Management Accounting Essentials

Course Outline

Overview

This course explains the nature of management accounting and how it aids managers’ decision-making.

The course will also include a site visit to an organization relevant to the course so delegates can develop an understanding of how their contemporaries function in the real-world.

The course will wrap with a summary of the key learning points, followed by an action planning exercise with a view to apply the acquired knowledge and skills immediately upon your return to work. Post-course support is also available in relation to the implementation of your action plan, up to six (6) months following course completion.

Agenda

Accounting for Decision-making

• Key characteristics of accounting information
• The role of information technology
• Commercial objectives
• Capex and opex

The Key Relationship – Cost, Volume, Profits

• Costs for decision-making
• Breakeven analysis
• Types of profit
• Cost management strategies

Control through Budgeting

• Corporate plans
• Budgets and forecasts
• Types of budgets
• Behavioural aspects of budgeting

Site Visit

• Industrial visit to a relevant organization.
• An insight into the internal working of companies.
• An opportunity to learn through interaction with practising professionals.

Course Review

• Summary and recap of key learning objectives
• Action Planning

Target Audience

This course is suitable for:

• Staff responsible for budget preparation and reporting.
• Managers who are budget holders or have budget responsibility.
• Staff with planning responsibility who need a deeper understanding of costs and budgets.

Learning Outcomes

Upon completion of this course, you will be able to:

• Understand how the finance function can create a decision support structure for managers.
• Explain the relationship between cost, volume and profits and why this is important to managers.
• Explain the scope of budgeting as a planning and control tool.
• Develop a practical perspective into contemporary work practices in your field.
• Implement an Action Plan at your workplace using the knowledge and skills acquired through the course.