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Management Accounting Course

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21st Century Zero Based Budgeting and Cost Management (2 days)

Course Details

Code:0074
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17 Oct - 18 Oct 2019
London
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Introduction

This two-day course comprises two full-day interactive workshops designed to give you practical skills in zero based budgeting, forecasting, and cost management you can implement directly in your own organisation. The workshops allow you the opportunity to try out techniques in a safe environment so that you can adapt and use them for the specific circumstances in your own organisation.

We consider how to move beyond budgets to provide an agile financial management system that is focussed on delivering the business strategy. When it comes to cost management no one tool is ever right for all circumstances so we look at a variety of tools to you can use to maintain a financially efficient and effective organisation, and a guide to when it is most appropriate to use each one. We also look at what happens when a business has a challenge to make a step change in its cost base and give a range of ways the finance business partner can help his team to take cost out of the organisation.

At the end of this seminar participants will:

  • Have practical methods you can take back to your business
  • Be equipped to run workshops with your business to develop Zero based budgets and to develop rolling forecasts
  • Have learned to use a variety of tools that will allow you to manage and control cost

Please note that this course is part of a larger, week-long course. See here for more details.

Learning Objectives

  • To understand how to work with your management team to develop better financial targets to measure performance
  • To understand the different tools and techniques available to you to control and remove cost from your organisation
  • To understand the practical tools and techniques that are available to help you, and to get practical hands on experience of using them in a safe environment

Who Should Attend

The course is aimed at the business finance manager. You are likely to:

  • Have responsibility for developing plans and budgets and reporting business results to your management team
  • Provide financial advice and decision support to the business team

Topics

  • Day 1 – Effective Budgeting
    • Why traditional budgeting doesn’t work
    • How to build a Zero Based Budget
    • ZBB and ABC working together
      • Understanding the true cost of products and services.
      • 80% of profit comes from 20% of customers …and what to do about it.
    • Beyond budgeting…using rolling forecasts instead
  • Day 2 – Taking Cost Out of the Organisation
    • Project justification
    • The danger of recurring costs
    • Sharing services
    • Running a cost reduction exercise
    • Managing cost through continuous improvement
      • Lean
      • 6 Sigma

Teaching Method

  • Group live instruction and illustrative examples
  • Practical workshop exercises using the tools and techniques we teach to build targets and reduce cost in a fictitious business that faces many of the issues you will encounter in the real world.
  • All participants will receive a comprehensive binder containing copies of the presentation slides, handouts and other course materials

Instructors

The instructor for this course will be drawn from one of our core faculty of subject matter experts. Further details will be published at the earliest opportunity.

Venue

Our seminars take place in 4 star professional conference facilities, generally in city-centre hotels like the Marriott, Sheraton or Hilton brands. Detailed Joining Instructions are sent to all registered delegates by email approximately one month before the event. The Joining Instructions will confirm exact venue details and nearby (or onsite) hotel recommendations with bedroom rates where available. Coffee and lunch will be provided.

Prerequisites

A grounding in financial management information will be useful on this course.