=Paper=
{{Paper
|id=Vol-2393/paper_307
|storemode=property
|title=Budgeting Integration with a Business Strategy and Accounting System in Business Process Management - Case Study of Ukrainian Company
|pdfUrl=https://ceur-ws.org/Vol-2393/paper_307.pdf
|volume=Vol-2393
|authors=Viktoria Yatsenko,Yevhen Kudriavets
|dblpUrl=https://dblp.org/rec/conf/icteri/YatsenkoK19
}}
==Budgeting Integration with a Business Strategy and Accounting System in Business Process Management - Case Study of Ukrainian Company==
https://ceur-ws.org/Vol-2393/paper_307.pdf
Budgeting Integration with a Business Strategy and
Accounting System in Business Process Management -
Case Study of Ukrainian Company
Viktoria Yatsenko1, Yevhen Kudriavets2
1
Kherson National Technical University, 24, Beruslavske st., Kherson, 73008 Ukraine
viktorijajacenko@gmail.com
2
Taras Shevchenko National University of Kyiv, 90-A, Vasulkivska st., Kiev, 03022
Ukraine
ykudriavets@gmail.com
Abstract. A client, quality and time should become the priority targets of the
company's budget process in the post-industrial era. Therefore, sales of products
should be priority process rather than production process. Moreover, budgeting
is no longer a function of a separate department, but transforms into a cross-
functional process. In order to model the business process «Implementation»
based on the previous description we used the concept of BPM and the tools of
the Workflow class. Budgeting becomes more integrated into the company's
general information system rather than ever before, since budgets for the next
calendar year include target indicators which are oriented to implementation of
the business strategy, also they establish direct link and feedback with
accounting system data, analysis and controlling. This approach presupposes
the responsibility of specific executors and timing of implementation, it can be
promptly managed and evaluated as a business process. The value of the BP
―Budgeting‖ is to provide concrete recommendations to practitioners and
identify open research areas for academics, thereby expanding and enriching
traditional frameworks of BPM. Nowadays, budgeting is not one-time and
coordinated set of actions but rather a transparent, easy-to-transform, integrated
business process that contributes to the company's strategic growth.
Keywords. budgeting, business process, budget sales, accounting system,
business strategy, workflow.
1 Introduction
To scope out the state and development of budgeting as an element of the
management system in Ukrainian enterprises, we have used some results of the
analytical report [1].
The results confirm that budgeting and strategic planning are the most widespread
management technologies among Ukrainian companies. We have noted the growth of
interest in budgeting compare to the previous period by 42%. However, at a time of
significant increase in the use of process management to 43%, compared with the
previous 15%, business process reengineering has dropped almost twice from 48% to
27%.
Averagely, the degree of acceding to submission that a company has both
systematic planning and control (annual or quarterly) is 2.96 (Fig. 1).
Systematic planning and
control
5
4 2,96
Internal management 3 Special information systems
accounts of units 2,62 2 2,96 and products
1
0
All units create their plans 2,7 2,82 Connections between
(budgets) divisions
2,72
Mechanism for strategy
implementation through
budgeting
Fig. 1. Average rating of acceding to following submissions (5-grade scale) [1]
A low score of 2.7 points reflects that in companies about half of all units form
their plans (budgets), which are supervised by management. Also, not all divisions
record internal management reporting (2.62 points). The existence and
implementation of the relationship (information flows, responsibility, authority)
between the divisions were assessed only in 2.82 points. A mechanism for a
company strategy implementation through the tasks for subdivisions and the
development of budgets were estimated at 2.72 points. Special information systems
and products are widely used by companies for information processing(2.96 points).
Furthermore, according to a, recent research with some large Fortune companies
by Wixom and Beath (2014), obstacles for firms to realize expected value from their
data initiatives include: lack of common data platform and missing or broken business
processes to support the common data platform, lack of user engagement, and lack of
leadership or commitment for required change; and their suggestions for addressing
these identified barriers are: having user-centric development (i.e., actively engaging
users to develop tools and services), developing hybrids on staff (i.e., proactively
nurturing business-savvy IT people and IT-savvy business people), and marketing
internally (i.e., aggressively marketing and selling the value of data) [2, p. 37].
