...Abstract Financial planning and budgeting has become a powerful tool of any company’s financial management. Planning and budgeting is an issue that should be solved in a complex. Therefore, this final English research paper highlights three main approaches absorbed: theoretical, practical, and analytical. Theoretical knowledge cannot be applied to practice without clear understanding of business, a feeling about the actual circumstances. Practical knowledge cannot be applied to professional tasks without analytical approach. This skills and approaches are presented and proven in this research. Having faced planning and budgeting process of middle-sized company, it has been noted that some issues of this important activity absence clarity, confidence, and flexibility. In order to optimize planning and budgeting process a thorough examination has been prepared in this research paper. The Company where experience has taken place is Levi’s XX that stands for Levi’s Vintage Clothing. Therefore, the industry examined is apparel, and as a market is taken the whole Globe. Table of Contents Abstract 2 Introduction 4 • The purpose of the study 4 • The main conceptual problem 5 Methodology 6 1. Essence and role of financial planning and budgeting 7 1.1 Planning and budgeting role in company’s structure 7 1.2 Purpose of budgeting 7 2. Company profile, industry and market description 10 2.1 Levi’s XX story 10 2.2 Company’s structure 10 3. Principles and objectives...
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...SEL is about to obtain a significant contract over a five-year period, it needs to gain control and put processes to operate effectively and efficiently. There are currently some weaknesses in SEL’s financial accounting and reporting system. The part time accountant with only basic accounting experience doesn’t allow SEL to have proper financial analysis or forecasting and it could cause potential accounting gaps, such as not knowing how to properly account for foreign exchange risk. With the part time accountant doing all the accounting tasks, there is no segregation of duties, proper review or approval processes in place. By not analyzing the finances or preparing forecasts, it is not allowing SEL to see where it stands financially and it doesn’t allow for proper budgeting or plan for future spending. This seems to be true as SEL is unable to anticipate cash flow shortages and is unable to pay their liability insurance on time. By not paying the liability insurance creates a lack of integrity as it puts the company and employees at risk in case something shall go wrong. By not planning, budgeting and forecasting their contracts – it isn’t...
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...Excellence in Financial Management Course 2: Financial Planning and Forecasting Prepared by: Matt H. Evans, CPA, CMA, CFM This course provides a basic understanding of how to prepare a financial plan (budgeted financial statements). This course will also discuss some of the problems associated with budgeting along with "best practices" in budgeting. This course is recommended for 2 hours of Continuing Professional Education. In order to receive credit, you will need to pass a multiple choice exam which is administered over the internet at www.exinfm.com/training Revised March 2000 Chapter 1 The First Steps Introduction Financial planning is a continuous process of directing and allocating financial resources to meet strategic goals and objectives. The output from financial planning takes the form of budgets. The most widely used form of budgets is Pro Forma or Budgeted Financial Statements. The foundation for Budgeted Financial Statements is Detail Budgets. Detail Budgets include sales forecasts, production forecasts, and other estimates in support of the Financial Plan. Collectively, all of these budgets are referred to as the Master Budget. We can also break financial planning down into planning for operations and planning for financing. Operating people focus on sales and production while financial planners are interested in how to finance the operations. Therefore, we can have an Operating Plan and a Financial Plan....
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...foreseen the future of IT. They have adapted a full service CPM system which can accommodate customers from beginning to end. The “cloud” has become a vital asset to the selling point which will forever change IT as we know it. This new system has allowed companies to “Dramatically reduce budgeting and forecasting cycle times by up to 90%” (Product Overview). “Allowing them to make faster, more informed and better decisions” (Product Overview). This paper will discuss the alternative of cloud computing and many of the other assets to automating the CPM cycle. We will discuss Bridon American Corporation’s (BAC’s) process of forecasting, budgeting and financial reporting prior to implementation and after implementation of Adaptive Planning. Keywords: forecasting, budgeting, financial reporting, cloud computing The Future of Corporate Performance Management “Corporate Performance Management is a cycle that begins with budgeting and continues to comparison of actual performance against the plan” (Product Overview). “Reports and dashboards are used to analyze real-time data, and compare it to what was planned. Based on this analysis, the cycle begins again, with what-if analysis and re-forecasting” (Product Overview). “A truly integrated and automated cycle has tight collaboration among managers throughout the organization, as well as tight integration between systems- the GL and other enterprise systems, and the software used for planning, reporting and analysis”(Product Overview)...
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...| | | |II. COURSE DESCRIPTION | |Students will gain a working knowledge of financial management by learning to develop a systematic approach to financial analysis; to apply techniques for | |planning, forecasting, and managing; as well as to evaluate and recommend improvements in the organization's financial performance. | | | |III. PREREQUISITES | | | |FIN 5001 OR FINP 5008 and ACTP 5001 | | | |IV. LEARNING OUTCOMES ...
