Page 96 - Finanancial Management_2022

LEARNING RESOURCES
Maintain good communications with
stakeholders
Hotels and airlines often distribute
newspapers to customers, so low Behavioural Aspects of Budgeting and Planning
occupancy rates and travel restrictions Learn various approaches of budgeting and the distinctive
during the pandemic had an impact on features of each approach to exercise control over the
print edition subscriptions at The New operation and to deliver information for decision-making.
York Times, according to Chung. Times
online subscriptions continued to grow COURSE
strongly as remote work and digital
learning for students became a fact of life, Finance Transformation: Manage Disruption Certificate
however, he said. At the same time,
“physical event planning remains very Covers the evolution of finance in organisations by focusing
fluid due to the unpredictability of on why and how the business environment is changing and
COVID-19 situations and social-distancing how the finance team can prepare for and respond to these
rules locally and around the region,” he changes.
said. Cancellation of events presented by CERTIFICATE
the company affects the Times’s revenue
stream from advertising sponsorships
and ticket sales. Forecasting and Predictive Analytics Certificate
“Keeping in close communication with Gain the fundamental techniques used for predictive
clients will certainly help us understand analytics so you can implement an analytics practice in a
their situations and will enable us to practical way that will equip you to deploy those tools as
make quick turnaround plans and new needed within your organisation.
proposals to fit their needs and exploit the
opportunities when there is a sign of CERTIFICATE
recovery,” he said. When it comes to event
planning, the Times also tracks
circumstances in locations where events Further Aspects of Budgeting and Planning
were planned. Learn budgeting processes to exercise control over the
The management accounting team operations of an organisation.
should be proactive in communicating
with the budget owners inside the COURSE
organisation as well, Chung said. “Staying
nimble means that management
accountants need to understand their
internal stakeholders better to balance MBAexpress: Best Practices for Better Budgeting
between the level of detail and the speed and Planning
of delivery needed for decision-making.” Turn forecasting and budgeting into a positive planning
process that helps your organisation achieve its strategic
Focus on priorities goals.
To make the best and most timely COURSE
allocations of time and money in
uncertain times, Dowd recommended
taking a step back and concentrating on
the core business. In a strong market,
organisations may try to expand their said. Finance can help a company be more enhanced productivity and, in some
outreach to drive additional revenue agile in recentring itself by, in Dowd’s cases, enabled them to explore
streams and grow the business, but that case, gathering data on productivity, new career opportunities within the
can become a distraction when times are occupancy rates, and meal sales that help company, he said. ■
tough. identify whether the organisation is
For example, while hotels are well spending time driving areas of the
equipped to rent rooms and serve meals, business that aren’t as profitable. The
many may also branch out into running organisation can also use that data to
restaurants or providing catering for identify and address drains on the budget. Anita Dennis is a freelance financial
events off-site, Dowd noted. Those efforts In another case, when Dowd’s writer based in the US. To comment on
can require a great deal of time and organisation found itself overstaffed this article or to suggest an idea for
attention, which may seem worthwhile in during the downturn, his team examined another article, contact Drew Adamek
a strong market but can eat up valuable ways it could develop employees’ skills to at Andrew.Adamek@aicpa-cima.com.
time and effort during a downturn, he take on new responsibilities. This

FM-MAGAZINE.COM June 2022 I FM MAGAZINE I 19