Therefore, despite the leadership of strategic planning in the rating of managerial
technologies over a long period of time, solution of short-term tasks through annual
budgets development and analysis of their implementation is still priority of
management. Due to the high turbulence of the external environment, strategic
management is losing its value in the management and owners of the company. Even
in case of a strategy, mechanisms for controlling its implementation through the
development of annual budgets and recording are not always applicable or ineffective.
Process management displaces the traditional (functional) one. At the same time,
harmonisation and business processes reengineering disappear from the list of
popular management technologies, which is risky, taking into account active
implementation of information systems, since customer company of software usually
has responsibility for business process architecture. There is a popular misprediction
that if information system exists it can solve all major problems. It is one of the main
reasons why company's automation projects are ploughed.
The purpose of the article is to present budgeting as an element of a business
process management system integrated with a business strategy and accounting
system, incorporated into a workflow. The paper will help to understand better the
business objectives of a company for further business processes modelling.
This stems from the need to address the following tasks:
1) to build a budgeting model as a business process using tools of the Workflow
class;
2) to minimize incoming information flows based on mobile and flexible
modelling;
3) to consolidate and detail the outcomes of the business process.
2. Related Works
The change of the priority direction in management from the production sphere to the
sale of products is the main characteristic of the post-industrial stage of society's
development. For instance, prof. El-Kelety (2006) says that focus on customer (a
Greater Focus on the Customer) is one of the important trends in the development of
modern business. He highlights three strategic criteria, which are in the limelight of
modern companies: customer, quality, and time [3 p. 12].
Traditional concepts and management theories of the industrial age were based on
a functional approach, but it became ineffective in a dynamic and changing world,
which requires calculating of every step in achieving the goals. Gradually academic
community and practices have moved to more rational and expedient approach –
process approach. In these conditions, methods of cost accounting ABC, ABB method
of budgeting, as well as the concept of ABM in management emerged and developed.
The process approach was known at Taylor’s time (1998) [4], but the most popular it
became within the framework of TQM philosophy (Total Quality Management).
The BPR concept (Business Process Reengineering) developed by M. Hammer
and D. Champi (1993), was based on the process approach [5], which later became a
basic concept for Business Process Management (BPM).
Author believes that the most comprehensive work about BPM is popular book
written by Jeston J. & Nelis J. (2014) [6], which saw three editions. Paim, Caulliraux,
& Cardoso (2008) say that BPM includes components of total quality management
(TQM), the value chain, Six Sigma, Lean, and enterprise resource planning (ERP) [7].
Jan vom Brocke, Theresa Schmiedel, Jan Recker, Peter Trkman, Willem Mertens,
Stijn Viaene, (2014) characterize BPM as a research domain and guide its successful
use in organizational practice [8, p. 530].
There are three main directions of BPM:
- Efficiency of major companies’ business processes, such as supply, production,
sales and marketing [8-11];
- corporate philosophy (culture) of BPM [12-13];
- the use of information technologies for BPM implementation [14-15].
Serving business processes are out of eyeshot of many researchers, in particular
budgeting, and their connection with the strategic goals of a company. The purpose of
this study is to address this research gap.
Investigation of BPM done by Ukrainian scientists and its practical application by
enterprises is at an early stage.
It should be noted, that the orientation to the production process was in evidence
for all national economies of the industrial area. The revival of Ukrainian
industrialization concurred with the Soviet regime that is why state multilevel
centralized planning dominated so many decades which was based on rigid resource
standardization, while consumer demand and inquiries were ignored. Now we can
assess how difficult the situation was for Ukrainian enterprises at the end of the
twentieth century because they had to work in conditions of completely destroyed
political system and transitional period not only to the market economy, but also to
the post-industrial era. New conditions dictated alternative measures for survival of
enterprises in the market competition.
One of the tools of a market economy that enterprises have had to master is
budgeting, which is being analysed through the studying, adapting and implementing
foreign experience. Therefore, the most common areas of budgeting research among
Ukrainian scientists are:
- theoretical aspects [17-21];
- introduction of budgeting in Ukrainian companies [22-26].
