role of Budgeting and Cost Control in Contemporary Organizations
Þ Towards a Cross-Functional Process-View of the Organization
Þ Understand Your Processes: Integrating Financial and Non-financial Aspects
Þ Understanding The Financial Statements
DAY 2:
Cost Analysis
Þ What is Costing?
Þ Cost Concepts and Terminology
Þ Different Costs for Different Purposes
Þ Fixed vs. Variable Costs: The Cost-Volume-Profit Analysis Model
Þ Contribution Margin Analysis
Þ Manufacturing vs. Non-manufacturing Costs
Þ Period vs. Product costs: Inventory Evaluation and Control
DAY 3
Traditional vs. Advanced Techniques in Cost-control
Þ Under-costing and Over-costing: The Consequences for Profitability
Þ How to refine a Costing System?
Þ Indirect vs. Direct Costs
Þ Traditional Cost Allocations Systems vs. Activity-Based Costing
Þ Cost Hierarchy & Cost Drivers
Þ Linking Resources, Activities and Management
Þ Introducing Activity-Based Budgeting and Management
Þ Video, Case Study and Examples
DAY 4 :
Budgeting: Flexible Budgets and Variance Analysis
Þ The Role of Budgeting
Þ Define the Master Budget and Explain Its Major Benefits to An Organization
Þ Describe the Difference between a Static Budget and a Flexible Budget
Þ Compute Flexible-budget Variances and Sales-volume Variances
Þ Discuss The Behavioral Implication of Budgeting
Þ The Budgeting Process in Your Organization: How to improve it?
Þ Which tools shall we use to complement Budgeting and Costing?
DAY 5 :
Measuring Corporate Performance: The Balanced Scorecards and Six-Sigma
Þ Broadening Performance Measurement Systems
Þ The Key Role of Customer Satisfaction and Business Process Re-engineering
Þ Beyond Budgeting: Integrating Financial and Non-financial Issues
Þ Introducing The Balanced Scorecard
Þ The Key Perspectives
Þ Introducing The Strategy Maps
Þ Introducing Six-Sigma
Fees:
The Fee for the seminar, including instruction materials, documentation, lunch, coffee/tea breaks & snack is:
3.750 USD $
Schedule:
08:30 – 10:15 First Session
10:15 – 10:30 Coffee Break
10:30 – 12:15 Second Session
12:15 – 12:30 Coffee Break
12:30 – 14:00 Third Session