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No other management tool provides the operational direction that a well-planned budget can. Now in a new edition, this book provides updated coverage on issues such as budgeting for exempt organizations and nonprofits in light of the IRS' newly issued Form 990; what manufacturing CFOs' budgeting needs are; current technology solutions; and updated information on value-based budgets. Controllers, budget directors, and CFOs will benefit from this practical "e;how-to"e; book's coverage, from the initial planning process to forecasting to specific industry budgets.
Autorentext
William Rea Lalli (New Rochelle, NY) is a certified public accountant in New York and was the founder and CFO of WillCo LLC, a premier provider of continuing professional education in the study of budgeting, planning, forecasting, corporate finance, auditing, accounting, and taxation. After a successful career in public accounting with the world's largest firm and AICPA, Mr. Lalli held progressively responsible executive positions with the world's largest conference organizers. He has been published many times by AICPA, and is on the Board of Advisors of The Journal of Corporate Accounting & Finance.
Inhalt
Foreword xv
Preface xvii
Part One: Introduction to the Budgeting Process
Chapter 1: Integrating the Balanced Scorecard for Improved Planning and Performance Management 3
Overview 3
Elements of a Balanced Scorecard 5
Use of Strategy Maps 11
Scorecard Cascading 12
Bringing It All Together 13
Integrating the Scorecard with Planning and Performance 14
Balanced Scorecard and Annual Planning 15
Continuous Strategic Management with the Scorecard 22
Summary 24
Chapter 2: Strategic Balanced ScorecardBased Budgeting and Performance Management 25
Introduction: Why Most Companies Fail to Implement Their Strategies 25
Why a few Companies Produce Exceptional Results 26
Measure your Strategy with Balanced Scorecard 34
Balanced Scorecard-Based Budgets 37
Performance Management 38
Summary 39
Chapter 3: Budgeting and the Strategic Planning Process 41
Definition of Strategic Planning 41
Planning Cycle 42
Strategic Planning Process: A Dynamic Cycle 44
Situation Analysis 46
Business Direction/Concept 58
Alternative Approaches 61
Operational Plan 62
Measurement 66
Feedback 66
Contingency Planning 68
Problems in Implementing Formal Strategic Planning Systems 69
Summary 70
Chapter 4: Budgeting and Forecasting: Process Tweak or Process Overhaul? 71
Introduction 71
Survey Methodology 72
Findings: Budgeting Process 72
Findings: Forecasting Process 86
Report Summary 89
Developing a Road Map for Change 90
Chapter 5: The Budget: An Integral Element of Internal Control 93
Introduction 93
The Control Environment 94
Planning Systems 96
Reporting Systems 98
Summary 102
Chapter 6: Relationship Between Strategic Planning and the Budgeting Process 103
Introduction 103
How to Plan 103
The Audience for Whom the Plan Is Designed 104
Strategic Business Planning and Its Role in Budgeting 105
Planning Differences among Small, Medium, and Large Organizations 106
Components of Strategic Planning 107
Management and Organization 108
Market Analysis 110
Formulation of Marketing Strategies 111
Operations Analysis 112
Summary 114
Chapter 7: The Essentials of Business Valuation 115
Introduction 115
Understanding the Valuation Assignment 117
Research and Information Gathering 120
Adjusting and Analyzing the Financial Statements 123
Three Approaches to Valuing a Business 125
Income Approach 125
Market Approach 132
Asset Approach 135
Making Adjustments to Value 136
Reaching the Valuation Conclusion 141
Chapter 8: Moving Beyond Budgeting: Integrating Continuous Planning and Adaptive Control 145
Introduction 145
Annual Budgeting Trap 146
Why Some Organizations Are Going Beyond Budgeting 147
Beyond Budgeting: Enabling a More Adaptive Performance Management Process 148
Climbing the Twin Peaks of Beyond Budgeting 152
Beyond Budgeting: Enabling Radical Decentralization 153
Chapter 9: Moving Beyond Budgeting: An Update 161
Introduction 161
Beyond Budgeting Round Table (BBRT) 162
Guardian Industries Corporation 163
Part Two: Tools and Techniques
Chapter 10: Implementing Forecasting Best Practices 169
Introduction 169
Budgeting versus Forecasting 170
Implementing Forecasting Best Practices 170
Forecasting Best Practices: Process 171 <p&...