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Handbook of Budgeting, 6th Edition

Handbook of Budgeting, 6th Edition

  • Author:
  • Publisher: John Wiley & Sons
  • ISBN: 9780470920459
  • Published In: January 2012
  • Format: Hardback , 1008 pages
  • Jurisdiction: International or US ? Disclaimer:
    Countri(es) stated herein are used as reference only
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  • Description 
  • Contents 
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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 "how-to" book's coverage, from the initial planning process to forecasting to specific industry budgets.

  • Foreword

    Preface

    Acknowledgments

    Part One Introduction To The Budgeting Process

    Chapter 1 Integrating The Balanced Scorecard For Improved Planning And Performance Management
    Antosh G. Nirmul

    Overview

    Elements Of A Balanced Scorecard

    Use Of Strategy Maps

    Scorecard Cascading

    Bringing It All Together

    Integrating The Scorecard With Planning And Performance

    Balanced Scorecard And Annual Planning

    Continuous Strategic Management With The Scorecard

    Summary

    Chapter 2 Strategic Balanced Scorecard–Based Budgeting And Performance Management
    Robert E. Paladino, CPA, MBA

    Introduction: Why Most Companies Fail To Implement Their Strategies

    Why a Few Companies Produce Exceptional Results

    Measure Your Strategy with Balanced Scorecard

    Balanced Scorecard–Based Budgets

    Performance Management

    SUMMARY

    Chapter 3 Budgeting And The Strategic Planning Process
    Albert A. Fried

    Definition Of Strategic Planning

    Planning Cycle

    Strategic Planning Process: A Dynamic Cycle

    Situation Analysis

    Business Direction/Concept

    Alternative Approaches

    Operational Plan

    Measurement

    Feedback

    Contingency Planning

    Problems In Implementing Formal Strategic Planning Systems

    Summary

    Chapter 4 Budgeting and Forecasting: Process Tweak or Process Overhaul?
    Joseph M. Orlando
    William E. Dailey

    Introduction

    Survey Methodology

    Findings: Budgeting Process

    Findings: Forecasting Process

    Report Summary

    Developing a Road Map for Change

    Chapter 5The Budget: An Integral Element Of Internal Control
    Jay H. Loevy, C.P.A., C.F.E.
    Edward Mendlowitz, CPA

    Introduction

    The Control Environment

    Planning Systems

    Reporting Systems

    Summary

    Chapter 6 Relationship Between Strategic Planning And The Budgeting Process
    Jeffrey L. Bass, M.A., M.P.A.

    Introduction

    How To Plan

    The Audience For Whom The Plan Is Designed

    Strategic Business Planning And Its Role In Budgeting

    Planning Differences Between Small, Medium, And Large Organizations

    Components Of Strategic Planning

    Management And Organization

    Market Analysis

    Formulation Of Marketing Strategies

    Operations Analysis

    Summary

    Chapter 7 The Essentials Of Business Valuation
    Frank C. Evans, C.B.A., A.S.A., C.P.A./A.B.V.
    Edward Mendlowitz, CPA/ABV/CFF/PFS

    Introduction

    Understanding The Valuation Assignment

    Research And Information Gathering

    Adjusting And Analyzing The Financial Statements

    Three Approaches To Valuing A Business

    Income Approach

    Market Approach

    Asset Approach

    Making Adjustments To Value

    Reaching The Valuation Conclusion

    Chapter 8 Moving Beyond Budgeting: Integrating Continuous Planning and Adaptive Control
    Steve Player
    Robin Fraser
    Jeremy Hope

    Introduction

    Annual Budgeting Trap

    Why Some Organizations are Going Beyond Budgeting

    Beyond Budgeting: Enabling a More Adaptive Performance Management Process

    Climbing the Twin Peaks of Beyond Budgeting

    Beyond Budgeting: Enabling Radical Decentralization

    An Alternative Coherent Performance Management Process has Emerged

    Chapter 9 Moving Beyond Budgeting:  An Update
    Steve Player

    Introduction

    Beyond Budgeting Round Table (BBRT)

    Guardian Industries Corporation (Guardian)

    Part Two Tools And Techniques

    Chapter 10 Implementing Forecasting Best Practices
    Terrence B. Hobdy, B.B.A., M.B.A.