S. Y. Bersutskaya and О. О. Kamenskaya insist on the importance of including
strategic goals into the budget process: «The lack of a link between the budgeting
system and the company's strategy is the reason of the ineffective motivation of the
heads of departments and their employees to achieve the strategic goals of the
enterprise» [27, p. 145].
Coming to BPM in a Ukrainian company evolutionally is described in details in
[28].
Great majorities of academic texts are limited to clarifying the theoretical
foundations; however, modern companies extremely need work with specific
recommendations for the implementation of the theory into real practice.
3. Business Process «Budgeting»
In the Ukrainian company, which is under our study, the business process
methodology was not well developed. Traditionally, budgeting practices were focused
on planning and controlling of sales by product types in terms of costs incurred for its
production and sales, not taking into account specific of sales channels, which
diversifies cost structure. Ignoring budgeting, accounting and cost analysis at the
level of sales channels necessarily led to the loss of control over the total costs of the
product sales process. Uncoordinated forms of budgets of different divisions became
a following problem of the company's budgeting system.
Restructuring of the ―Budgeting‖ business process aimed at creation of a stable
tool of data aggregation for coordination business strategy and actual accounting
system data suitable for controlling procedures by a controlling department. In other
words, the methodology for generating the required budget indicators had to
harmonize simultaneously the indicators of the business strategy and databases
formed in the accounting system. As well, to establish the relationship between the
elements of the management system, budgeting, strategic management and accounting
system which are considered as data sources.
The next task of the BP is to develop a procedure for compiling budgets and
managerial reporting forms, key figures of which correspond with indicators of
business strategy and financial reporting forms, compiled according to generally
accepted accounting standards. The procedure provides for the responsibilities,
executors and terms of execution. The solution of the existing problems has become a
key task after the management's decision to automate the budgeting process.
The presented budgeting approach is described at the same time as an element of
the company's general information system and as a separate business process that
recycles inputs into outputs in order to make budget adjustments quickly and ensure
company’s growth in the long run period.
The demonstration of the BP ―Budgeting‖ includes the following sequence:
1. Budget process design (Budget process)
1.1. General scheme (Overview)
1.2. Budget process - workflow steps
1.3. Chart of process timetable
2. Input
2.1. Budget sales
2.2. Finance
2.3. Controlling
3. Output
3.1. Budget Reporting package
3.2. Budget presentation
Let's consider each item in detail.
1. Budget process design
1.1. General scheme (Overview) (fig. 2).
Figure 2 illustrates the integration of strategic management units (business
strategy) and company accounting system into the overall architecture of the BP
"Budgeting", which allows to align each annual budget with the goals of the
company's business strategy and rely on actual accounting data.
A specific feature of the approach is the creation of additional budgets of target
product groups (TG) and sales channels (SC). Channels include Channel Retail,
Direct Sales, Channel Dealer, Channel Web. Since e-commerce is being used more
and more widely in the post-industrial era, it makes sense to monitor channels in two
directions of B-to-B and B-to-C to determine the most cost-effective.
Therefore, the process approach of the BP ―Budgeting‖ design details the strategic
objectives to the cost centre, determines the impact of each of them on the volume
and structure of the spent resources, the integration of the accounting system, analysis
and control, establishes an adequate allocation of responsibilities among the owners
of the BP. Thus, process approach of the budgeting design focuses on cross functional
processes, unites the functions of various departments and services into a general
information flow aimed at achieving strategic goals.
Input Output
BP "Budgeting"
Budget Sales
Operational
budgeting for
Budget reports
SALES
Sales TG /SC Output Sales
Output Finance
Manufacturing
Business strategy.
Strategic Оther files
Pers (HR) management
Finance Accounting system
Budget
presentation
Cost Center
(Аnalysis)
Fig. 2. Overview of the BP ―Budgeting‖
1.2. Budget process- Workflow steps
The regulation of the BP ―Budgeting‖ based on the WF includes: the procedure of
operational and financial budgets formation, the analysis of the external environment
and the establishment of business strategy goals, the timing of data entry and its
processing, functions, responsibilities and organization of interaction between units
and participants in the budget process.