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...Public Budgeting Case Study: Republic of Kosova 9/12/2013 [Type the abstract of the document here. The abstract is typically a short summary of the contents of the document. Type the abstract of the document here. The abstract is typically a short summary of the contents of the document.] Contents 1.0. Introduction 3 1.1. Problem Statement 3 1.2. Report Structure 4 2.0. Methodology 4 3.0. Analyses 4 3.1. Overview of Public Budgeting 4 3.2. Public Budgeting in Kosova 5 Executive Summary Based on ‘Public Budgeting’ book, public budgeting is defined as making and implementing decision regarding the acquisition, allocation, and use of resources by government, with a primary focus on money in the modern age. Similar to budgeting of private companies as well as budgeting of families, public budgeting deals with generation of income, and then planning and monitoring how that incomes are being spent. This study aims to explain and understand the budgeting process in the Republic of Kosova by investigating which are the pros and cons in their process. To compile the report, only secondary data have been used such as literature and publications taken on official websites. Public budgeting, involves in itself some other tasks that sometimes could be incompatible and may erode the ability to perform the other task. These tasks includes: setting goals and priorities, linking goals to actions, managing the economy...
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...concentrated on within the body of information presented Managing a Budget within the Forecasts According to Finkler, Kovner, and Jones, (2007), organizations exercise control over operations through the use of a management control system. The determination of whether a business is able to appropriately budget for future expenses, economic downturns, and risks is critical in today’s economic crisis. The methods by which a budget is created are specific and take into consideration several factors that provide target, actual, and variance results. The strategies used to create a budget vary among industry, organization, department, and/or manager just to name a few. Budget variances, strategies, and benchmarking techniques are critical to the final budget formulated for a business. A budget is a way to assist managers to follow a set strategic plan to ensure resources are used to efficiently to achieve the goals and follow the mission of the organization. A budget provides estimates of revenue, expenditures and financial performance of an organization for a designated time period. A budget may have projections that are monthly, quarterly, semi-annually, or annually. Estimates of future financial conditions can be obtained through a number of benchmarking techniques. A budget can assist an organization to assess operational efficacy, assess the financial viability and performance of the...
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...Introduction: The case study on Nine West Retail Stores presents the typical story of a firm that has achieved tremendous growth over a short period of time and now stands at a cross roads. The industry it has traditionally been operating in, i.e. the foot wear industry has been stagnating over the past few years and in a bid to move to the next level, NWRS has to expand its core business through diversifying into unchartered territory and portfolios while trying to balance its existing structures, processes and heritage intact. At the same time, the firm also needs to analyze the existing footwear industry as the annextures attached with the case reveal an interesting trend which might require NWRS to reposition some of its brands to improve its profitability. In our analysis, we will start of by outlining the main facts about Nine West Retail Stores and then move on to focus on the three core problems it faces and the proposed solution that we as a group feel can help NWRS move on to brighter pastures. Summary of Facts/NWRS current Structure: Company Background: Named for its early office location at 9 West 57th Street in New York City, the Nine West Group, Inc. started in 1977 as a manufacturer and wholesaler of women’s footwear, and by 1998 had expanded to include fashion footwear and accessories for fourteen brands, including Nine West and Easy Spirit. Nine West saw significant growth since its conception, reaching sales of $1.6 billion in 1996, which was achieved...
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... | | |Financial Management for Human | | |Service Managers | Copyright © 2009, 2007 by University of Phoenix. All rights reserved. Course Description This course focuses on conceptual understanding and practice of financial management as it applies to human service agencies. Students complete the course with a better understanding of basic accounting concepts, budgets and budgeting systems, how to create performance measures, and the ability to analyze financial statements for the purpose of cost analysis and forecasting. Aspects of setting fees, funding, and risk management are also covered. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: • University policies: You must be logged into the student website to view this document. • Instructor policies: This document is posted in the Course Materials forum. University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read the policies...
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... | | |Financial Management for Human | | |Service Managers | Copyright © 2009, 2007 by University of Phoenix. All rights reserved. Course Description This course focuses on conceptual understanding and practice of financial management as it applies to human service agencies. Students complete the course with a better understanding of basic accounting concepts, budgets and budgeting systems, how to create performance measures, and the ability to analyze financial statements for the purpose of cost analysis and forecasting. Aspects of setting fees, funding, and risk management are also covered. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: • University policies: You must be logged into the student website to view this document. • Instructor policies: This document is posted in the Course Materials forum. University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read the policies...
