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PREDICTIVE ACCOUNTING: DRIVER-BASED BUDGETING AND ROLLING FINANCIAL FORECASTS

The presentation shifts from historical reporting to predictive costing,
including capacity-sensitive driver-based financial forecasts, what-if analysis,
marginal cost analysis, and target costing for new products and services.
Wednesday, August 14, 2024

Time: 10:30 AM PDT | 01:30 PM EDT
Duration: 60 Minutes
Gary Cokins

Id: 7050
Live
Session
$119.00
Single Attendee
$249.00
Group Attendees
Enroll
Recorded
Session
$159.00
Single Attendee
$359.00
Group Attendees
Enroll
Combo
Live+Recorded
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Single Attendee
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Group Attendees
Enroll

Overview:



This presentation involves the shift from historical reporting to predictive
costing such as capacity-sensitive driver-based rolling financial forecasts,
what-if analysis, marginal cost analysis (e.g., pricing) and target costing for
new products and services.

The annual budgeting process is being criticized as obsolete soon after it is
published, prone to gamesmanship, cumbersome to consolidate cost center
spreadsheets, not being volume sensitive, and disconnected from the strategy.
The challenge is how to resolve these deficiencies. It can be done through
driver-based expense projections also useful for decision analysis.


The annual budget is often perceived as a fiscal exercise done by the
accountants that is: (1) disconnected from the executive team’s strategy, and
(2) does not adequately reflect future volume drivers. The budget exercise is
often scorned as being obsolete soon after it is produced, and biased toward
politically muscled managers who know how to overstate and “pad” their budget
request. To complicate matters, traditional budgets are typically incremented or
decremented by a small percent change from each cost center’s prior year’s
spending level. This “use it or lose it” behavior by managers in the last few
months of the fiscal year unnecessarily pumps up their prior year’s costs and
consequently confuses analysis of who really needs how much budget in the coming
year. 


Today organizations are shifting to rolling financial forecasts, but these
projections may include similarly flawed assumptions that produce the same
sarcasm about the annual budgeting process. 


This presentation provides a solution to poor budgeting and rolling financial
forecast methods.


Why you should Attend:






How effective is our annual budgeting process? Does its benefit exceed the
administrative effort and costs to produce it?

Is the budget out of date within a few months after it is published?

Do experienced managers “pad” their department’s budgets?

Is consolidating cost center budget spreadsheets bottom-up cumbersome?

Do we understand incremental / marginal expense analysis classifying the
behavior of our resource capacity expenses as sunk, fixed, step-fixed, or
variable based on the planning time horizon?



Areas Covered in the Session:






 * To understand the deficiencies with the traditional annual budget
 * How to apply unit-level consumption rates with forecasts to project
   operational expenses
 * How to include strategic and risk mitigation projects in expense projections
 * How to apply “predictive accounting” for capacity-sensitive driver-based
   rolling financial forecasts, what-if analysis, and outsourcing decisions
 * How to shift from bottom-up cost center consolidations to top down modeling
 * How to apply target costing for new products and services





Who Will Benefit:






 * CxOs
 * CFOs
 * Financial Officers And Controllers
 * Managerial And Cost Accountants
 * Financial And Business Analysts
 * Budget Managers
 * Strategic Planners
 * Marketing And Sales Managers
 * Supply Chain Analysts
 * Risk Managers
 * Cio And Information Technology Staff
 * Board Of Directors







SPEAKER PROFILE

Gary Cokins Gary Cokins is an internationally recognized expert, speaker, and
author in enterprise and corporate performance management improvement methods
and business analytics. He is the founder of Analytics-Based Performance
Management, an advisory firm located in Cary, North Carolina at
www.garycokins.com . Gary received a BS degree with honors in Industrial
Engineering/Operations Research from Cornell University in 1971. He received his
MBA with honors from Northwestern University’s Kellogg School of Management in
1974.

Gary began his career as a strategic planner with FMC’s Link-Belt Division and
then served as Financial Controller and Operations Manager. In 1981 Gary began
his management consulting career first with Deloitte consulting, and then in
1988 with KPMG consulting. In 1992 Gary headed the National Cost Management
Consulting Services for Electronic Data Systems (EDS) now part of HP. From
1997until 2013 Gary was a Principal Consultant with SAS, a leading provider of
business analytics software.

His two most recent books are Performance Management: Integrating Strategy
Execution, Methodologies, Risk, and Analytics, and Predictive Business
Analytics. His books are published by John Wiley & Sons. Gary regularly presents
at conferences for the AICPA and state CPA societies. He is certified CPIM with
The Association of Supply Chain Management (ASCM/ APICS). He served as the part
time Executive in Residence for the Institute for Management Accountants (IMA).


Become our Speaker

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