Bahan kuliah sesi 3 Mata Kuliah: Manajemen Keuangan - MM UMB Dosen : Matrodji Mustafa Ph.D.
PERENCANAAN KEUANGAN Langkah-langkah yang diperlukan untuk membuat proyeksi kebutuhan dana: 1. Membuat proyeksi penjualan karena anggaran yang lain mengacu kepada proyeksi penjualan. 2. Membuat proyeksi biaya-biaya yang besarnya tergantung pada besarnya sales 3. Menaksir jumlah investasi yang diperlukan untuk mendukung jumlah penjualan yang diproyeksikan 4. Menghitung kebutuhan dananya Proforma atau projected financial statements (neraca dan laporan rugi-laba) dibuat oleh financial manager dan digunakan untuk (1) mengevaluasi bagaimana kondisi financial perusahaan dimasa datang, (2) membuat taksiran tambahan dana yang diperlukan, (3) melihat dampak dari berbagai alternatip tindakan atas kondisi keuangan perusahaan, dan (4) mengevaluasi kinerja (performance) dengan membandingkan antara actual dan projeksi. Financial Statement Forecasting dengan Percent of Sales Method Hasil forecasting sales dijadikan dasar untuk membuat forecasting neraca (balance sheet) dan income statement. Langkah pertama adalah menganalisa historical ratio. Didalam metode percent of sales, berbagai pos biaya, aktiva, dan hutang untuk tahun yang akan datang diestimasi atas dasar sekian percent dari sales Table 1 PERCENT OF SALES METHOD Percent of Dec 31, Sales 2006 Sales 2006 = $ 20,000 Assets -Current assets -Fixed assets Total assets Liabilities and Equity -Current liabilities -Long-term debt Total liabilities Common stocks Capital surplus Retained earnings Total equity Total liabilities & Equity
Projected Sales 2007 = $24,000
$ 2000 4000 6000
10% 20%
$ 2400 4800 7200
2000 2500 4500 100 200 1200 1500 6000
10% n.a*)
2400 2500 4900 100 200 1920 2220 7120
n.a*) n.a*)
Catatan: *) pos-pos ini tidak bervariasi langsung dengan variasi sales
External financing needed = projected total assets – projected (liabilities and equity) = 7200 – 7120 = 80 Projected net income = 5% of sales. Cash dividend paid = 40% of net income. Projected retained earnings = 1200 + 5%(24) – 40%(5% x 24) = 1920 External funds needed = Required increase in assets – Spontaneous increase in liabilities – Increase in retained earnings The $80 external financing dapat diperoleh dengan menerbitkan notes payable, bonds, or stocks, singly or in combination.
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Contoh lain: Percentage of Sales Table 2 2006 Net sales Cost of goods sold Selling and Adm expenses EBIT Interest expenses EBT Taxes (50%) Net Income
$ 500 400 52 48 8 40 20 20
Dividend (payout 40%) Addition to retained earnings
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2006 Cash Receivables Inventories Total current assets Net fixed assets Total assets Account payables Notes payables (8%) Accrued wages and taxes Total current liabilities Mortgage bonds (10%) Common stock Retained earnings Total claims
$ 10 85 100 195 150 345 40 10 25 75 72 150 48 345
Percent of 2006 Sales 100.00 % 80.00 10.40 9.60 n.a. n.a. n.a. n.a. n.a. n.a.
Table 3 Balance Sheet Percent of 2007 2006 Sales Projection 2.00% $ 15 17.00 128 20.00 150 39.00 293 30.00 225 69.00 518 8.00 n.a. 5.00 n.a. n.a. n.a. n.a. n.a.
