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ABBA Marketing Company Budgeting and Forecasting
Budgeting is an overarching process which involves participation of the personnel from the top management to the middle and lower level of management. The personnel from the top management such as chief financial officer should take inputs from middle level managers such as production manager, marketing manager, and inventory manager. Further, the middle level managers should take inputs from the lower level management personnel such as store keeper, inventory supervisors, purchase department officers, and marketing executives (Noma, 2014).
Five source documents that can be accessed for information to include in the budgets and financial plans are listed as under:
• Demand forecasting document
• Capacity estimation document
• Material planning document
• Inventory projection document
• Labor requirement estimations (Anandarajah, Aseervatham, Reid, 2015)
Business Operational Risk Scenario-1
It is assumed that there may arise shortage of material due to supplier’s inability to supply the required quantities on time. The shortage of material will require changes in the initial production plan. Further, since, the budgets are linked to each other, therefore, the changes in the production plan will cause changes in other budgets such as inventory, cash budget, and labor budget.
Contingency Planning strategies
In order to control the risk of shortage of material, the management needs to keep arrangement with the suppliers other than the regular suppliers of the company. Additionally, the management should also maintain buffer stock of material, which could be used in case of urgency (Sullivan, 2010).
Business Operational Risk Scenario-2
It is assumed that the company may face labor shortage due to various reasons such as strike, lack of skill, and sudden increase in demand. The shortage of labor will affect the initial budget and financial plans, thus, the management needs to have contingency plan in place to tackle the problems of shortage of labor.
Contingency Planning strategies
In order to tackle the shortage of labor, the management may enter in to a contract with a peer company getting an agreement to supply labor in case of urgency (Sullivan, 2010).
Five roles of the finance manager are discussed as under:
• Budgeting fund requirements: The finance manager is responsible to prepare cash budget and forecast the funds requirement on daily, weekly, and monthly basis (Hope, 2013).
• Analyzing sources of finance: Based on the fund requirements, the finance manager analyses different sources of finance such as equity, debt, long terms, and short term loans.
• Preparing the financial statements and reports: The finance manager is also responsible to ensure timely preparation of the financial statements (Hope, 2013).
• Comparing the actual performance with budget: Monthly and quarterly actual results are compared with the budgets to ensure that the business is on right track.
• Enforcing the controls to cut costs: Based on the variance report, the finance manager plans the controls needed to be put in place to reduce the cost and wastage of resources (Hope, 2013).
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