The budget process can be divided into three blocks. Let's consider them in
details. Figure 3 shows an indicative step-by-step algorithm for compiling operating
budgets.
The algorithm demonstrates steps of operational budgets drafting created for
Workflow, and defines ways for routing. It also establishes the relationship between
the steps of Workflow based on exit values. For example, total sales budget for the
next budget year is the output of the first step of Workflow. Whereas, the output of
each step of Workflow creates its own data path of operational budgets. The
algorithm defines how the project architect should simulate the process of operating
budgets drafting and integrate Workflow steps into the BP ―Budgeting‖. The
implementation of the algorithm will enable to organize Workflow and ensure
successful completion of operational budgets to the fullest extent.
The next block of the BP ―Budgeting‖ provides for an analysis of the external
environment and the strategic phase of the budget process.
Beginning
Step 1. Set performance targets (ROS, ROA)
Step 2. Make the total sales budget for the next budget year
Step 3. Make a monthly sales budget, taking into account the seasonal component.
Step 4. Make budgets by target groups and sales channels in details.
Step 5. Go back to step 2 and check the sum ups.
Step. 6. If there are some gaps, go back to step 1.
Yes
No Divergence
End
Fig. 3. Algorithm for operational budgets drafting of the project Workflow in the
"Budgeting" BP
Block II Analysis of the external environment and
the strategic phase of the budget process
Step 1. Analysis of the current situation
Organising a strategic phase in the budget process.
Step 2. Formation of the target picture based on the company’s business strategy,
usually for the next five years, taking into account the results of SWOT-analysis
Step 3. Establishing financial and non-financial indicators of the company's
development for the next five years, including the budget year (Gross Sales,
Operating result, Pre-tax result, Post-tax result, ROS, ROA, I / C Liquidity, Total
Assets, Investments, Headcount, FTE-K)
Block III. Financial budgets
Step 1. Analysis of relevant information, comparing usually, actual data for the 9
months of the current year with similar data for the past budget year.
Step 2. Make profitability calculation
Step 3. Calculate the key indicators of the cost centres
Step 4. Make a profit and loss budget, specified expenses budgets and financial
results.
Step 5. Make a balance sheet budget
Step 6. Make a cash flow budget
1.3. Process Timetable
Process Timetable (table 1), using Workflow class tools, will make each step of
the budget process specific and transparent, also will define precise timelines for
execution and reporting. Each particular company, based on the submitted form, can
add specific performers and responsibilities in order to eliminate the lack of
responsibility.
Table 1. Process timetable of BP ―Budgeting‖
BUDGET PROCESS
WORKFLOW Month
STEPS July Aug Sept Oct. Nov. Dec.
1. Formation of
input information
2. Data entry
3. Budgets
formation
4. Preliminary
presentation of
operational
budgets 17.08
5. Preliminary
presentation of
financial budgets 25.08
6. Discussion of
budgets within
BPM
7. Making
changes in
budgets 05.11
8. Preparation of
the budget for
cost centres
9. Approval of
budgets by the
Supervisory
Board 25.11
10. Presentation
of the approved
version of the
budgets 01.12
11.
Familiarization
staff with the
budgets for the
next year
2. Input
2.1. Budget Sales
Only actual data can be as an input for BP ―Budgeting‖ received from the
company's accounting system in the necessary analytical sections. The overall sales
budget is based on the accepted business strategy and established financial and non-
financial indicators of growth for a period that includes the budget year and the
subsequent four years. The next form of budget is a specific monthly sales budget for
the following year, taking into account the seasonal component. At the level of the
general budget, sales are represented by target groups of products that form product
types with individual articles and similar functionality. Types of products that are not
included in a specific target group are grouped in the ―Others‖. Simultaneously sales
budget is made at the level of sales channels by target groups with establishing a
direct relationship with generalizing indicators of the general budget.
