Budgeting, Planning & Cost Control

Santika Hotel, Bali | July 19 – 22, 2010 | Rp.7.250.000,-

 

INTRODUCTION

Firms are established to manufacture products or to render services to meet consumers’ needs. They do these by utilizing resources (labor, materials, various services, buildings, and equipment). These resources need to be financed, or paid for. To work effectively, the people in a firm need information about the amounts of these resources, the means of financing them, and the results achieved through using them.

Budgeting is the process of planning the activities of the organization’s responsibility centers for the next period, usually the next year. Budget is a plan expressed in quantitative (monetary) terms covering a specified period of time, usually one year. Many companies refer to their annual budget as a profit plan, since it shows the planned activities that the company expects to undertake in its responsibility centers in order to obtain its profit goal. The budget serves as:

• An aid in making and coordinating short-range plans.
• A device for communicating these plans to the various responsibility center managers.
• A way of motivating managers to achieve their responsibility centers’ goals.
• A benchmark for controlling ongoing activities.
• A basis for evaluating the performance of responsibility centers and their managers.
• A means of educating managers.

Management control’s purpose is to attain desired results. A budget is a statement of the results desired as of the time the budget was prepared. A carefully prepared budget is the best possible standard against which to compare actual performance. This is because it incorporate the estimated effect of all variables that were foreseen when the budget was being prepared.

A comparison of actual performance with budgeted performance provides a “red flag”; it directs attention to areas where action may be needed. An analysis of the variance between actual and budgeted results may (1) help identify a problem area that needs attention, (2) reveal an exploitable opportunity not predicted in the budgeting process, or (3) reveal that the original budget was unrealistic in some way.

OBJECTIVES

• Understand the principles types of planning activities that are part of the management control process.
• Understand how to develop two main types of plans: (1) strategic (or long-range) plans, and (2) budgets, which are usually annual plans structured by responsibility centers.
• Learn how to evaluate company’s performance by using budget as a tool for controlling.

BENEFITS

Understand the budget’s purposes as a device for making and coordinating plans, for communicating these plans to those responsible for carrying them out, for motivating managers at all levels, as a benchmark for controlling ongoing activities, as a standard with which actual performance subsequently can be compared, and as a means of educating managers.

WHO SHOULD ATTEND

• Managers and supervisors in all areas.
• Financial, material, accounts payable and receivable accountant/supervisor.
• Planning and budgeting analyst.
• Other professionals who wish to refresh and extend their skills in operational accounting.

COURSE OUTLINE

1. Budgeting
   • Uses of the Budget
   • The Master Budget
2. The Operating Budget
   • Project Budgets
   • Flexible (Variable) Budgets
   • Management by Objectives
3. Preparing the Operating Budget
   • Organization for Budget Preparation
   • Budget Timetable
   • Setting Planning Guidelines
   • Preparing the Sales Budget
   • Initial Preparation of Other Budget Components
   • Negotiation
   • Coordination and Review
   • Final Approval and Distribution
   • Revisions
4. The Cash Budget
5. The Capital Expenditure Budget
   • Project Proposals
   • Authorization
   • Follow Up
6. Reporting and Evaluation
   • Control Reports
   • Incentive Compensation
   • Standard Cost, Variable Costing Systems, Quality Costs, and Joint Costs
   • Production Cost Variances
   • Analyzing Other Variances
7. Short-Run Alternative Choice Decisions
8. Longer-Run Decisions: Capital Budgeting

THE COURSE LEADERS

Dr. Wiwiek M. Daryanto, SE, AK, MM, CMA is an expert in accounting and finance. She earned a degree in accounting from the University of Gadjah Mada, a Master of Management (MM) from the University of the Philippines (UP) and a Doctoral degree from the Institut Pertanian Bogor (IPB). She is also a member of Certified Management Accountant of the Institute of Certified Management Accountant (ICMA), Australia.

Notes:

1. Venue to be advised
2. The course will be in Bahasa Indonesia
3. Text & Handouts English & Bahasa Indonesia

Schedule
July 19 – 22, 2010
4 days

Venue

Santika Hotel, Bali

Tuition Fee
Rp. 7.250.000,- per participant, excluding accommodation & tax.

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Updated By Informasi Training • June 21, 2010