Strategic Financial Planning And Budgeting

Introduction

Modern businesses are the epitome of uncertainty and complexity. Over the period, these uncertainty and complexity in business have led to the development of various managerial tools, techniques and procedures, useful in managing business successfully. Of all these, financial planning and budgeting are the most common and widely used standard device for planning and control.

This program provides fundamental understanding of financial planning and budgeting, budgeting process and includes a practical guide for preparing and mastering financial budgets.

How Will You Benefit

Upon completion of this program, the participants will be able to:

• Show how financial planning, budgets, corporate objectives and long-term plans are related
• Explain the interlinking of the various budgets within the business
• Construct various budgets, including the master budgets from relevant data
• Use a budget to provide a means of exercising control over the business
• Master the skills that are needed for budgeting succession
• Understand why managers need to measure and manage budgeting

Who Should Attend

This program is suitable for Accounts Clerk, Assistants & Supervisors, Office Administrators, Administrative Assistants, new Accounting/Finance Personnel, Non-Financial Executives and all who need to learn about budgeting and costing

Methodology

This stimulating program will maximize the understanding and learning through interactive lectures, practical exercises, discussions, and Q & A session

Module

OVERVIEW OF BUDGETING

• Stages In The Budgeting Process And Its Functions

TYPES OF BUDGETS

• Sales Budget
• Production Budget
• Production Cost Budget
• Ending Inventory Budget
• Cost Of Goods Sold Budget
• Selling Expenses Budget
• Administrative Expenses Budget
• Budgeted Income Statement

THE COMPONENTS OF FINANCIAL BUDGET

• Capital Expenditure Budget
• Cash Budget
• Budgeted Balance Sheet
• Cash Flow Budget

APPROACHES TO BUDGETING

• Fixed Budgeting Approach
• Flexible Budgeting Approach
• Incremental Budgeting Approach
• Activity-Based Budgeting Approach
• Zero-Based Budgeting Approach
• Continuous Budget
• The Distinctive Features Of Each Approach To Budgeting

PREPARING A MASTER BUDGET

• The Preparation Of Master Budget
• Operating Budgets And Financial Budgets

BUDGETARY CONTROL – COMPARING ACTUAL AND PLANNED RESULTS

• Different Types Of Controls And Budgeting Control System
• Controlling Discretionary Expenditures:
  • Implementing Budgeting
  • Zero-Based Budgeting
  • Project Funding

STANDARD COSTING AND VARIANCE ANALYSIS

• Standard Cost And Budgetary Control
  Variance Analysis

STRATEGIC THEMES FOR THE FINANCIAL BUDGETING PERSPECTIVE

• Measuring Strategic Financial Budgeting Themes
• Revenue Growth And Mix
  • New Applications
  • New Customers And Markets
  • New Relationships
  • New Product And Service Mix
  • New Pricing Strategy
• Cost Reduction/Productivity Improvement
  • Increase Revenue Productivity
  • Reduce Unit Costs
  • Improve Channel Mix
  • Reduce Operating Expenses
• Asset Utilization/Investment Strategy
  • Cash To Cash Cycle
  • Improve Asset Utilization

TARGET, RESOURCE ALLOCATION, INITIATIVES AND BUDGETS

• Identify And Rationalize Strategies Initiatives & Business Initiatives
• Link To Annual Resources Allocation And Budgets