Participants shall get acquainted with

• the relevant terminology,

• the practical links between accounting, budgeting and controlling,

• the impact of their managerial decisions for their area of responsibility and for the bigger picture at company level,

• the importance of their personal contribution to budgeting, decision and controlling process,

• key performance indicators and dash boards (to be) used within their company.

• Balance sheet and P&L-account

• • what are the main objectives and principles behind different regulatory frameworks (e.g. LuxGAAP, IFRS,)

  • what are the different elements of an annual report?

  • what kind of information can / cannot be found in a balance sheet and in a P&L account?

  • how are assets and liabilities prized?

  • what are possible conclusions which may be drawn from a balance sheet and P&L account?

• Ratios and key performance indicators

• • profit and result (e.g. EBIT, EBITDA, OCF)

  • assets & liabilities

  • solvency

  • liquidity

  • cash flow

  • ROI, ROE, ROX

  • productivity

• Different levels of result

• • profit and loss

  • payments in and out

  • costs and income

• Cost Management

• • optimizing cost ≠ minimizing costs at any prize

  • which factors determine the framework for cost management?

  • different types of costs and how to influence them

  • where is the difference between costs and charges?

  • • what do financial resources cost?

    • value adjustments: costs or charges?

    • economic risks: when to be considered?

• Cost management as management tool

• • how to set cost related objectives

  • how to motivate staff

• Cost centers

• • why cost centers?

  • how to define cost centers: some practical guidelines

• Cost per unit

• • overview of calculation methods

• Budgeting

• • external and internal factors to be respected

  • different steps of budgeting

  • how to determine amounts in the plan

  • some financial ratios

  • optimizing cost ≠ minimizing costs at any prize

  • how to present and defend a budget plan (e.g. senior management, bank)

• Case study

Managers with high level education outside accounting & finance (e.g. engineers, lawyers, doctors, ...) who want to:

• become more familiar with the tasks related to accounting and finance as well as budgeting and controlling,

• more effectively manage their professional activity and business,

• become more competent and self-confident in accounting and finance related issues,

• ask the right questions when talking to other professionals (e.g. accountants, banks, …).

The course material will be delivered at the beginning of the course.

At the end of the training, the participants will receive a certificate of participation delivered by the House of Training.