FINANCIAL PLANNING The Financial Planning Process. Financial planning: aspek penting dalam kehidupan dan operasi perusahaan yang berfungsi sebagai pedoman, koordinasi dan pengendalian tindakan perusahaan untuk mencapai tujuan. Dua aspek penting dalam financial planning process: Cash Planning: persiapan cash budget perusahaan Profit Planning: perencanaan profit dengan menyusun laporan keuangan proforma. The Financial Planning Process Long Run/Strategic Financial Plan Short/Operating Plans & Budgets Fixed Assets Outlays R & D Activities Marketing & Product Development Actions Sources of Financing Termination of Existing Project, product Line Repayment of Outstanding Debts Planned Acquisition Key Input: Sales Forecast Various Forms of Operating & Financial Data Key Output: Operating Budgets Cash Budgets Proforma Financial Statement

Short Run Financial Planning Process: Fixed Asset Outlay Plan Sales Forecast Production Plans Proforma Income Statement Proforma Balance Sheet Current Period Balance Sheet Statement Cash Budget Long Term Financing Plan Production Plans mencakup estimasi biaya bahan baku, tenaga kerja, overhead dan operasi. Cash Planning: Cash Budgets. Cash Budget: Proyeksi keuangan perusahaan terhadap surplus atau kekurangan kas jangka pendek. Biasanya disusun dalam periode satu tahun dan diperinci dalam jangka waktu yang lebih pendek. Kelebihan kas dapat diinvestasikan ke marketable securities dan kekurangan kas dapat ditutup dengan pendanaan jangka pendek. The Sales Forecast. The sales forecast: Prediksi penjualan perusahaan dalam jangka tertentu yang didasarkan pada data internal dan external. Berdasarkan ramalan ini, perusahaan menyusun aliran kas bulanan yang berasal dari proyeksi: Penerimaan penjualan Pengeluaran untuk produksi Persediaan Biaya penjualan Asset tetap Besarnya pendanaan

Mempersiapkan cash Budget. External forecast: Peramalan penjualan didasarkan pada hubungan penjualan perusahaan dengan indikator ekonomi eksternal: GNP dan Personal Income. Internal forecast: : Peramalan penjualan didasarkan pada konsensus penjualan melalui saluran penjualan perusahaan sendiri. Informasi dapat dikumpulkan dari bagian marketing dan produksi. Dalam melakukan prediksi, perusahaan harus mengkombinasikan data peramalan eksternal dan internal sebagai dasar peramalan penjualan final. Mempersiapkan cash Budget. JAN FEB … DES Cash Receipts (Minus) Cash Disbursements Net Cash Flow (Plus) Beginning Cash Ending Cash (Minus) Minimum Cash Balance Required Total Financing Excess Cash Balance Cash Receipts: Cash sales, collections of account receivables & other cash receipts Cash Disbursements: Cash purchases, Payments of account payable, payments of cash dividents, Rent payments,Wages & salaries,Tax payments, Fixed assets outlays, Interest payments, Principal payments, dan Repurchase of stock

Contoh: PT ABC akan menyusun cash budget bulan Oktober, November dan Desember dengan data sbb: Skedul Proyeksi Cash Receipts Aug Sept Oct Nov Dec Forecast Sales $ 100 200 400 300 Cash Sales (20%) 20 40 80 60 Collectionsof A/R: One month (50%) Two month (30%) 50 100 30 150 120 Other cash receipts Total Cash Receipts 210 320 340 Skedul Proyeksi Cash Disbursement Aug Sept Oct Nov Dec Purchase (70 % x sales) $ 70 140 280 210 Cash purchase (10%) 7 14 28 21 Payments of A/P: One month (70%) Two month (20%) 49 98 196 147 56 Cash Dividents 20 Rent Expenses 5 Wages & Salaries 48 38 Tax Payments 25 Fixed Assets Outlays 130 Interest Payments 10 Principal Payments Total Cash Disbursements 213 418 305

(Minus) Cash Disbursements 213 418 305 Net Cash Flows (3) (98) 35 Berdasarkan Skedul Cash Receipts dan Disbursements, maka dapat disusun Cash Budgets: Oct Nov Dec Total Cash Receipts 210 320 340 (Minus) Cash Disbursements 213 418 305 Net Cash Flows (3) (98) 35 (Plus) Beginning Cash 50 47 (51) Ending Cash (16) (Minus) Minimum Cash Balance 25 Required Total Financing - 76 41 Excess Cash Balance 22 Profit Planning: Proforma Statement Proforma Statements: Proyeksi laporan keuangan - Income statement dan Balance sheets. Profit planning process memusatkan pada persiapan proforma sataments. Input untuk penyusunan proforma statements: Financial Statements dari tahun sebelumnya Sales forecast untuk tahun yang akan datang.

Liabilities and Equities INCOME STATEMENT FOR VECTRA MANUFACTURING FOR THE YEAR ENDED DECEMBER 31, 2009 Sales Revenue: Model X (1,000 units at @ 20) Model Y (2,000 units at @ 40) 20,000 80,000 Total sales 100,000 CGS: Labor Material A Material B Overhead 28,500 8,000 5,500 38,000 Total CGS Gross Profit Operating expenses 10,000 Interest expense 1,000 EBT 9,000 TAX (15%) 1,350 EAT 3,650 BALANCE SHEET FOR VECTRA MANUFACTURING FOR THE YEAR ENDED DECEMBER 31, 2009 Assets Liabilities and Equities Cash 6,000 Acc Payable 7,000 Marketable securities 4,000 Taxes payable 300 Acc Rec 13,000 Notes payable 8,300 Inventories 16,000 Other CL 3,400 Total Current Assets 39,000 Total CL 19,000 Net Fiexd Assets 51,000 Long term debts 18,000 Stock holders’ Equity: Common stock Retained Earnings 30,000 23,000 Total Assets 90,000

2010 sales Forecast for Vectra Manufacturing Unit sales: Model X Model Y 1,500 units 1,950 units Price $ 25 per unit $ 50 per unit Sales Revenue: Model X (1,000 units at @ 20) Model Y (2,000 units at @ 40) 20,000 80,000 Total sales 100,000 100% CGS: Labor Material A Material B Overhead 28,500 8,000 5,500 38,000 Total CGS 80% Gross Profit 20% Operating expenses 10,000 10% Interest expense 1,000 1% EBT 9,000 9% TAX (15%) 1,350 1.35% EAT 3,650 3.65%

Sales Revenue: Model X (1,000 units at @ 20) PROJECTED INCOME STATEMENT FOR VECTRA MANUFACTURING FOR THE YEAR ENDED DECEMBER 31, 2010 Sales Revenue: Model X (1,000 units at @ 20) Model Y (2,000 units at @ 40) 37,500 97,500 Total sales 135,000 CGS: Labor Material A Material B Overhead 28,500 8,000 5,500 38,000 Total CGS 108,000 Gross Profit 27,000 Operating expenses 13,000 Interest expense 1,350 EBT 12,150 TAX (15%) 1,823 EAT 10,327