Budgetary control is an effective and essential planning tool for management purposes. In this workshop, participants will learn the process of preparing budgets for the financial year, formulating bases and assumptions and how budgetary control can be implemented effectively in an organisation.

CCH Executive Events is pleased to present this workshop which is specially tailored for non-financial managers and executives. It will be conducted in a practical approach to ensure easy understanding and a full appreciation of the various aspects of budgetary control. For finance professionals, this course will equip you with essential knowledge on effective budgetary planning.

Programme Outline

DAY 1
Identifying the Goals of a Company
- Operationalising plans within a business environment
- Identifying the goals of the company through its vision and mission statements

The Purpose of Budgeting
- To compel planning
- Co-ordination of different functions within an organisation
- To provide a basis for responsibility accounting
- To provide a basis for a control mechanism
- A means to motivate employees to improve performance

Types of Budgetary Systems
- Incremental budgeting
- Fixed budgets
- Flexible budgets
- Zero based budgeting
- Rolling budgets

The Budget Process
- The sequence of operations necessary to produce a budget for a particular organisation
- Responsibility for preparation of budget

Bases and Assumptions
- Formulating the bases and assumptions
- Techniques and challenges in forecasting

Budgetary Control
- Objectives of budgetary control
- Variance analysis

Purpose and Importance of Internal Controls in an Organisation

Activity in Formulating a Budget for a Company

Preparing the Revenue Budget
- Identifying factors that affect the revenue
- Striving for a revenue goal that is aggressive and achievable

Preparing the Production Budget

DAY 2
Preparing the Purchases Budget

Preparing the Cost of Sales Budget

Preparing the Expenses Budget
- Administration, selling and operating expenses

Preparing the Income Statement Budget

Human Resources Budget
- Manpower requirements
- Related staff costs

The Capital Budgeting Process
- Forecasting capital requirements
- Considerations for capital requirements

Variance Analysis

Preparing the Cash Flow Budget
- Relevance of dates of receipt and payment of cash
- Exclusion of items that do not affect cash flows

Performance Measurement
- Financial performance indicators
- Non-financial performance indicators

Benefits of Budgeting
- Planning, co-ordination, communication, monitoring, evaluation and motivation

Benefits of Attending
At the end of the course, participants will be able to
- understand the process of budget preparation and various financial information
- outline the objectives of a budgetary control system
- identify the behavioural aspects of budgeting
- understand capital budgeting and control
- recognise the importance of responsible accounting and reporting
- prepare their own company’s/department’s budgets
- practice budgetary control in their own companies/departments
- review budgets on a periodic basis and make changes where necessary

Who Should Attend
Directors of companies
Entrepreneurs
General Managers
Operations Managers
HR Directors/Managers
Procurement and Sales Executives
Finance Executives
Anyone who needs to gain better understanding in preparing a budget and business plan

Workshop Leader
CS Yung has over 34 years of working experience in auditing, financial accounting, treasury functions, administration, general management, lecturing and corporate training. He is currently an associate consultant and he also lectures on the subject of auditing for ACCA students for several established and renowned colleges on a part-time basis. Mr Yung also sits on the board of a public listed company (A.C.E.) as independent non-executive director.