Dynamics of Planning, Budgeting and Financial Forecasting

Introduction:

This advanced course for financial controllers emphasizes just-in-time information, dynamic budgeting and forecasting, statistical applications, and the use and control of financial information.

Targeted Audience:

• Financial Professionals, Finance Controllers, Treasurers, and Inventory Professionals.
• Senior Professionals with direct responsibility for financial management and control.
• Accountants, Sales, Purchasing Professionals, and those responsible for the relationship with banks.
• Any Professional, at junior or senior level, who is a part of the financial decision- building a team.
• New Interns and Trainees with finance-related responsibilities.
• Head of Departments, Process Owners, Administrative Personnel associated with budget management.

Course Objectives:
At the end of this course the participants will be able to:

• Understand current accounting issues.
• Understand the organization, reporting, and information management for financial controllers.
• Understand state-of-the-art statistical information techniques.
• Understand alternatives to standard A/R and A/P: purchase and sales order controls, EDI, and  EFT systems.
• Understand alternatives to monthly close.
• Understand how financial controllers can set up a managerial information network.
• Understand dynamic planning, budgeting, and forecasting for financial controllers.

Targeted Competencies:

• Learning Objectives.
• Current Accounting Strategies.
• Information Flow Alternatives.
• Information as a Corporate Resource.
• Dynamic Planning, Forecasting, and Budgeting.
• Delegation.
• Future Controllership Strategies.

Course Content:
Unit 1: Learning Objectives:

• Get the Techniques to Translate Corporate Strategies into Workable Budgets and Operational Plans
• Step into an Important New Corporate Role: Growth Manager
• Improve Decision Making in the Face of Uncertainty
• Control Costs and Deploy Resources More Effectively
• Become an Active Participant in Strategic Planning

Unit 2: Current Accounting Strategies:

• Understand Management Accounting
• Analyze the Relationship of Management Accounting and GAAP Accounting
• Develop and Learn the Flow Concept of Information
• Review the Flows of Information in GAAP Accounting
• Understand the Eleven Information Segments Required
• Understand Accounting’s Position in Current Organizations
• Understand the Changes in Approaches to A/P and A/R
• Understand the Relationship of the Various Segments of Business to the Controller
• Realize the Power Position of Information

Unit 3: Information Flow Alternatives:

• Understand the Flow Control Related to the Procurement Function
• Determine the Controller’s Relationship in Controls and Processes
• Understand the Three Flows and Their Relationship to the GL Process
• Learn the Use of EDI and EFT Processes
• Discuss A/R and the Evolution of Control and Automation

Unit 4: Information as a Corporate Resource:

• Understand the Role of Information in the Modern Organization
• Learn the Evolution of Information Processes
• Understand the Position of Information Resource Centers in the Organization
• Understand the Use of Relational Database Techniques

Unit 5: Dynamic Planning, Forecasting, and Budgeting:

• Develop the Process of Objective Setting and Relate That to Planning
• Learn the Flow Process of Forecasting and Budgeting
• Understand Approaches to the Budgeting Process
• Understand the Process of Dynamic Use of Information
• Understand Dynamic Planning, Forecasting, and Budgeting Using the Internet

Unit 6: Delegation:

• Understand the Use of Statistics in Finance
• Learn the Techniques Used in Statistics in Finance
• Understand the Applications Best Suited for Statistical Techniques

Unit 7: Future Controllership Strategies:

• Discuss Future Strategies for Controllership
• Analyze the Changes in Information Strategies
• Grasp the Implications of Change on the Controllership Function
• Understand the Opportunities Provided by the Changes
• Realize the Power Position of the Controllership Process
• Consider Future Strategies in Relation to Current Operating Position