Overview
Non- Financial professionals need the skills and tools to analyze financial statements in the management control and application of resources for which they are responsible. There are several myths about accounting that must be overcome to gain a basic knowledge of accounting and how transactions are transformed into statements. These myths are converted to meaning. Doubt and uncertainty about accounting are removed with a simple understanding and applying tools and techniques.Why you should Attend
Non-Financial Professionals are required to take leading roles in the control of financial resources. This requires basic knowledge and understanding of the basic tools & techniques of planning & budgeting. This is especially critical in a COVID-19 environment when recourses are scarce yet profit expectations remain high. This Webinar provides basic tools, techniques, methods & models related to planning & budgeting specifically for non-financial professionals to enhance their knowledge & understanding of planning & budgeting with specific concerns & challenges in a COVID-19 environment.- Basic background & understanding of planning & budgeting
- Fundamentals of planning & budgeting as relates to finance & accounting
- Relevant reporting review & analysis of planning & budgeting
Areas Covered in the Session
- Planning & Budgeting Overview to include the plan/forecast as the starting point
- How company goals are converted to
- Revenue
- Expenses
- Profit/Surplus
- How goals are expressed in plan/forecasts & specific budgets
- Financial-Revenue Cash
- Operating: Groups, Departments & Projects
- Expressed as: Profit or Cost Centers
- Separate Budgets
- Project/Activity
- Capital
- Cash
- Finance & Accounting basics relating to planning & budgeting
- Overview & understanding & budgeting basics:
- The basis for decisions
- Control of revenue & expenses
- Not authority to spend
- Budgets measured against actuals
- Must reflect reaity and uncertainty in a COVID-19 environment
- COVID-19 Challenges & Concerns relating to Planning & Budgeting:
- Dealing with turbulent uncertain environment
- Creating new budgeting norms based on survival
- Flexibility is key
- The family vacation model is used to simplify planning & budgeting to non-financial professionals
- Family Vacation Planned to include transportation, lodging, activities & events
- Review funds available to match plans
- Adjust match reality
- Planning & budgeting simplified:
- Plans come first
- Budget specifies plan
- Adjust budget based on reality
- Types of Budget Groups and how they operate in simplified terms:
- Profit Centers-Revenue & Expenses
- Cost Centers-Expenses
- Projects: Revenue & Expenses or Expenses only
- Activity: Same as Projects
- Capital Budgets: Equipment purchases
- Cash Budget: Sources & Uses of Cash
- Measuring actual performance to budgets:
- Based on chart of accounts explained
- Review & analysis explained
- Reforecast based on review & analysis explained
- Basics of expense control explained:
- Categories of expenses explained:
- Personnel & Related Costs & Benefits
- Controllable expenses
- Pre-determined allocated
- Reducing expenses to increase profits