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...636 TNRB Christian Hsieh Phone: 422-3017 Office: 324 TNRB Office Hours: MW 2:00 - 3:00 p.m. Phone: 422-6835 e-mail: Office hours: forthcoming Home page: Course Description and Objectives This course introduces basic financial concepts all business managers should understand regardless of functional specialization. Topics include financial analysis and planning, time value of money, valuation, capital budgeting, risk/return trade-offs, cost of capital, and capital structure. The pedagogical approach used is a mixture of lectures and case examples. Cases are often used as a vehicle for discussing the complexities of real-world financial problems. To benefit most from this method of teaching, you will want to come prepared to discuss the cases in detail. By the end of the semester, students should be able to: (1) describe essential characteristics of the finance profession and institutions, (2) be conversant in basic financial jargon, (3) value paper assets (stocks and bonds) and tangible assets (capital budgeting) using the tools of time value of money, including NPV and IRR, (4) explain the various sources of financing, their associated costs, and their advantages and disadvantages, (5) calculate and use financial statements and ratios to analyze a business and create and use pro forma statements for planning and decision-making purposes, (6) appreciate the complexities international business, and (7) demonstrate team skills by actively participating...
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...Document: An Overview of Oracle Hyperion Planning Description: This is another document from Hyperion Planning Beginner’s Guide Series. The document provides the overview of Oracle Hyperion Planning and the related products. History: Version 0.1 0.1 Description Change Initial Draft Reviewed By Author Gaurav Shrivastava Amit Sharma Publish Date 05-Aug-2010 05-Aug-2010 Learnhyperion.wordpress.com http://learnplanning.wordpress.com 1 Table of Contents 1. Planning, Budgeting and Forecasting fundamentals......................................03 a. Planning Overview................................................................................03 b. Budgeting.............................................................................................03 c. Forecast................................................................................................03 2. Hyperion Planning……………………………………………………………..04 3. Challenges that Planners Face include…………………………………………04 4. Planning Features...............................................................................................06 5. Planning Components..........................................................................................07 6. Related Planning Components............................................................................07 7. Planning Architecture...........................................................................................08 8. Hyperion Workspace Overview..................
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...Course Description and Objectives This course introduces basic financial concepts all business managers should understand regardless of functional specialization. Topics include financial analysis and planning, time value of money, valuation, capital budgeting, risk/return trade-offs, cost of capital, and capital structure. The pedagogical approach used is a mixture of lectures and case examples. Cases are often used as a vehicle for discussing the complexities of real-world financial problems. To benefit most from this method of teaching, you will want to come prepared to discuss the cases in detail. By the end of the semester, students should be able to: (1) describe essential characteristics of the finance profession and institutions, (2) be conversant in basic financial jargon, (3) value paper assets (stocks and bonds) and tangible assets (capital budgeting) using the tools of time value of money, including NPV and IRR, (4) explain the various sources of financing, their associated costs, and their advantages and disadvantages, (5) calculate and use financial statements and ratios to analyze a business and create and use pro forma statements for planning and decision-making purposes, (6) appreciate the complexities international business, and (7) demonstrate team skills by actively participating in group written cases. Course Materials Text: Background readings and problem sets are from Ross, Westerfield and Jordan (RWJ), Fundamentals of Corporate Finance...
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...From doing the readings we all know how integral budgeting is to an organizations strategic planning. It’s been made clear that the budgets need to be well developed, thoroughly communicated, embraced by all levels and carefully reviewed. Budgets are an important management tool as they can “steer” the organization in a certain direction towards goals, it can be used to evaluate performance and also has the ability to motivate. A strategic plan and budget means doing the following: • Reflecting on the vision and goals of the company • Review the company environment and external environment • Review previous budgets – how accurate were they? Was the company successful? • Aim for continuous improvement • Review and modify as changes occur and/or as necessary Keeping the above concepts in mind there are many things I would consider if I were in this position: • In preparing final budgets all stakeholders/developers should have a solid justification and basis for a budget. It should be developed by many individuals within the organization rather than being based on the whims of few individuals within the organization. • I would ensure a clear time-line has been decided upon for the budget. Based on the conversations from discussion #2 I truly believe a one-year time frame is most appropriate for budgeting/reporting. • I would complete a detailed analysis of the company’s current situation in terms...
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...merits of the top-down and bottom-up approaches to budget setting? Budgeting Budgeting is a formal process in which a company's expenses and revenues are planned for the future. Top down and bottom up are two most common budgeting techniques. In the top-down approach, upper management prepares budgets with no input from employees or lower-level managers. In the bottom-up budgeting approach, managers and employees at the department level prepare budgets for their individual departments. A final, organizational budget is prepared by consolidating all individual, department budgets. The relative merits of Top-Down Budgeting Financial Control * When upper management evaluates a company's overall financial needs and compares the needs to projected revenues for a year, it gets a clear picture of how much money it can reasonably allocate to different areas. Decisions are made about where finances will have the most positive impact and staffers are given directives on what they have to work with. This approach allows upper managers to maintain complete financial control over a budget. Accountability of Staff * When a staff is given a certain budget to work with, it must make prudent financial decisions about how the money will be used. This may result in greater financial accountability and more comparison-shopping for products, services and consulting help. Faster Process * Top-down budgeting is much more time-efficient than...
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