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Dynamic Budgetary Control - eLearning

This activity is published by accountingcpd.

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This course explores a different approach to financial management designed to adapt to the volatility and rate of change in today's business environment.
Content Description:
Most budgetary control systems were introduced in an environment in which the predominant management style was ‘command and compliance’ to which the once-a-year, for-a-year budget, expressed in the language of accounting, provided a compatible approach. As the rate of change in the business environment has increased, however, this approach to budgeting has come to be seen as not only inappropriate but dangerously misleading.

In this course we look at a different approach, designed to adapt to volatility and to match the increasingly prevalent ‘trust and commitment’ style of management. It is infinitely flexible and expressed in the language of financial management.

Budgets should flow from strategy, not constrain it. The pressures on budgetary control should be seen in the context of the trends affecting management generally, e.g. the greater emphasis on strategy, customers, devolution, co-operation and intangibles. It recognises the importance of things that cannot be measured.

Upon satisfactory completion of this activity you will be able to:
  • Understand the major trends in the business environment.
  • Understand the impact these trends are having on management in general and financial management in particular.
  • Establish a structure of control in order to embrace the making and monitoring of decisions.
  • Promote a forward-looking approach to financial management.
  • Influence behaviour, for example team building, and clarify cultures and values.

This course ensures that opportunities for enhancing the long-term value of your business are considered properly and not evaluated on their short-term impact.
No prerequisites.

No materials distributed.

No assessments required.


Topic: Corporate Finance

Sub-Topic: Business Planning & Analysis

Format: Self-paced

Proficiency Level: Intermediate

CPD: 4 hours