COURSE TITLE
BUDGET AND COST PLANNING
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OVERVIEW  

For managers in today’s business world, it’s essential to have a working knowledge of finance. We all play a role in our organization’s finances, whether we realize it or not.  For those who don’t have training or a background in finance, you may be at a disadvantage as you sit around the management table.  Understanding the cycle of finance will help you figure out where you fit into your company’s financial structure. This workshop will not teach you how to be an account; however, it will familiarize you with the key concepts of finance and accounting, help you learn how to read financial statements, and help you prepare budgets with more confidence.
LEARNING OBJECTIVES  

At the conclusion of this workshop, you will be able to:

  • Assess the financial performance and health of your firm
  • Understand basic financial terminology.
  • Enhance your decision-making skills by integrating financial management concepts into your thinking
  • Understand the budgeting process and forecasting techniques
  • Control the flow of money through your department
  • Review various software applications for managing finances.
  • Manage your own budget, inventory and petty cash
COURSE OUTLINE  
  1. Your Role in Company Finance
  2. What is Finance?
  3. Getting to Know the Players
    • The Measurer’s Team
    • The Manager’s Team
  4. Record Keeping Terminology
    • Accounting
    • GAAP
    • Bookkeeping
  5. The Balance Sheet
    • Assets
      • Current
      • Fixed
    • Liabilities
      • Current
      • Long Term
    • Owner’s Equity
  6. Liabilities and Equity
  7. Income Statement (Profit and Loss Statement)
      1. Methods of recording transactions
      2. Accounting Systems
      3. Accounting Periods
  8. Tracking Business Expenses
    • Purchase orders
  9. Analyzing Financial Statements
    • Ratio Analysis
    • Debt Ratio
    • Current Ratio
    • Net profit margin
    • Gross profit margin
    • Return on sales ratio
    • Debt to net worth ratio
    • Cash Turnover ratio
    • Collection ratio
    • Investment turnover
    • Return on investment
  10. Using Accounting Software
  11. The Importance of Bookkeeping
  12. Pre-Assignment Review
  13. Budget Basics
    • Why budget?
    • Budget Committee
    • Budget Period
  14. Preparing a Budget
    • Steps to keep in mind
    • Top 10 for being over budget
    • Up front budget maneuvers
  15. The Budgeting Process
    • Sales budget
    • Expense budgets
    • Production budget
    • Payroll/labour budget
    • Capital budgets
    • Cash budgetUnderstanding balance sheets, statement of earnings and retained earnings
  16. Decision-Making
  17. Managing Profit Performance
  18. Comparing Investment Opportunities
    • Payback Period
    • Rate of Return
    • Discounted Cash Flows
  19. The Human Aspect
  20. Credits vs. Debits
  21. ISO 9000
METHODOLOGY  
  • Large group discussions
  • Individual work and exercises
  • Small group discussion and exercises
  • Case studies
  • Simulations – Examination, Dissection, Analysis, Evaluation
WHO SHOULD ATTEND  
  • New/Aspiring Managers
  • Current Managers
PRE-REQUISITES

 
  • Completed pre-assignment
DURATION  
  • 2 days
CLASS SIZE  
  • .6 – 20