This series focuses on improving the entire budget process including how to prevent budgeting missteps, creating budget models and how to deal with budgeting’s people issues. This course is one part of a four-part series for CFOs.
PURCHASE SERIES – by purchasing the entire series, you save 10% off the cost of purchasing each seminar individually!
Instructor – Robert Mims, CPA
Bob Mims, CPA, is a financial consultant and VP Finance for promising enterprises. For 20 years, Robert has worked with numerous startup ventures and nonprofits in the roles of Strategic Planning, Business Modeling, Controller and CFO. His focus is understanding the fundamentals of profitability. Robert worked ten years as a Big Four Senior Assurance Manager, earning National Instructor of the Year on three occasions. Robert has served on FASB Advisory committees and is based in Memphis, TN.
Learning Objectives
To help you improve the entire budget process including preventing budgeting missteps, creating budget models and dealing with budgeting’s people issues
Major Topics
Major topics include:
360 degree budgeting: Understanding and preventing common budget calamities
Most accountants know the basics of the budget process, but is it possible to enhance the process to be more effective, efficient, and even fun? The traditional budgeting process can produce stale results and fatigue amongst both accounting and cross departmental leadership. Organizations often fall into the trap of following the same steps of annual budgeting without weeding out the flaws that creep in. For large and small organizations looking to refresh the results, purpose, and engagement of their budgeting, several key tools will be discussed that are worth contemplating. Learn more about the process keys of successful budgets and how to balance the important technical and human components of the process. We discuss these keys in an engaging manner with thoughtfulness towards understanding our flaws and strengths, including how to build on these characteristics towards an enjoyable solutions-based method that should deliver effective results for your organization.
360 degree budgeting: Building flexible budget models
We can all learn from others and improve our budgeting process by listening to our colleagues’ wisdom and experience. This session takes a unique review of the fundamental budget issues faced by all and walks through a detailed modeling process intended to generate discussion and best practices to improve your organization’s financial planning. From the beginning of the accounting process – `the chart of accounts’ to the end of the process – `the valuation of the company’, the budgeting cycle via a live case model to learn best practices common to successful companies.
Managing budgeting’s soft side: Avoiding people issues
You have a fantastic budget, but certain players are not pleased. Financial plans have a technical component and human component. We can resolve some of our budget issues by exploring the process’ human aspect. Understanding what makes you and others operate can enhance your understanding of the entire organization and build upon the respect and influence needed to navigate and lead the budgeting cycle. This session includes a case study that measures an individual’s personality type and then explores how to use our strengths and weaknesses to create a better budget process.
360 degree budgeting: Presenting and communicating your numbers
Perhaps the most important element of the budget process is its communication. If management does not understand the budget – there is an issue. Knowing the right ways to communicate at all levels is essential to stakeholders laying an ownership claim to successful budgets. This session reveals several key guidelines in successful budget presentations and will identify key problems in how people often communicate financial plans.
Provider
Maryland Association of CPAs
Course Level
Intermediate
Professional Area of Focus
Accounting
BLI Leadership
Business & Industry
CPE Field of Study
Accounting
8
Who Should Attend
Financial leaders, regardless of title, who are, or aspire to be, chief financial officers in medium-sized organizations; We target the discussions to people in medium-sized organizations, including business leaders, CEOs, CFOs, accountants, corporate financial managers, business owners, risk
Instructor(s)
Bob Mims
Prerequisites
Six months of industry or public experience; Thorough knowledge of financial accounting principles and practices; Management experience is helpful
