Effective Budgeting and Cost Control Workshop in Bangkok, Thailand

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Program Overview

Professionals holding any position on managerial level require precise and effective planning and budget preparation skills. Budget Preparation is one of the major and most important activities for any commercial or non-commercial entity. It enables the organization to have a plan for future expenditures that can easily be compared to the actual ones. Hence, budgeting serves both as a planning and an expenditure control tool. This course provides the full understanding of budgeting as a planning tool, a financial device and a control mechanism.

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Target Audience

Effective Budgeting and Cost Control Workshop in Bangkok, Thailand has been designed specifically for managers, supervisors and analysts who are involved in preparing or use management budgets.

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Program Objectives

Upon successful completion of the course the participants will be able to:

Appreciate the importance of budgeting and its linkage to organization’s strategic plan
Interpret the relation of budgeting with different Financial statements
Prepare the key elements of operating and capital budget
Evaluate the different approaches to budgeting and cost control
Deal with Capital budgeting
Confidently Apply cost-volume-profit analysis
Effectively Utilize break even analysis.

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Program Contents

Planning and the functions of management

The critical functions of management
Aligning the budget with the strategy of the organization
Road map to strategy
Budget as a planning tool
Control: the missing link
Planning pitfalls

The key financial statements

The accounting system
The income statement
The balance sheet
The cash flow statement

Budgeting: process and approaches

The advantages of budgeting
The budget process
Rolling budgets
The master budget
Operating and capital budgets
The budgeted financial statements
Approaches to budgeting
Tools of forecasting
Direct and indirect costs
Characteristics of an effective budget
Problems in budgeting

Cost control

The budget as a control tool
The control process
Characteristics of an effective control system
Responsibility reporting
Variance analysis: identifying the components of variance
Variance analysis: taking the corrective action

Capital expenditure budgeting and analysis

Time value of money
Simple versus compound interest
Identifying and analyzing cash flows
The discount rate: using the cost of capital
Net Present Value (NPV)
Internal Rate of Return (IRR)
Profitability Index (PI)
Pay-Back Period (PBP)
Accounting Rate of Return (ARR)
Approval for Expenditure (AFE)
Sensitivity and risk analysis.

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Program Methodology

The presenter will apply modern training and adult learning techniques in order to maximize the level of comprehension for the attendees. The methods deployed will involve: presentation, open discussion, group and individual assignments, task visualization, numerical examples, case studies and a field visit. The approach taken will be more practical in order to ensure the instant appliance of the knowledge gained through the sessions at the workplace.

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