The British Academy for Training and Development offers the Introduction to Managerial Accounting Course to provide professionals with essential skills for effective financial decision-making. The course begins with an introduction to managerial accounting, indicating the role it plays in an organisation and how it differs from financial accounting. Attendees take up cost concepts and classifications, i.e. fixed, variable and mixed costs and their behavior. It concludes with a focus on Cost-Volume-Profit (CVP) analysis from where attendees learn breakeven analysis, contribution margin and profit planning techniques. 

To learn about budgeting and financial planning skills, attendees study operating and financial budgets, flexible budgeting techniques and variance analysis. The course further explores cost allocation and management, focusing on Activity-Based Costing (ABC) and strategies for overhead cost allocation. Managerial Accounting specifically addresses the elements of accounting that are useful for running a business, which means it’s vital for students pursuing Business degrees, employees looking to increase their skill set and business owners looking to increase profits

In the area of general performance measurement, attendees learn how to set in place an appropriate but limited number of financial and non-financial performance indicators including variance analysis for purposes of monitoring the organisational outcome. The advanced decision making tools to be included here include relevant cost analysis, pricing decisions, and make-or-buy decisions.

Very importantly, the course covers ethics in managerial accounting; ethical dilemmas in financial reporting as well as conflict management will also be explored. Finally, learning is backed up through case studies and scenario analysis, thus giving attendees the capacity to make sense of their learning in terms of a real-world application.

This course is all well known and hence teaches very effectively to compete in all industries and empower them all for critical decision making, cost-cutting initiatives, and improving institutional performance.

Objectives:

The objectives of managerial accounting course are:

1. Managerial Accounting Fundamentals: Deeply understand the concepts behind cost behaviour, cost-volume-profit analysis, and principles of budgeting.

2. Financial planning and monitoring: Learn about preparing budgets, monitoring financial performance, and controlling them to achieve organisational objectives.

3. Techniques of Cost Management: Discover allocation techniques such as activity-based costing and cost management strategies and techniques.

4. Tool for Decision Making: Learn how to apply accounting data in business decision-making regarding pricing, product mix, and investments.

5. Productivity Measurement and Assessment: Learn the measure of an organisation in terms of financial and non-financial indicators, for example, through the balanced scorecards and variance analysis.

Who Should Attend?

This course is ideal for:

1. Managers and supervisors responsible for financial decision-making.

2. Professionals aspiring to take their first steps into management.

3. Entrepreneurs wanting to enhance their business knowledge financially.

4. Non-financial managers,

5. Those aspiring to move into such a role. 

6. Those working in finance to refresh their knowledge

How will attendees benefit?

After completing the course, attendees have following benefit:

1. Enhanced Skills in Decision-Making: Apply understanding to interpret financial data and give well-informed decisions to pricing, budgets, and investments.

2. Improved Control of Costs: Learn techniques such as Costing by Activity-Based Costing (ABC) and methods of control of costs to increase profitability.

3. Financial Planning: Learn how to prepare budgets, flexible and operative, for the application of financial resources to the accomplishment of the business aims.

4. Measurement of Performance at an Advanced Level: Acquisition of expertise in the area of measuring organisational performance using both financial and non-financial measures such as variance analysis and balanced scorecards.

5. Application of Learning for Scenario Analysis in Practice: This ensures that well-grounded knowledge is applied into practice in case studies and scenario analyses to prepare for professional involvement.

6. Ethics in Financial Practice: Build a consciousness around the ethical issues that surround managerial accounting and bring about openness and honesty in financial reporting.

Overview of Managerial Accounting

• Role of managerial accounting in decision-making

• Differences between financial and managerial accounting

Cost Concepts and Classifications

• Fixed, variable, and mixed costs

• Direct and indirect costs

• Cost behaviour and its implications

Cost-Volume-Profit (CVP) Analysis

• Breakeven analysis

• Contribution margin and its applications

• Profit planning

Budgeting and Financial Planning

• Preparing operational and financial budgets

• Flexible budgeting techniques

• Monitoring and analysing budget variances

Cost Allocation and Management

• Activity-Based Costing (ABC)

• Allocating overhead costs

• Managing costs for decision-making

Performance Measurement

• Financial performance indicators

• Non-financial performance measures

• Variance analysis and corrective actions

Decision-Making Tools

• Relevant cost analysis

• Pricing decisions and product profitability

• Make-or-buy decisions

Ethics and Managerial Accounting

• Ethical considerations in financial reporting

• Managing conflicts of interest

Practical Applications and Case Studies

• Real-world examples of managerial accounting in action

• Group exercises and scenario analysis