2007 Projection $ 750 600 78 72 8 64 32 32
60 10 38 108 72 150 48 + 24 = 72 402
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Pro forma ---à ---à ---à ---à ---à --à
$ 15 128 150 293 225 518
---à +9 ---à
60 19 38 117 142 187 72 518
+ 70 +37 ---à
External funds needed = 518 – 402 = 116 Constraints facing the company to raise external financing: The company has a contractual agreement with its bondholders to keep total debt at or below 50% of total assets, and to keep the current ratio at a level of 2.5 x or greater:
Thus: Maximum debt permitted = 50% x total assets = 50% x 518 = 259 Debt already projected for Dec 31, 2007 = Current Liab + Bonds = 108 + 72 = 180 Maximum additional debt = 259 – 180 = 79 Maximum current liabilities = Projected current assets / 2.5 = 293/2.5 = 117 Current liabilities already projected = 108. Thus, maximum additional current liabilities = 117 – 108 = 9 Common equity requirements = External funds needed – maximum debt permitted = 116 – 79 = 37
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Contoh Proyeksi Laporan Keuangan Table 4
Projected Balance Sheet 1997 (1+Sales growth) Cash Receivables Inventories Total current assets Net fixed assets Total assets
$ 10 375 615 1000 1000 2000
x 1.10 x 1.10 x 1.10
Account payables Notes payables (8%) Accrued wages and taxes Total current liabilities Long-term bonds Total debt Preferred stock Common stock Retained earnings Total common equity Total claims
60 110 140 310 754 1064 40 130 766 896 2000
x 1.10 -----à x 1.10
x 1.10
1998 Forecast Projected AFN Pro Forma $ 11 ----à $ 11 412 -----à 412 677 ----à 677 1100 1100 1100 ----à 1100 2200 2200 66 110 154 330 754 1084 40 130 834 964 2088
-----à ------à -----à +$ 68
----à + 28 ----à + 28 ----à +56 ----à + 112
Table 5 Projected Income Statement Actual Forecast Basis 1997 Net sales $ 3000 x 1.10 Costs except depreciation 2616 x 1.10 Depreciation 100 x 110 Total operating costs 2716 EBIT 284 Less interest expenses 88 ------à EBT 196 Tax 40% 78 Net Income before preferred dividend 118 Dividend to preferred 4 ------à Net income available to common 114 Dividend to common 58 Additional to retained earnings 56 Table 6 Projected AFN and Key Ratios Actual 1997 1998 Forecast AFN (Additional Funds Needed) $ 112 Current ratio 3.2 3.1 Inventory turn over 4.9 4.9 Receivable Collection period 45.0 45.0 Total assets turnover 1.5 1.5 Debt ratio 53.2% 51.8% Profit margin 3.8% 4.0% Return on assets 5.7% 6.0% Return on equity 12.7% 12.8%
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66 138 154 358 782 1140 40 186 834 1020 2200
1998 Forecast $ 3300 2878 110 2988 312 88 224 89 135 4 131 63 68
Industry Average 4.2 9.0 36.0 1.8 40.0% 5.0% 9.0% 15.0%
More About Financial Planning Model Dengan Percentage of Sales Dalam model ini sales tumbuh sebesar 20% per tahun selama 5 tahun. Total sources of funds = Operating cashflow + New issues of debt + New issues of equity Total Uses of funds = Investment in NWC + Investment in FA + Dividends paid External Financing Required = Operating CashFlow – Investment in NWC – Investment in Fixed Assets – Dividends paid
Tabel 7. Neraca 2001
2002
Current Assets Cash & Securities Receivables Inventory Total current assets Fixed Assets Property, Plant, and Equip Less: Acc Depr Net Fixed Assets Total Assets
75.0 433.1 339.9 848.0
110.0 440.0 350.0 900.0
929.5 396.7 532.8 1380.8
1000.0 450.0 550.0 1450.0
Currrent Liabilities Accounts payable Debt due within 1 yr Total current liab.
2001
2002
349.9 96.6 446.5
360.0 100.0 460.0
425
450
509.3 -------1380.8
540 --------1450.0
Long-term debt Shareholders’ equity Total Liab. & Equity
Tabel 8. Laporan Rugi/Laba The 2002 Income Statement Sales Costs Depreciation EBIT Interest Tax Net Income
$ 2200 1980 53.3 166.7 42.5 49.7 74.5
Dividends Retained Earnings EPS Dividend per share
43.8 30.7 5.26 3.09
Sources and Uses of Funds (millions) Sources Net Income Depreciation Operating cash inflows Issues of long-term debt Issues of equity Total sources
$ 74.5 53.3 127.8 25.0 00.0 152.8
Uses Invest in NWC (848 – 4465.) Invest in FA (1000 – 929.5) Dividends Total uses
38.5 70.5 43.8 152.8
Tabel 9. Proyeksi Operating Cash Flows Revenues (20% increase) Costs (90% of revenues) Depr (10% of starting FA) EBIT Interest (10% of starting Debt) Pretax profit Tax (40% of pretax profit) Net Income Operating Cash Flows
2002 2,200 1,980 53.3 166.7 42.5
2003 2,640 2,376 55.0 209.0 45.0
49.7 74.5 127.8
65.6 98.4 153.4
2004
2005
2006
2007 5,474 4,927 114.0 433.4 131.3 120.8 181.2 295.3
Tabel 10. Proyeksi NWC dan Fixed Assets Net working cap (20%of Rev) Net Fixed Assets (25%ofRev) Total Net Assets Long-term debt Equity Total LT Liab + Equity
2002 440 550 990
2003 528 660 1,188
450 540 990
609 579 1,188
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2004
2005
2006
2007 1,095 1,369 2,463 1,651 812 2,463
Tabel 11. Proyeksi External Financing Required Increase in Net Working Cap Investment in Fixed Assets Dividend(60% of Net Income) Total uses of funds
2002 38.5 70.5 43.8 152.8
2003 88.0 165.0 59.0 312.0
2004
2005
2006