    Introduction

    Budgeting Versus Forecasting

    Implementing Forecasting Best Practices

    Forecasting Best Practices: Process

    Forecasting Best Practices: Organization

    Forecasting Best Practices: Technology

    Conclusion

    Chapter 11 Calculations And Modeling In Budgeting Software
    Paul Barber

    Introduction

    Why Companies Use Budgeting Software

    Calculations In Accounting Systems And Spreadsheets

    Budgeting Software

    Olap Databases

    Modeling And Budgeting

    Processes

    More Complex Budgeting Calculations

    Conclusion

    Chapter 12 Cost-Accounting Systems: Integration With Manufacturing Budgeting
    Paul D. Warner, Ph.D., LL.M., C.P.A.
    Edward Mendlowitz, CPA

    Introduction

    Decision Factors In The Selection Process

    Cost-Accounting System Options

    Costs Associated With A Product

    Labor Cost

    Variable Costing And Budgeting

    Full Costing And Budgeting

    Cost-Accumulation Procedures

    Valuation: Actual Versus Standard

    Actual Costing

    Actual Costing, Budgeting, And Cost Control

    Standard Costing

    Variance Reporting

    Variances And Budgeting

    Manufacturing Overhead

    Manufacturing Overhead, Budgeting, And Cost Control

    Chapter 13 Break-Even And Contribution Analysis As A Tool In Budgeting
    Jay H. Loevy, C.P.A., C.F.E.
    Edward Mendlowitz, CPA/PFS/ABV/CFF

    Introduction

    Break-Even Analysis

    Price/Volume Chart

    Contribution Analysis

    Cost–Volume–Price And The Budgeting Process

    Chapter 14 Profitability And The Cost Of Capital
    Mike Kaufman

    Introduction

    A Market Gauge For Performance

    Coping With The Cost Of Equity

    Building Company-Wide Profit Goals

    Building Divisional Profit Goals

    Information Problems And Cost Of Capital

    Summary

    Chapter 15 Budgeting Shareholder Value
    Serge L. Wind, Ph.D.

    Introduction

    Long-Term Valuation

    Economic Value Added

    Complementary Measures Of Valuation

    Budgeting Shareholder Value

    Summary

    Chapter 16 Applying The Budget System
    R. Layne Weggeland
    Malcolm M. Knapp, M.B.A.
    Edward Mendlowitz, CPA

    Introduction

    Initial Budget Department Review Of Divisional Budget Packages

    Divisional Review Meetings

    Budget Consolidation And Analysis

    Preliminary Senior Management Review

    Final Revision Of Operating Group Plans

    Second Budget Staff Review Of Operating Group Plans

    Revised Consolidated Budget Preparations

    Final Senior Management Budget Review Sessions

    Operating Groups’ Monthly Submissions

    Effective Use Of Graphics

    Summary

    Chapter 17 Budgets And Performance Compensation
    Graef S. Crystal

    Introduction

    Measures Of Executive Performance

    Structuring Reward Opportunities

    Pitfalls Of Linking Incentives To Budgets

    An Optimal Approach

    Adjusting Operating Unit Targets

    Budgets And Long-Term Incentive Plans

    Summary

    Chapter 18 Predictive Costing, Predictive Accounting
    Gary Cokins, C.P.I.M.

    Internet Forces The Need For Better Cost Forecasting

    Traditional Budgeting: An Unreliable Compass

    Activity-Based Costing As A Foundation For Activity-Based Planning And Budgeting

    Budgeting: User Discontent And Rebellion

    Weary Annual Budget Parade

    Abc/M As A Solution For Activity-Based Planning And Budgeting

    Activity-Based Cost Estimating

    Activity-Based Planning And Budgeting Solution

    Early Views Of Activity-Based Planning And Budgeting Were Too Simplistic

    Important Role Of Resource Capacity Causes New Thinking

    Major Clue: Capacity Only Exists As A Resource

    Measuring And Using Cost Data

    Usefulness Of Historical Financial Data

    Where Does Activity-Based Planning And Budgeting Fit In?

    Activity-Based Planning And Budgeting Solution

    Risk Conditions For Forecasting Expenses And Calculated Costs

    Framework To Compare And Contrast Expense-Estimating Methods

    Economics 101?

    Chapter 19 Cost Behavior And The Relationship To The Budgeting Process
    Eugene H. Kramer, C.P.A.