All calculations are based on normal prices. While special promotions and offers
for individual regions and clients are considered after approval by the Group
Controlling of the company.
2.2. Finance
The dominance of accounting for financial reporting according to general
accounting standards is observed not only in Ukraine. Accounting data, even if it
based on actual data, is often distorted in order to optimize taxation, what bars the
company's management from the possibility to operate information for management.
However, the language of accounting is the «Esperanto» of business, the base
category, in accordance with not only accounting, but also the control and analytical
component of management are built. That is why, all the options of interpreting the
accounting data within the variety of management concepts, theories and decisions
are based on the non-alternative accounting system, which provides collection,
fixation and summarization of factual data of the company's activities for preparation
of financial statement. The effectiveness of the company's accounting system is
determined, first of all, by the possibility of the accounting data analysing obtained
from the financial accounting with multi-level managerial levels.
The analysis of current information provides for the compilation of two
synchronized Profitability Calculations by target groups and sales channels. Actual
data for the compilation of both forms is obtained from the company’s accounting
system by the relevant analytical sections. The main purpose of the actual information
analysis is the identification of profitable and unprofitable types of products and sales
channels. To makeup Profitability Calculation it is better to use the method of the
margin income determination, but the value of the conclusions and the situation
assessment will depend on an adequately organized and normally functioning
accounting system of the company, including a properly integrated management
accounting module in the financial accounting system. The management accounting
module should provide for the data about the variable and fixed costs of each cost
centre. Traditionally, cost centres are allocated in the production process. This study
focuses on the priority of the process implementation, therefore, we propose to
identify sales channels as cost centres whose costs are classified as direct and indirect.
This will allow to analyze the profitability of each channel and evaluate the
performance of specific employees.
The positive result is achieved through the coordination of two oppositely directed
informational flows. The first flow generates targets that go to costs centres down
from the top in the form of strategic indicators. Vice versa, the second flow adjusts
the corporate strategy raising information from bottom to top, guided by the actual
data obtained at the level of cost centres within the operational management, and
establishes a direct and unambiguous connection with the company's development
strategy.
The analysis of current information and its comparison with similar data of the
past year allows to set target non-financial growth indicators based on real tendencies
of increase or decrease in sales volumes of certain product types forming target
groups and outlines the necessary measures for increasing the efficiency of sales
channels.
The Profit & Loss budget calculates planned financial results by type of activity
(operational, financial, investment). Typically, there is an ambition to increase profits
by increasing revenue from sales and other income and minimizing costs, but strategic
management makes its own adjustments. For instance, a business strategy means
expanding a specific market sector, which requires staff and costs increase. Additional
costs will be justified if they receive the required level of revenues for a certain
period, that is why the budget indicators are based on the analysis of quantitative data
for the past years and expert estimates of the possibilities of increasing revenue for a
business strategy implementation.
The next step is to detail the budgets of Personnel Expenses and Headcounts,
Depreciation and Investments, other operating expenses (Administration, Marketing,
Distribution) and the calculation of the planned Financial Result for the next fiscal
year.
In order to make up a budget Balance Sheet, actual reporting data for the previous
three years is used. In this case, it is advisable to use company’s accounting records
that are summarized for the financial reporting according to generally accepted
accounting standards (national, IFRS). The emphasis is on relevant balance sheet
items for each specific company.
The final form of financial budgets is Cash Flow, which defines the net cash flow
by type of activity (operational, investment and financial) and net cash flow.
Consequently, the financial budgets involve handling the input data obtained from
the accounting system (financial and management accounting), submission of the
relevant articles of the monthly financial statements in details. All forms of financial
budgets necessarily make up for each business unit. The organization of accounting
provides formation of credential database in terms of value at all necessary levels in
close integration with the BP ―Budgeting‖ and becomes a prerequisite, as well as a
criterion of sufficiency and consistency.
2.3. Controlling
The task of control and analysis is to obtain information about the effectiveness of
the business unit activity as well as the centres of responsibility in achieving the
planned results and targets and also the reasons for failure of budget indicators.