External Capital Required = Total Uses 25.0 158.6 of Funds – Operating Cash Flow Internal growth rate = (Add to retained earnings/NI) x (NI/Equity) x (Equity/Net Assets) = 0.40 x 0.1822 x 0.5455 = 0.0398 or 3.98% Sustainable growth rate = retention rate x ROE = 0.0729 or 7.29%
2007 182.5 342.1 108.7 633.4 338.1
External Financing and Growth Internal growth rate = the maximum growth rate a firm can achieve without external financing of any kind
Internal growth rate = (Addition to retained earnings) / (Beginning assets) = (Addition to RE)/NI x NI/E x E/Assets = retention rate x ROE x Equity/Assets Contoh: Beginning total assets (awal tahun) = $1000 ; Beginning equity (awal tahun) = $600; Net income tahun berjalan = $96, retention rate = 1/3 ROE = 96/600 = 0.16 ; Rasio equity to assets = 600/1000 = 0.6; Internal growth rate = 1/3 x 0.16 x 0.60 = 0.032 atau 3.2% Bila perusahaan ingin tumbuh lebih cepat dari 3.2% tanpa external capital maka perusahaan harus: • Menanam kembali laba dengan proporsi yang lebih besar • Menghasilkan ROE yang lebih tinggi • Mempunyai debt to equity ratio yang lebih rendah Sustainable growth rate Sustainable growth rate = the maximum growth rate a firm can achieve without external equity financing (tanpa saham baru) while maintaining a constant debt-equity ratio (without changing leverage). Sustainable growth rate = retention rate x ROE Retention rate = 1 – payout ratio. Pertumbuhan assets = Retained earnings + New equity issue + New debt issue Karena perusahaan tidak melakukan new equity issue maka new equity issue = 0 Growth rate x Assets = Retained earnings + new debt issue Sustainable growth rate = (Retained earnings + new debt issue) / Assets Karena Debt/Equity constant maka new debt issue harus sama dengan retained earnings dikalikan D/E. Sustainable growth rate = (Retained earnings + Retained earnings (D/E) / ( E + D) = Retained earnings (1 + D/E) / ( E + E(D/E)) = Retained earnings (1+D/E) / Equity (1+D/E) = Retained earnings / Equity = (Retained earnings / Net Income) x (Net Income) / Equity = Retention rate x ROE = b x ROE
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Contoh: Bila perusahaan ingin mempertahankan ratio debt to total assets konstan, maka perusahaan dapan menerbitkan 40 cents of debt untuk setiap 60 cents of retained earnings, dalam hal ini, maksimum (sustainable growth rate) menjadi: Sustainable growth rate = retention rate x ROE = 1/3 x 0.16 = 0.0533 atau 5.3% Problems with the percentage of sales approach Kelebihan dari the percent of sales method: it is simple and inexpensive to use Keterbatasannya adalah: Pertama: Dalam praktek many variables will not be proportional to the forecasted level of sales. Adanya economies of scale dalam penggunaan assets akan menyebabkan ratio antara total assets terhadap sales tidak constant dari waktu ke waktu. Adanya safety stock untuk inventory sekalipun tingkat penjualan rendah. Dalam hal ini growth rate of sales tidak sama dengan growth rate of inventory. Contoh lain apabila perusahaan menggunakan EOQ model untuk inventory maka ‘inventory will rise with the square root of sales’ (tidak linear). Lumpy assets, yaitu assets yang hanya dapat dibeli dalam jumlah yang utuh dan besar, tidak sedikitsedikit (in small increments). Lumpy assets mempengaruhi fixed assets / sales ratio dan berdampak pada financial requirements. The firm is assumed to be operating at full capacity. Dalam praktek banyak perusahaan beroperasi tidak dalam full capacity. Komplikasi: Feedback effects Proforma laporan keuangan yang dibuat diatas masih harus dikoreksi karena belum memperhitungkan bunga pinjaman tambahan untuk memenuhi kebutuhan external financinf needed. Dividend seharusnya juga dibayar untuk saham tambahan. Pembayaran bunga dan dividend ini akan mengurangi net income dan retained earnings. Financing feedback effects ini harus dimasukkan dalam penentuan proforma financial statement. Pertama, tambahan hutang akan menambah biaya bunga. Kedua, penambahan modal saham akan menambah dividend yang dibayarkan
Table 12 Hutang yang ada
Hutang tambahan
Notes payable bunga 8% Biaya bunga = 8% x 10 = 0.8 Bonds bunga 10% Biaya bunga = 10% x 72 = 7.2
New notes payable bunga 10% Biaya bunga = 10% x 9 = 0.9 New Bonds bunga 12% Biaya bunga = 12% x 70 = 8.4 Total proyeksi biaya bunga 2007:
Proyeksi biaya bunga
1.7 15.6 17.3 ≈ 17
Table 13 Dividend sebelum saham baru Shares outstanding = 10 juta Dividend total = $ 8 juta Dividend per shares = $ 0.8
Saham baru Equity baru = $ 37 juta Harga saham per lembar $ 30 Tambahan saham 37 jt / $ 30 = 1,233,333 lembar Tambahan dividend = 1,233,333 @ $0.8 Atau $ 986,667 ≈ $ 1 juta
Total proyeksi dividend 2007 = $ 9 juta
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Including Feedback Effect (First Iteration) Table 14 2006 Net sales Cost of goods sold Selling and Adm expenses EBIT Interest expenses EBT Taxes (50%) Net Income Dividend (payout 40%) Addition to retained earnings
$ 500 400 52 48 8 40 20 20
Percent of 2006 Sales 100.00 % 80.00 10.40 9.60 n.a. n.a. n.a. n.a.
