The Dynamics of Planning, Budgeting, and Financial Forecasting

Introduction:

Leavy specializes in comprehensive managerial accounting, operational and strategic planning, and rolling forecasting techniques tailored for financial controllers. Participants will explore the latest practices in financial planning, including statistical methods and the management of critical information. The course emphasizes modern solutions for financial forecasting, corporate planning, and budgeting, equipping financial controllers with advanced tools and techniques for effective decision-making.

Objectives:

By the end of this financial planning, budgeting, and forecasting course, participants will:

• Analyze current issues in accounting practice.
• Understand the organization, reporting, and information management for financial controllers.
• Master advanced statistical applications for financial information.
• Identify alternatives to standard accounts receivable (A/R) and accounts payable (A/P) processes, including purchase and sales order controls, EDI, and EFT systems.
• Explore alternatives to the traditional monthly close process.
• Develop a managerial information network for financial controllers.
• Implement dynamic planning, budgeting, and forecasting methods.

Training Methodology:

• Case Study
• Workshop
• Simulation
• Group Discussion
• Practice
• Lecture
• Practice Outside of Class

Course Outline:

Unit 1: Learning Outcomes

• Translate corporate strategies into strategic budgets and operational plans.
• Adopt the evolving role of a Growth Manager within corporates.
• Make informed decisions amid uncertainty.
• Manage expenses and allocate resources efficiently.
• Participate effectively as an operational planner.

Unit 2: Present Accounting Practices

• Interpret management accounting principles.
• Compare management accounting with Generally Accepted Accounting Principles (GAAP).
• Understand the flow of accounting data.
• Present GAAP accounting information flows.
• Identify key economic segments.
• Discuss the relevance of accountants in modern corporates.
• Analyze shifts in accounts receivable (A/R) and accounts payable (A/P) practices.
• Explore the relationship between controllership and various business functions.
• Recognize the importance of information in financial management.

Unit 3: Ways of Information Flow

• Examine controlling flow and its relation to procurement functions.
• Analyze the flow of control and the implementation process for controllers.
• Understand the three types of information flows and their relationship to the general ledger.
• Master Electronic Data Interchange (EDI) and Electronic Funds Transfer (EFT) processes.
• Review accounts receivable (A/R) automation and regulatory history.

Unit 4: Information as a Corporate Resource

• Explain the significance of information in modern organizations.
• Trace the historical development of information processes.
• Understand the hierarchy of information resource centers within organizations.
• Utilize relational database methods effectively.

Unit 5: Dynamic Planning, Forecasting, and Budgeting

• Develop objective planning tasks and integrate them with planning activities.
• Familiarize with the forecasting and budgeting process.
• Understand various budgeting techniques.
• Outline the process of dynamic information use.
• Leverage internet tools for dynamic planning, forecasting, and budgeting.

Unit 6: Delegation

• Examine the role of statistics in finance.
• Explore popular statistical applications in finance.
• Define application areas for quantitative methods.

Unit 7: Future Controllership Strategies

• Discuss future strategies for controllership.
• Analyze transformations in information strategies.
• Assess the impact of changes on the controllership function.
• Understand the cost implications of these changes.
• Strategically consider the future operating position in controllership.