Course Overview:
This training course is meticulously designed to equip professionals with the advanced skills and knowledge necessary to excel in accounting management. This course delves into critical aspects of accounting that are essential for strategic decision-making, including Budgeting Systems, Cost Allocation Theory, and Absorption Cost Systems. Participants will gain a deep understanding of Generic Budgeting Systems, Decision Management and Control, and New Budgeting Approaches, which are pivotal in enhancing organizational budgeting practices. Furthermore, the course covers advanced topics such as Job Order Costing, Overhead Allocation, Process Costing, and Activity-Based Costing (ABC), ensuring a complete grasp of modern accounting practices. With a focus on practical applications and current industry trends, this training program prepares participants to tackle complex accounting challenges, implement effective management accounting innovations like Total Quality Management (TQM) and Just-in-Time (JIT) Production, and leverage competitive forces in accounting. By integrating concepts such as Lean Production, the Balanced Scorecard, and addressing accounting for environmental changes, this course provides a holistic approach to accounting management. This course is an indispensable resource for professionals aiming to make informed and impactful decisions in their organizations.
Target Audience:
- Chief Financial Officers (CFOs)
- Accounting Managers
- Financial Controllers
- Senior Accountants
- Financial Analysts
- Budget Analysts
Targeted Organizational Departments:
- Finance and Accounting
- Budgeting and Planning
- Internal Audit
- Financial Reporting
- Cost Management
Targeted Industries:
- Manufacturing
- Healthcare
- Education
- Public Sector
- Private Corporations
Course Offerings:
By the end of this course, participants will be able to:
- Develop and implement effective budgeting systems, including generic and participative budgeting.
- Manage the trade-off between decision management and decision control.
- Apply cost allocation theory and practices in various organizational contexts.
- Utilize absorption cost systems, job order costing, and process costing for accurate financial reporting.
- Implement activity-based costing (ABC) and standard costing to enhance decision-making.
- Analyse and manage overhead, marketing variances, and direct labour/materials variances.
- Integrate management accounting innovations like TQM, JIT Production, Six Sigma, and Lean Production into their accounting practices.
- Adapt to environmental changes and leverage competitive forces in accounting.
Training Methodology:
The course employs a diverse range of training methodologies to ensure a complete learning experience. Participants will engage in case studies that provide real-world applications of budgeting systems, cost allocation, and advanced accounting practices. Group work will foster collaborative learning and allow participants to tackle complex accounting scenarios together. Interactive sessions will include discussions on decision management and control, as well as new budgeting approaches, encouraging active participation and knowledge sharing. Feedback sessions will be conducted to provide personalized guidance and insights into each participant's progress
Course Toolbox:
- complete workbooks
- Reading materials on advanced accounting practices
- Online resources and case studies
- Checklists and templates for budgeting and cost allocation
Course Agenda:
Day 1: Introduction to Budgeting Systems
- Topic 1: Overview of Budgeting Systems
- Topic 2: Generic Budgeting Systems
- Topic 3: Budgeting in a Country Club
- Topic 4: Budgeting in a Private University
- Topic 5: Budgeting in a Large Corporation
- Topic 6: Trade-Off between Decision Management and Decision Control
- Reflection & Review: Key Learnings and Practical Applications
Day 2: Advanced Budgeting Approaches
- Topic 1: Communicating Specialized Knowledge versus Performance Evaluation
- Topic 2: Budget Ratcheting
- Topic 3: Participative Budgeting
- Topic 4: New Approaches to Budgeting
- Topic 5: Managing the Trade-Off in Budgeting