    Introduction

    Cost Behavior

    Break-Even Analysis

    Additional Cost Concepts

    Differential Cost Concepts

    Maximizing Resources

    Estimating Costs

    Summary

    Part Three Preparation Of Specific Budgets

    Chapter 20 Sales And Marketing Budget
    R. Malcolm Schwartz

    Introduction

    Overview Of The Budget Process

    Special Budgeting Problems

    Pertinent Tools

    Unique Aspects Of Some Industries

    Summary

    Chapter 21 Manufacturing Budget
    C. Eugene Moore

    Introduction

    Concepts

    Changing To A Cost-Management System

    Problems In Preparing The Manufacturing Budget

    Three Solutions

    Technique

    Determining Production Requirements

    Step 1: Developing The Plannable Core

    Step 2: Obtaining Sales History And Forecast

    Step 3: Scheduling New And Revised Product Appearance

    Step 4: Determining Required Inventory Levels

    Step 5: Establishing Real Demonstrated Shop Capacity

    Step 6: Publishing The Master Schedule

    A Total Quality Program—The Other Alternative

    Inventory And Replenishment

    More On The Manufacturing Budget

    Determining Raw-Material Requirements

    Determining Other Indirect-Material Costs

    Determining Direct-Labor Costs

    Establishing The Manufacturing Overhead Functions And Services

    Quality Control Economics Review Questions

    Plant Engineering Buildings And Equipment Maintenance Review Questions

    Floor And Work-In-Process Control Review Questions

    Summary

    CHAPTER 22 Research And Development Budget
    Maurice I. Zeldman

    The Relationship Of Research And Development And Engineering To The Total Budgeting Process

    Problems In Establishing Research And Development And Engineering Objectives

    Developing A Technological Budget

    Preparing A Departmental Budget

    Managing A Budget

    Coordinating Project Budgets

    CHAPTER 23 Administrative-Expense Budget
    R. Malcolm Schwartz
    Maria Theresa Mateo, M.B.A.

    Introduction

    Role And Scope Of The Administrative-Expense Budget

    Methods Used For Preparing The Administrative-Expense Budget

    Factors That Impact The Administrative-Expense Budget

    Unique Issues Impacting The Administrative-Expense Budget

    Tools And Techniques For Managing The Administrative-Expense Budget

    Summary

    Chapter 24 Budgeting The Purchasing Department And The Purchasing Process
    Carl Benner
    John N. Trush
    Thomas F. Norris

    Description And Definition Of The Process Approach

    Role Of Process Measures

    Process Measures

    Creating The Procurement Process Budget

    Chapter 25 Capital Investment Review: Toward A New Process
    Bryan Crawford

    Introduction

    Context Of The Revised Capital-Investment Review Process

    Benchmarking Capital-Investment Review Best Practices

    Revised Capital-Investment Review Process: Overview

    Implementation: What Bonneville Learned In The First Three Years

    Summary

    Chapter 26 Leasing
    Robert Dale Apgood, Ph.D., M.B.A., C.P.A.

    Introduction

    Overview Of The Leasing Process

    Possible Advantages Of Leasing

    Possible Disadvantages Of Leasing

    22.5 Types Of Lease Sources

    Lease Reporting

    Lease-Versus-Purchase Analysis

    Financial Accounting Standards Board Rule 13 Case Illustration

    Negotiation Of Leases

    Selecting A Lessor

    Lease-Analysis Techniques

    Lease Form

    Summary

    Chapter 27 Balance-Sheet Budget
    James E. Kristy

    Introduction

    Purpose Of The Balance-Sheet Budget

    Definition

    Responsibility For The Budget

    Types Of Financial Budgets

    Preparing Financial Budgets

    Preparing The Balance-Sheet Budget

    Adequate Cash

    Financial Ratios

    Analyzing Changes In The Balance Sheet

    Chapter 28 Budgeting For International Operations
    George Cassidy
    Gert Schumann

    Introduction

    “Top-To-Bottom” Qualitative Review

    Operating And Capital Budgets

    Regional/Group Budget Reviews

    Publication Of Integrated Planning Document

    Strategic Direction Paper

    Distribution Of Strategic Direction Paper/Receipt Of Draft Integrated Planning Document

    Budget-Review Procedure

    Integrated Planning Document

    Monthly Reporting Procedures

    Budgeting For Headquarters Operations

    Alternative Organizations Of International Business

    Chapter 29 Understanding Foreign Exchange Transactions
    Françoise Soares-Kemp, C.F.P.

