Materi 1 - Perencanaan dan Penganggaran Perusahaan (Fitra Wahyuni Hadi - 7182220001)

Summary

This video discusses corporate planning and budgeting, outlining their essential roles in business management. It explains the process of company planning, which includes setting goals, strategies, and necessary resources, while emphasizing the importance of budgeting in forecasting financial performance and managing operations. The video also details various management functions—planning, organizing, actuating, and controlling—and explores the relationship between budgeting, accounting, and financial management. Additionally, it covers types of budgets, such as operational, financial, fixed, and variable, and their functions in ensuring efficient business operations.

Takeaways

• 😀 Planning in business involves setting the vision, mission, goals, strategies, and necessary resources to ensure success.
• 😀 The main goal of corporate planning is to guide managers in decision-making and daily operations.
• 😀 Budgeting helps businesses forecast financial needs and plan for the company’s future profitability.
• 😀 The purpose of budgeting is not only financial planning but also to track a business’s progress and margins.
• 😀 Management functions include planning, organizing, actuating (execution), and controlling to achieve business goals.
• 😀 Organizing involves allocating resources, assigning tasks, and defining structures within the company.
• 😀 Actuating focuses on motivating and guiding employees to ensure effective and efficient performance.
• 😀 Controlling involves assessing performance, comparing it with standards, and making adjustments if necessary.
• 😀 Budgets can be categorized by preparation basis (variable or fixed), time period (periodic or continuous), and duration (short-term or long-term).
• 😀 Operational budgets focus on profit and loss, while financial budgets focus on balance sheet elements like assets and liabilities.
• 😀 The ultimate goals of budgeting include legal and financial compliance, rational resource allocation, and improving financial decision-making.

Q & A

What is the main purpose of business planning?

The main purpose of business planning is to determine the vision, mission, objectives, strategies, policies, and budgets necessary to operate a business effectively. It also helps guide decision-making and provides a roadmap for achieving business goals.

What are the three main objectives of business planning?

The three main objectives of business planning are: 1) To act as an action plan, 2) To serve as a roadmap or a strategic plan, and 3) To be a tool for controlling and monitoring business operations.

What is budgeting in a company?

Budgeting in a company is the process of creating financial plans (budgets) to achieve the company’s objectives. It includes forecasting future financial performance and planning the operations to ensure profitability and financial control.

What are the two main goals of corporate budgeting?

The two main goals of corporate budgeting are: 1) To estimate financial performance for the upcoming period, and 2) To plan the operational activities of the company.

What is the role of management functions in business?

Management functions, as defined by George R. Terry, are essential for running a business efficiently. They consist of planning (setting goals and strategies), organizing (allocating resources and tasks), actuating (motivating and leading the workforce), and controlling (evaluating performance and making corrections).

How does business planning relate to accounting?

In accounting, business planning is closely related to the preparation of financial reports, such as income statements and balance sheets, which help monitor and control a company’s financial performance. It also supports financial forecasting and resource allocation.

What are the four functions of a budget?

The four functions of a budget are: 1) **Planning** – developing a financial plan, 2) **Coordination** – aligning all business activities with the financial plan, 3) **Execution** – carrying out the financial and operational plans, and 4) **Control** – monitoring and correcting any deviations from the plan.

What are the different types of budgets based on duration?

Budgets can be classified into two categories based on duration: 1) **Short-term budgets (Tactical budgets)**, which are typically for one year or less, and 2) **Long-term budgets (Strategic budgets)**, which span over more than one year.

What is the difference between operational and financial budgets?

An **operational budget** focuses on creating budgets for the income statement (profit and loss), including sales, production costs, and expenses. A **financial budget**, on the other hand, relates to the balance sheet, detailing assets, liabilities, and equity.

What is a comprehensive budget and how does it differ from a partial budget?

A **comprehensive budget** includes all financial aspects of the business, covering all departments and activities. A **partial budget** focuses on specific parts of the business or particular areas of spending, not covering the entire scope of operations.