Budgeting Department Specialist - free course from the Russian School of Management, training, date: December 6, 2023.

ACCA, MBBA, practicing auditor, specialist in tax, financial, management consulting, business coach

Practicing auditor, business coach, member of the Moscow Chamber of Auditors, Institute of Internal Auditors, Chamber of Tax Consultants of Russia.

Effective budgeting system
• Implementation of a budgeting system in the company. General budgeting cycle.
• Budget structure of the company. Financial Responsibility Centers (FRC).
• Step-by-step implementation of a budgeting system in the company. Budget analysis techniques.
• General budget structure of a manufacturing and trading company.
• Application of Unit economics in the development of budgets.
• Application of Direct-costing methodology in budgeting.
• Formation of a budget for income and expenses using the reverse method.
• Identification of infrastructural limitations of the business development model.
• Formation of a cash flow budget.
• Determination of the profit zone during budgeting.
• Formation of a forecast balance.
• Regulations for operational budget planning

Formation of the company's financial model
• Basic principles of constructing a financial model.
• Financial model, budget, investment plan - practical understanding and application.
• Model – standard structure, sequence of “assembly”.
• Risk and return.
• How important are exceptions to the rules (adaptation of standard forms of financial reporting, introduction of elements of management accounting)?
• Management sections of the model, depth of detail.
• How to solve the problem of investor motivation (dividends, “risk payment”, etc.) and reflect this in the model?
• What risks should be taken into account?
• Differences in the financial structure of the models.
• Use of internal and external analysis tools.
• Practical construction of a financial model.
• Workshop: “Calculation of financial flow according to several proposed options.”
• Testing the generated financial model and generating proposals for making management decisions.
• Dynamic model (assessment of the impact of changes in various parameters on the implementation of the business plan) – demonstration of various development scenarios.
• Product profitability (product picture excluding operating expenses).
• Profit and liquidity (“tuning” the model, smoothing cash gaps) – demonstration with an example.
• Business plan and business process (what is necessary for the financial model to work).

Controlling
• Controller as corporate navigator and economic conscience.
• “Second” opinion, a system of organizational balances and the “4 eyes” principle. The controller is like a corporate navigator, co-pilot and economic conscience.
• Options for organizational design of controlling. Separation of the functionality of the controller and financial director. "Deadly sins" of the controller. Modern requirements for controller competencies.
• Features of controlling in different corporate cultures. Command&Control or Self-Organizing System? Organizational “substitutes” for the control function.
• Management by goals and benchmarks.
• Visualization and “digitization” of business strategy: finance - clients - processes - personnel. “Control panels” for owners, for the general director, for key (functional) managers.
• System of control indicators (KPI) – strategic and operational levels. Decomposition of goals and indicators: company – division – position.
• Management accounting and reporting.
• Ratio (numbers) and Emotio (visualization) in management reporting.
• Financial responsibility centers (cost centers – profit centers – service centers) and internal prices.
• Assessing the profitability of products and customers (product-customer matrix).
• Flexible budgeting.
• Beyond Budgeting is an alternative to traditional budgeting.
• “Rolling” and flexible budget. Corporate system of norms and limits.
• Soft skills of the controller.
• Communication of the controller with managers and colleagues of various psychotypes.

Management accounting: practice of application
• Concept, types and place in the economic system of the company.
• Objectives of management accounting.
• Basic components of a management accounting system.
• Interface of management accounting systems with the accounting system. Management accounting technology.
• Documentation in management accounting.
• Creation of an adequate reporting system.
• Creation of internal regulations governing management accounting.
• Control over management accounting.
• Ways to improve the efficiency of the management accounting system.
• Why is management accounting a CFO's problem? Automation.