Controlling Budgets can include three major budgets:
- personnel;
- manufacturing;
- controlling and analysis;
As the efficiency of using the knowledge and competencies of the company's staff
is a priority of modern management concepts, therefore Controlling Budgets /
Personnel are identified to control and analyse a business strategy implementation of
human resources management, mainly in the area of the costs incurred in training and
upgrading the company's employees. However, if this information is contained in
other financial budgets, it is advisable not to duplicate the information and leave
information in all details for relevant HR sections.
The theoretical model of production budget is rather well known, but in practice
there is no single methodology for compiling a production budget package. The
budgeting of the production process is influenced by the features of technology, cost
structure, assortment product, and organizational structure of the company, and the
most important aspect is the inclusion of a production division in a business unit or as
a separate unit with its own balance sheet. In the presented example, it is considered
that a structural unit engages the production, which is classified as a separate business
process with its own cost centres. A separate budget and schedule of production are
formed after the approval of sales budgets.
The directions of the company's revenue and expenditure analysis will depend on
the company's growth stage. It can be both maximizing incomes and minimizing
costs. Since the high level of indirect costs in the overall cost structure is common
characteristic of many companies which operate in the post-industrial era, in most
cases the analysis is aimed at identifying and eliminating unproductive indirect costs.
With this view, costs are divided into direct and indirect according to not only
specific types (target groups) of products, but also sales channels, which are
recognized as cost centres in the business process «Realization». Thus, a variable and
constant parts are identified within direct and indirect costs according to the activity
driver. In this way, concept of ABM / ABC / ABB is implemented.
3. Output
3.1. Package of report forms
Package Budget reports includes:
Content:
Sales and COS
Key Indicators
Profit and loss comparison
Other expenses
Balance
Headcounts
Investments
Cash flow statement
Key Indicators MRP
BP ―Budgeting‖ provides wide opportunities for forming a package of report
forms at all levels of management (strategic, tactical, operational) due to the high
integration of subsystems into the company's information system, minimizing of
incoming information, tools for consolidating and detailing input and output data,
mobile and flexible modelling tools.
3.2. Presentation
The last, but not least, stage of the budget process is the presentation of a report
forms package for the company’s management and stuff. It is desirable to present
using modern tools and technologies.
Forms of operational and financial budgets are the basic material for slides. It is
necessary to use the analysis results and arguments in support of the planned activities
for the next fiscal year. Information should be available for understanding. A
presentation will be effective if each performer has a clear idea ―What‖ he should do
and a specific instruction «How».
4 Conclusions
The presented approach considers budgeting within the framework of the BPM
concept at the same time as an element of a complex open information system of the
company and as an ―end-to-end‖ business process. Thus it extends to multifunctional
units and services aimed at achieving the strategic objectives of the business unit.
The presented BP ―Budgeting‖ of the company's activity allows to integrate data
into a single information flow of planned (budget) and actual data of the company's
accounting system, including financial and management accounting. It can be used as
a base regardless of the type and characteristics of the company's activities and size.
The proposed design can become a roadmap for the reengineering of the existing
company’s budget process.
Based on the WF, this approach allows to use effectively time of the participants
of the BP ―Budgeting‖, which helps them to focus on the ability to quickly adjust
budgets in order to accelerate the achievement of target performance indicators and
identify benefits for the quick business strategy implementation. The practical value
of the approach means using it as a foundation in regulations development of the BP
«Budgeting» in order to form a hierarchical responsibility system, personification and
control of procedures and actions of specific performers with clear deadlines and
terms at each step of the process, which guarantees high business process
performance. Detailing WF of the BP ―Budgeting‖ provides a convenient quickly
respond to dynamic changes in the external and internal environment and adapt to
new operating conditions.
The research demonstrates the organization and method of budgeting the best
quality with low cost. This model will provide a direct and indirect link between
strategic, tactical and operational management levels, using a long time horizon for
development goals assessment, between top management and cost centres. The
research is based on the dominant view of modern scientists on the activities
reorientation of companies on the client, quality and time in the post-industrial era.
Recommendations have practical benefits to companies in case of a management
decision to introduce information technology into the budgeting process.
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