Dynamics of Planning, Budgeting, and Financial Forecasting

Introduction:

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

This course offers insights and practices in financial planning, budgeting, and forecasting essential for financial controllers. It revolves around the latest methodologies, including financial forecasting, corporate planning, budgeting, and advanced tools and techniques that enable effective financial decision-making.

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 the junior or senior level who is part of the financial decision-building team.
• New Interns and Trainees with finance-related responsibilities.
• Head of Departments, Process Owners, and Administrative Personnel associated with budget management.

Course Objectives:

At the end of this financial planning, budgeting, and forecasting course, the participants will be able to:

• Understand current accounting issues.
• Understand the organization, reporting, and information management for financial controllers.
• Learn about 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.
• Learn how financial controllers can set up a managerial information network.
• Understand dynamic planning, budgeting, and forecasting for financial controllers.

Targeted Competencies:

By the end of this financial planning, budgeting, and forecasting training, the target competencies will be able to:

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

The Importance of Financial Planning, Budgeting, and Forecasting:

Understanding the intricacies of financial planning, budgeting, and forecasting is crucial for any organization aiming to achieve its long-term strategic goals. Through this course, professionals will delve into why budgeting and financial forecasting are important, explore the financial planning and budgeting process, and engage with financial planning and budgeting tools. This knowledge empowers professionals to make accurate financial predictions and effective budgeting decisions, ultimately steering their organizations toward success.

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 between 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.
• Explain Accounting’s Position in Current Organizations.
• Understand the Changes in Approaches to A/P and A/R.
• Understand the relationship between the various segments of business and 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.
• Know about 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 for Current Operating Position.