To be successful, business owners and managers must have a good understanding of the revenues and costs of their organization. For better understanding, detailed visibility into profits and losses for every profit centre, cost centre and location within the business is critical. Cost accounting enables management to accurately account for costs, both variable and fixed, so important for pricing purposes.

With proper cost accounting, the organization can evaluate all strategies within the business, break-even analysis, investment appraisals, level of production and the profitability of products.  It also improves the budgeting process and decision-making abilities, as financial decisions are driven by accurate cost estimation.

Cost and Management Accounting provides an excellent opportunity for participants to acquire the necessary skills required to plan, manage, and monitor costs across the organization. Participants will also learn about the budget process and preparation of variance analysis for comparison with the actuals.  Working Capital controls and Capital expenditure will also be discussed to cover the entire Balance Sheet.

By the end of this training, the participants will be able to understand about:

1. Understand the fundamentals of Managerial Accounting and how it differs from Financial Accounting.
2. Use of management reports for planning and monitoring purposes
3. Decide the level at which costs need to be captured
4. Analyse variances between Actual v/s Budgeted / Previous years’ figures for corrective actions
5. Optimize working capital and avoid unnecessary blockage of funds
6. Evaluate capital expenditure

Target Audience

• Financial controllers, finance managers, financial systems analysts, senior accountants, and financial accountants.
• Management accountants.
• General ledger accountants, and assistant accountants.
• Accounts receivable accountants, accounts payable accountants, and payroll accountants.
• Management and Decision-makers who trust and rely on timely and accurate financial information.
• Chief Financial Officers (CFOs).
• Finance directors and strategic planners.

Training Period

• Classroom: 5 Days
• Online: 7 Days

Modules

Module 1: Introduction

• Definition of Management Accounting.
• Concepts of Management Accounting.
• Planning and Budgeting.
• Performance Measurement.
• Financial Accounting.
• Introduction to Cost Accounting.
• Understanding Cost Behaviors.

Module 2: Management Accounting

• How does Managerial Accounting Works?
• Objective of Management Accounting.
• Difference between Management v/s. Financial Accounts.
• Budgets and Forecasts.
• Performance Measurements.

Module 3: Components of Financial Statement

• Balance Sheet.
• Income & Expenditure Account.
• Cash Flow Statement.
• Statement of Changes in Equity.
• Notes in Financial Statements.

Module 4: Cost Accounting

• Cost Classification.
• Cost Behavior.
• Fixed & Variable Cost.
• Marginal & Absorption Costing.
• Understanding Break-even Point.
• Activity Based Costing.
• Standard Costing.

Module 5: Variance Analysis

• Price Variance
• Volume Variance
• Mix Variance
• Efficiency Variance
• Practical Example

Module 6: Working Capital Control

• Inventory Control.
• Accounts Receivable.
• Accounts Payable.
• Reconciliation of Sub-ledgers.
• Other Current Assets & Current Liabilities.
• Tax and Deferred Taxation.

Module 7: Budget Process and Management

• Preparation of Master Budget.
• Fixed v/s Flexible Budgets.
• Quarterly Reviews.
• Forward Planning.
• Budget/ Actual Comparison.
• Zero Based Budgets.

Module 8: Capital Expenditure

• Capital Investment Appraisal.
• Return on Investment.
• Payback period.
• Net Present Value.
• Internal Rate of Return.
• Lease or Buy Decisions.
• Tax Implications thereof.

Delivery Method

This program is taught through a mix of practical activities, theory, group work and case studies. Training manuals and additional reference materials are provided to the participants.

Certification

Upon successful completion of the training, participants will be awarded a certificate of course completion

Course Booking

Please use the “book now” or “inquire” buttons on this page to either book your space or make further enquiries.