COURSE OBJECTIVES
By the end of this program, participants will be able to:
- Understand fundamental managerial accounting concepts and their applications.
- Utilise accounting information for effective planning and budgeting.
- Analyse financial data to support strategic decision-making.
- Implement control mechanisms to monitor and improve organisational performance.
- Communicate financial insights effectively to support business decisions.
- Identify key performance indicators to evaluate organisational success.
- Apply ethical considerations in managerial accounting practices.
TARGET AUDIENCE
- Project Managers.
- Operations Managers.
- Marketing Professionals.
- Product Managers.
- Business Unit Leaders.
- Team Leaders.
- Stakeholders.
DAY 1: Introduction to Managerial Accounting
- Overview of managerial accounting and its significance in business operations.
- Main distinctions between managerial and financial accounting.
- Comprehending financial statements and their essential elements.
- The significance of cost behaviour and cost analysis in business.
- Real-world examples of managerial accounting utilised in decision-making processes.
DAY 2: Cost Analysis and Budgeting
- Categories of costs: fixed, variable, and mixed.
- Methods for cost allocation and their practical uses.
- Steps for budget formulation and variance analysis.
- Approaches for cost estimation and forecasting.
- Case studies showcasing effective budgeting and cost management strategies.
DAY 3: Performance Measurement and Control
- Setting up performance metrics and key performance indicators (KPIs).
- Methods for assessing performance and implementing control measures.
- Evaluating performance reports and addressing discrepancies.
- Establishing control systems to enhance operational effectiveness.
- Instances of performance management across various sectors.
DAY 4: Decision-Making and Financial Analysis
- Techniques for evaluating financial data to aid decision-making.
- Cost-volume-profit (CVP) analysis and its real-world applications.
- Assessing investment opportunities and capital budgeting processes.
- Grasping break-even analysis and the concept of margin of safety.
- Group activity focused on financial analysis.
DAY 5: Communication and Reporting
- Strategies for effectively conveying financial information.
- Crafting and delivering financial reports to stakeholders without financial backgrounds.
- Leveraging accounting data to inform strategic planning and decision-making.
- Best practices for presenting and visualising financial data.
- Hands-on exercises for developing and presenting financial reports.