Our client, a leading educational institution in UAE, wanted to train employees about cost accounting, planning and budgeting. The purpose of the training was to help coordinating the efforts of different departments and cost centers of the institution to accelerate efficiency of operations in financial management.
Mentor learning and development team designed a two-day training course aiming to train the employees about the importance of the strategic plan and its relation to budgets.
The training focused on explaining the fundamentals of cost accounting and how it is used to make fully informed business decisions through interactive exercises, case studies, and examples.
It also discussed how planning and budgeting are essential for management control and predicting the firms future sales, production cost and other expenses.
- The course also covered the following:
- Different types of costs and cost drivers
- Understanding on cost realization methods
- Budgeting principles, objectives and cycle
- The profit maximization rule
- Budgetary controls and variance analysis
By the end of the two days training program, the participants learned how to measure, analyze and control performance based on effective budgeting and cost control strategies. The course taught them how to use cost analysis to re-arrange costs in order to increase the productivity of the organization. They also learned about profit and loss statements and how they help managers and investors know whether the company made or lost money during a certain period of time. Besides, the course explained budgetary control systems and how they enable managers and supervisors to do their job more effectively, without detracting from individual skill or flexibility.