Ever feel frustrated, even angry at some of the decisions that are made on budgets/costs in your organisation?

More and more it seems to be all about cost, cost, cost & cost. As Maintenance and Engineering Professionals, we need to be on top of our game if we are to have any chance of success when it comes to competing for scarce resources and budgets. Practically and without jargon, this course provides a rigorous overview of basic Financial Accounting and Budgeting principles. Perhaps more importantly, you will get a unique insight into how accountants think!!

It is difficult to make your case without understanding some basic financial and accounting principles. Delivered by a maintenance/engineering professional who is also a Management Accountant, this 2 day programme is specifically designed to make participants comfortable with the language of finance and confident to engage in discussion with their financial colleagues.

This course is also available as an on-site customised course

Course Cost: €795	Duration:2 days	Date: 29th - 30th April 2010
Location: Dublin	Click for our booking form	Click to view our Cancellation Policy

COURSE OBJECTIVES

• Engage in tangible discussions with financial colleagues to make a valid case for investment in plant performance initiatives
• Understand and really contribute to their budgeting process
• Communicate the Budget to your team and explain the importance of Budget targets
• Use Financial Accounting information to make better decisions
• Provide a coherent input to controlling costs

COURSE CONTENT

• An understanding of how Accountants think. The concept of Accruals
• The differing roles of Finance (Financial, Management, Tax)
• Basic P+L and Balance Sheet understanding
• Cash Forecasting
• Preparing an Annual Budget
• Projecting Raw Materials, Labour & Overhead Budgets
• Capex Vs COGS Vs. OPEX
• Advantages of Asset Utilisation & Labour Efficiency
• Accounting for Capital Expenditure
• Impact of Depreciation
• Preparing Capital Expenditure Applications
• Understanding Overheads (Fixed vs. Variable)
• Monitoring Variances from Budget (Materials, Labour, Overhead)
• Managing Budget Deviations
• Sunk Costs, Incremental Costs etc.
• Optimum Equipment Replacement Cycles (Equivalent Annual Cost)

PARTICIPANT PROFILE

The target audience is for Maintenance and Engineering Managers, Team Leaders, Supervisors and Engineers. It is expected that participants will have no background at all in Accounting/Finance. Delegates from a range of industries including pharmaceutical, food, electronics, oil & gas, utilities, health care and public sector will benefit.

TRAINER PROFILE

Mick O’Callaghan BE M Tech, C Eng, MIEI, FCMA started on the maintenance side of things and then moved in to management accounting – poacher turned gamekeeper!! He is a fully qualified Electrical Engineer and Management Accountant with over 20 years “hands-on” experience in a wide range of maintenance, engineering and production roles.

Mick has worked in the Middle East, Holland, U.K. and Ireland with companies such as Shell, Saudi Oil, Irish Steel and Input-Output (NYSE I-O). For over 10 years he has worked delivering Project Management, Strategic Management & Financial Management training in Ireland and abroad to a variety of customers. He also lectures to accounting students in Information Technology.