Development of Budget Management System Methodology

Project Objective

Create a toolkit for planning company’s financial and economic activities, liquidity based on systematic forecasting of future development of the company by means of budgeting processes (or by drawing up budgets?).

Goals:

• Development of the company budgets in compliance with both Shareholders and internal requirements;
• Organization of effective company management process;
• Ensuring the connection between the strategy and business activities of the company;
• Maximize efficient use of all company resources;
• Cost optimization;
• Ensuring coordination, cooperation and communication of the activities of various divisions of the company;
• Bringing the plans to the attention of heads of departments;
• Control and evaluation of work efficiency on-site by comparing actual and planned data;
• Identification of needs in financial resources and optimization of financial flows.

Project Stages:

• Introduction to the Company:
  • Strategy;
  • Organizational structure;
  • Business processes;
  • Financial accounting
• Development of budget management system methodology:
  • System elements (processes);
  • Processes schemes;
  • Financial structure;
  • Budget composition;
  • Types and formats of budgets/reports;
  • Financial budgets consolidation methodology;
  • Formalization of processes;
  • Processes regulation.
• Drafting of a document “Regulation on Budget Management System”

Conduct Procedures:

• Preparation of a preliminary list of the documents submitted by the Customer and analysis of these documents;
• Preparation of a list of questions for the Customer’s responders and analysis of the answers;
• Interviewing the manager and key personnel of the customer;
• Analysis of the information received;
• Confirmation and approval of the developed documents according to the budget management methodology.

Project Outcomes:

• Formalized budget management policy which is aligned with current and long-term tasks of the company development;
• Structured list of works and required investments to automate the budget management system.

Value for the Customer:

• Effective company management;
• Improving predictability of company’s financial flows and financial results;
• Effective use of company resources;
• Monitoring and assessment of personnel activities;
• Increase the investment attractiveness of the company.