Budgeting Basics and Beyond 4th Edition

Budgeting Basics and Beyond 4th Edition
  • Author: Jae K. Shim and Joel G. Siegel
    Publisher: Wiley
    Genres: Accounting
    Publish Date: November 1, 2011
    ISBN-10: 1118096274
    Pages: 560
    File Type: PDF
    Language: English


Book Preface

BETTER BUDGETS CAN BOOST your department and your career to higher levels of performance and success. Savvy executives use the budgeting process to take stock of their direction, refine their goals, and share their mission with their staff. Their budgeting reveals their position in the market, places untapped resources at their command, and motivates all employees to greater levels of productivity. They use their budgets to propel them toward the top of their industry. This book will show you how to get there. Budgeting Basics and Beyond shows you how the budget can be your most powerful tool for strategy and communications. It points out that the budget brings into stark relief all of the factors that every manager must consider, such as industry conditions, competition, degree of risk, stability of operations, capacity limitations, pricing policies, turnover rates in assets, production conditions, product line and service considerations, inventory balances and condition, trends in the marketplace, number of employees and their technical abilities, availability and cost of raw materials, available physical resources, technological considerations, economy, and political aspects. Then it uncovers the role each of those factors plays in achieving your corporate goals. And since those goals cannot be achieved single-handedly, this book suggests ways to use the budget to help employees appreciate how they will contribute to the division’s profitability. Aside from playing a vital role in creating and achieving a sound business strategy, this book shows how budgets can increase your effectiveness every day of the week. In particular, it delivers these on-the-job budgeting tools:

& Techniques for preparing more accurate, realistic, and reliable estimates & Control and variance analysis devices that signal revenue, cost, and operations thresholds & Pricing guidelines for products and services & Planning and scheduling production and related costs
& Profit planning and identifying looming problems & Financial models that show the relationship among all facets of the business & Spreadsheet applications for planning, budgeting, and control purposes & Sales and financial forecasting methodology & Balanced scorecard and performance metrics
We follow the example of each of these tools with examples of how you can use them to make a difference in your work right away. And we use step-bystep guidelines to pinpoint what to look for, what to do, how to do it, and how to apply it on the job. Through step-by-step illustration, we show how you can put these tools to use. While research shows that two-thirds of U.S. companies still rely on Microsoft Excel for their budgeting process, some companies are evolving to a more technologically advanced approach. As more and more companies operate globally, the Internet is playing an ever-greater role in the budgeting process. E-budgeting is an increasingly popular Internet- or intranet-based cloud-computing budgeting tool that can help streamline and speed up an organization’s budgeting process. In addition, an increasing number of companies are turning to budgeting as a way to reduce costs for competitive advantage in a global environment. In response to recent developments in budgeting, the fourth edition of the book features the following:
& Updated and additional hands-on examples throughout the book. & Additional spreadsheet examples for budgeting, such as rolling budgets and probabilistic budgets. & In depth e-budgeting and Web-based budgeting systems discussions. & A new chapter, ‘‘Budgeting for Cost Management: Activity-Based Budgeting and Life-Cycle Budgeting.’’ & Budgeting in Action boxes in key chapters, offering a glimpse into how real companies use the budgeting tools and concepts discussed within the chapter. & A companion web site. Please visit www.wiley.com/go/budgetingbasics4e to download supplementary materials to use alongside this book.
We hope that you will keep Budgeting Basics and Beyond handy for easy, quick reference and daily use.

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