The main objective of this workshop is to update the relevant personnel on the emerging trends and technique required for Advanced Budgeting and Financial Planning in Public and Private Sectors. Computer Application in Corporate Budgeting will also be treated.
The best business plans fail due to lack of adequate and relevant information required for effective decision-making failure will result many from the use of wrong financial information, incorrect criteria in appraisal and misrepresentation of financial results. This workshop will highlight the relationship between financial planning and other strategic plans. It will also address the causes and Management of Financial Crisis resulting from harsh business operating environment when an organisation slowly and steadily slip into deep financial mess and continuity of business is threatened.
Fundamentals of Budgeting
- Budgets as driver of operation
- Types of budgets: Choosing suitable types for your organisation from Line item, output, planning programming Budget System, Incremental budgeting, Zero base budgeting.
- Corporate long-term budgets and rolling plans
- Peculiarities of public Sector budgeting
- The role of budgeting and budgetary control in decision making
- Budgeting as a Cost Control Plan.
Preparing the Corporate Budget
- Review of previous year’s results
- Scanning the operating environment, SWOT analysis
- Issuing Budget guidelines and Circulars
- Budget Committee meetings and budget defence
- Duties and responsibilities of the Board of Directors, The Chief Executive, The Executive Committee, etc
- The Master Budget and its components i.e. operating, Capital, Cash, etc..
- Incorporating pre-approval adjustments
The Approval Process
- Presentation of draft budget to the budget committee
- Presentation to the Executive Committee
- Presentation of the Board of Directors
- Communication the approved budget to the various functionaries
- Addressing the issue of budget discipline
- Agreeing the budget calendar of activities and deadline
- Peculiarities of approval process in public sector Budgeting role: role of various legislative houses/Senate, the Executive Council, The Executive Governor/President etc.
Executing the Budget And Control Process
- Pre-requisite for effective budgeting and budgetary control
- Allocating tasks and responsibilities: Responsibility Accounting
- Budget monitoring and variance analysis.
- Various budgetary control reports for managements action
- Public Sector peculiarities: release of funds via warrants, AIES, cash backing etc. Expenditure and vote control including the treatment of recurrent and returns for recurrent and capital expenditure etc.
- Budgetary control and the feedback loop
- Periodic budgetary review and implementation
- Accounting for competitive advantages
- How to develop a value-added approach to finance
- Strategic challenge for finance
- Strategic financial analysis of operations
- Formulation and Implementation for financial policies
- Prioritizing and ranking of organizational needs
- Analysis of Resources
- Matching resources with need
- Income Cost programmers and Cash planning
- Definition of Finance Crisis
- Symptoms of Financial Crisis
- Anticipating and avoiding financial crisis
- Liquidity management in financial crisis
- Sources and application of funds
- Shortage of liquid funds- What to do
- Anticipating surplus funds? -What to do
- Investment appraisal and analysis
- Cost control strategies
- Short, Medium- and Long-term financial plans
- Anglicizing and Interpreting financial statements
- Strengthening the Internal Control system
- Business process re-engineering
- Designing and Implementing appropriately tailored performance measures
- Financial Planning and Control Problems
- -Experience sharing sessions
A Distinguished team of Facilitators who are eminently qualified Professionals has been assembled to lead discussions in course of the workshop.
Directors, Accountants, Auditors Personnel and Adin. Managers and other Senior Middle Management who perform related functions in the public and private sectors including Banks, Oil Companies, Trading organizations, Government Ministries, Parastatals, Agencies, Commissions, Local Governments, etc.