Course Outline
Overview
This Management Accounting course explains the nature of management accounting and how it aids managers’ decision-making.
This course also provides an advanced understanding of the concepts relating to organizational decision-making, planning and control.
The course includes site visits to organizations 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.
Investment Appraisal for Capital Decisions
- Methods of investment appraisal
- Non-financial aspects of investment appraisal
- Risk in investment appraisal
- Financial management of capital projects
Measuring Financial Performance
- Comparison of performance to budgets
- Accounting for responsibility
- The importance of performance indicators
- The Balanced Scorecard
Changing Nature of Managerial Accounting
- Roadmap for finance effectiveness
- From tangibles to intangibles
- The stakeholder model of an organization
- Beyond 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 Management Accounting 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.
- Those who wish to extend their understanding of the management accounting function to a more strategic level.
- Finance staff who are in a position to make managerial decisions.
- Non-financial staff who need to understand the accounting function at a strategic level.
Learning Outcomes
Upon completion of this Management Accounting course, you will understand:
- 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.
- The investment appraisal process and its management.
- Why and how measuring performance answers the question did we achieve what we set out to achieve and how do we spot warning signs on the way.
- How and why finance teams need to question and enhance the relevance of their function.
- A practical perspective into contemporary work practices in your field.
- How to implement an Action Plan at your workplace using the knowledge and skills acquired through the course.
Key Information
Course Code:
AFB203
Duration:
2 weeks
Fee:
£5735 + VAT