Budgeting for Small Business

Growing companies don’t have a long history to guide management decisions. But they can’t go on reacting to one crisis after another without a plan. Such companies need to harness the power of budgeting to identify and solve problems on paper before they arise in the real world.

This course covers purchase budgets, production budgets, hiring budgets, overhead budgets, and cash budgets. Professors Jim and Kay Stice help you weigh the impact of strict versus more moderate budgeting on employee morale, and show how budgets pay off in the future, when you can use them to evaluate your business performance.

Topics include:

• Understanding the budgeting process
• Involving other people
• Creating a manufacturing budget
• Budgeting for merchandising and service firms
• Budgeting cash flow
• Using a flexible budget

• Introduction
• 1. The Budgeting Process in Organizations
• 2. Budgeting: Manufacturing
• 3. Budgeting: Merchandising and Service
• 4. Cash Flow Budgeting
• 5. Flexible Budgeting
• Conclusion

Earl Kay Stice is the PricewaterhouseCoopers Professor of Accounting at the Marriott School of Management, Brigham Young University (US). He has been on the full-time faculty at Rice University, the University of Arizona, and the Hong Kong University of Science and Technology (HKUST). He has also been an Executive MBA lecturer at HKUST, SKOLKOVO (Moscow School of Management), China Europe International Business School (CEIBS), the University of Illinois (US), and INSEAD (Singapore and Paris). Professor Kay Stice has received awards for high-quality teaching at Arizona, Rice, and Brigham Young University, and he was twice selected as one of the top ten lecturers at HKUST.

Professor Stice has been engaged in executive training and corporate training in the United States, Hong Kong, China, Russia, Malaysia, and South Africa. He has also been an expert witness in major cases involving compensation for losses and tax disputes.

Professor Stice received his bachelor’s and master’s degrees in accounting from Brigham Young University and completed his PhD at Cornell University (US).