    Foreign Exchange Rates

    Impact Of Foreign Exchange On Operating Exposure Management

    Chapter 30 Budgeting Property And Liability Insurance Requirements
    Ronald K. Tucker, B.B.A., C.P.C.U., A.R.M.
    Vicki L. Tucker, M.S., A.R.M.

    Introduction

    Role Risk Management Plays In The Budgeting Process

    Types Of Insurance Mechanisms

    Role Of Insurance/Risk Consultants

    Use Of Agents/Brokers

    Self-Insurance Alternatives

    Identifying The Need For Insurance

    Key Insurance Coverages

    Identifying Your Own Risks

    How Can One Budget For Casualty Premiums?

    Summary

    Part Four Budgeting Applications

    Chapter 31 Budgeting: Key To Corporate Performance Management
    Michael Coveney

    Future Of Budgeting

    Adding Value To The Organization

    Corporate Performance Management

    Developing A Budget Process Focused On Implementation Of Strategy

    Role Of Technology

    Overcoming Organizational Resistance

    Planning And Controlling Implementation Of A New System

    Conclusion

    Chapter 32 Zero-Based Budgeting
    Peter A. Pyhrr

    Introduction

    Problems With Traditional Techniques

    Zero-Based Approach

    Zero-Based Budgeting Procedures

    Decision Package

    Ranking Process

    Completing The Profit And Loss

    Preparing Detailed Budgets

    Summary

    Chapter 33 Bracket Budgeting
    Michael W. Curran

    Introduction

    Application Of Bracket Budgeting

    Premises To Profits?

    Developing A Tactical Budgeting Model

    Bracket Budgeting In Annual Planning

    Consolidating Income Statements

    Summary Of Benefits

    Summary

    Chapter 34 Program Budgeting: Planning, Programming, Budgeting
    William B. Iwaskow, M.B.A., J.D.

    Introduction

    Description Of Program Budgeting

    History

    Framework Of Program Budgeting

    Program Structuring

    Types Of Analysis

    Installation Considerations

    Summary

    Chapter 35 Activity-Based Budgeting
    James A. Brimson, M.B.A.
    John J. Antos, M.B.A.
    Edward Mendlowitz, CPA

    Introduction

    Traditional Budgeting Does Not Support Excellence

    Activity-Based Budgeting Definitions

    Activity-Based Budgeting Process

    Linking Strategy And Budgeting

    Translate Strategy To Activities

    Determine Work Load

    Activity-Based Budgeting Calendar

    Create Planning Guidelines

    Identify Interdepartmental Projects

    Improvement Process

    Finalizing The Budget

    Performance Reporting

    Summary

    Part Five Industry Budgets

    Chapter 36 Budgeting for Corporate Taxes
    Scott M. Cheslowitz
    Stewart Berger

    Introduction

    Taxation of C Corporations

    Personal Holding Company Tax

    Net Operating Loss Utilization

    Charitable Contributions

    Taxation – Budget

    Federal Corporate Tax

    Purposes

    Tax Return

    Chapter 37 Budgeting In Nonprofit Organizations
    Richard S. Wasch

    Introduction

    Nonprofit Sector

    Nonprofit Budgeting Characteristics

    Nonprofit Budget Process

    Tools For Use In Nonprofit Budgeting

    Chapter 38 Budgeting In Higher Education
    Frederick J. Turk, C.P.A., M.B.A.

    Introduction

    Resource Management—Budgeting In Context

    Annual Budgeting

    Summary

    Chapter 39 Budgeting In The Health-Care Industry
    Christopher S. Spence, M.B.A.

    Overview

    Cost Control

    Cost Control In A Competitive Market

    Basics Of Health-Care Budgeting

    Hospital Budgeting

    Physician Budgeting

    Chapter 40 Budgeting In The Biotech Industry
    R. Malcolm Schwartz
    Glenn A. White
    Robert F. McElroy

    Overview

    Key Budgeting Issues

    Challenges At Stages Of The Company’s Life Cycle

    Budget Focus By Function And Area

    Other Considerations AND TOOLS

    SUMMARY

    Chapter 41 Budgeting In The Global Internet Communication Technology Industry
    Michael Kraten, PhD, CPA

    Overview

    Essentials From Earlier Chapters

    Freemium Strategies

    Volunteer Services

    Enterprise Risk Management

    Sources And Suggested References

    About the Editor

    About the Contributors

    Index

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