- Topic 6: Resolving Organizational Problems with Budgeting
- Reflection & Review: Analysing Budgeting Effectiveness
Day 3: Organizational Budgeting and Cost Allocation Theory
- Topic 1: Short-Run versus Long-Run Budgets
- Topic 2: Line-Item Budgets
- Topic 3: Budget Lapsing
- Topic 4: Static versus Flexible Budgets
- Topic 5: Incremental versus Zero-Based Budgets
- Topic 6: complete Master Budget Illustration
- Reflection & Review: Practical Budgeting Strategies
Day 4: Cost Allocation Theory
- Topic 1: Pervasiveness of Cost Allocations
- Topic 2: Cost Allocation in Manufacturing Organizations
- Topic 3: Cost Allocation in Hospitals and Universities
- Topic 4: Reasons to Allocate Costs
- Topic 5: External Reporting and Taxes
- Topic 6: Cost-Based Reimbursement
- Reflection & Review: Cost Allocation Theory Applications
Day 5: Practical Cost Allocation
- Topic 1: Incentive/Organizational Reasons for Cost Allocations
- Topic 2: Cost Allocations as a Tax System
- Topic 3: Taxing an Externality
- Topic 4: Insulating versus Noninsulating Cost Allocations
- Topic 5: Summary of Cost Allocation Theory
- Topic 6: Reciprocal Method for Allocating Service Department Costs
- Reflection & Review: Reviewing Cost Allocation Practices
Day 6: Absorption Cost Systems
- Topic 1: Introduction to Absorption Cost Systems
- Topic 2: Job Order Costing
- Topic 3: Cost Flows through the T-Accounts
- Topic 4: Allocating Overhead to Jobs
- Topic 5: Overhead Rates and Over/Underabsorbed Overhead
- Topic 6: Flexible Budgets to Estimate Overhead
- Reflection & Review: Understanding Absorption Cost Systems
Day 7: Criticisms and Alternatives to Absorption Cost Systems
- Topic 1: Incentive to Overproduce
- Topic 2: Reducing the Overproduction Incentive
- Topic 3: Variable (Direct) Costing
- Topic 4: Illustration of Variable Costing
- Topic 5: Problems with Variable Costing
- Topic 6: Beware of Unit Costs
- Reflection & Review: Evaluating Absorption Cost Systems
Day 8: Activity-Based Costing and Standard Costs
- Topic 1: Inaccurate Product Costs
- Topic 2: Activity-Based Costing (ABC)
- Topic 3: Choosing Cost Drivers in ABC
- Topic 4: Absorption versus Activity-Based Costing
- Topic 5: Benefits and Costs of Activity-Based Costing
- Topic 6: Acceptance of Activity-Based Costing
- Reflection & Review: Analysing ABC and Standard Costs
Day 9: Variance Analysis and Management Accounting Innovations
- Topic 1: Direct Labour Variances
- Topic 2: Direct Materials Variances
- Topic 3: Overhead Variances
- Topic 4: Marketing Variances
- Topic 5: Management Accounting Innovations
- Topic 6: Total Quality Management (TQM) and Just-in-Time (JIT) Production
- Reflection & Review: Applying Variance Analysis
Day 10: Strategic Accounting and Organizational Change
- Topic 1: Integrative Framework in Management Accounting
- Topic 2: Organizational Architecture and Business Strategy
- Topic 3: Environmental and Competitive Forces Affecting Organizations
- Topic 4: Lean Production and Six Sigma
- Topic 5: The Balanced Scorecard
- Topic 6: When to Change the Internal Accounting System
- Reflection & Review: Strategic Applications and Future Directions
How This Course is Different from Other Accounting Management Courses:
The course stands out by providing a unique blend of advanced accounting techniques and practical applications tailored to today's dynamic business environment. Unlike other courses, it integrates a complete overview of budgeting systems, cost allocation theories, and absorption cost systems with modern management accounting innovations like TQM, JIT Production, and Six Sigma. This course emphasizes real-world applications through interactive sessions, case studies, and hands-on exercises, ensuring participants can implement what they learn directly in their organizations. Additionally, it addresses the challenges posed by competitive forces and environmental changes, preparing professionals to adapt and thrive in evolving industry landscapes. By focusing on strategic decision-making and providing a holistic approach to accounting management, this course ensures participants are well-equipped to drive organizational success.