2007 Projection $ 750 600 78 72 8 64 32 32
2007 Pro forma $ 750 600 78 72 17 55 28 27
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n.a. n.a.
8 24
9 18
Table 15 Balance Sheet 2006 Cash Receivables Inventories Total current assets Net fixed assets Total assets
10 85 100 195 150 345
Percent of 2006 Sales 2.00% 17.00 20.00 39.00 30.00 69.00
Account payables Notes payables (8%) Accrued wages and taxes Total current liabilities Mortgage bonds (10%) Common stock Retained earnings Total claims
40 10 25 75 72 150 48 345
8.00 n.a. 5.00 n.a. n.a. n.a. n.a. n.a.
2007 Projection
2007 Pro forma 15 128 150 293 225 518
15 128 150 293 225 518
60 10 38 108 72 150 72 402
60 19 38 117 142 187 66 512
External financing needed = 518 – 512 = $ 6 juta Key ratios projected for December 31, 2007: Current ratio = 2.5 times; Total debt / total assets = 50%; ROE = 10.4 %
Faktor-faktor yang mempengaruhi besarnya external financing Sales growth: Increases in sales normally require increases in assets, Some of financing needed to support asset increases comes from spontaneously generated liabilities (misalnya accounts payable) dan laba ditahan (retained earnings). If sales growth is low enough, accounts payable dan laba ditahan ini akan cukup untuk membiayai the asset growth. If the asset growth rate exceeds a certain level, external funds will be needed. Output/capacity relationship. Percent of sales method mengasumsikan bahwa fixed assets telah dioperasikan secara penuh (fully utilized). Jika perusahaan hanya beroperasi 70% dari kapasitas penuh , fixed assets mungkin tidak harus ditambah sampai level penjualan mencapai titik tertentu. Bila sales sebesar $500 juta dicapai perusahaan hanya dengan 70% kapasitas, maka full capacity sales adalah $ 714 juta. Full capacity sales = Current sales / 0.70 = 500 / 0.70 = $714 juta. Fixed asset sebesar $150 juta bisa menopang sales maksimum $714 juta. Atau fixed asset yang dibutuhkan adalah 150/714 = 21% dari sales. Dengan proyeksi penjualan sebesar $ 750 juta maka kebutuhan assets = (150/714) x 750 = $ 158 juta.
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Capital Intensity atau jumlah assets yang diperlukan per dollar of sales = Assets / Sales Bila ratio ini rendah maka kenaikan sales hanya membutuhkan sedikit tambahan fixed assets dan selanjutnya makin sedikit membutuhkan external financing. Profit margin: Higher profit margin ---- higher net income ---- higher retained earnings. Dividend policy: Lowering payout ratio ----- increasing retained earnings
Metode lain untuk forecasting pos-pos neraca dan rugi laba: Metode lainnya meliputi: Simple linear regression, Multiple regression, Specific model untuk setiap variable (item), dan lain-lain. Contoh penggunaan simple linear regression: Misal Inventory = a + b*Sales Misalkan hubungan antara key variables dengan sales disajikan pada tabel berikut: Table 16: Hubungan Beberapa Variabel Terhadap Sales Variabel Cost of goods sold Administrative and selling expenses Cash Receivables Inventories Net fixed assets Accounts payable Accrued wages and taxes
Hubungan dengan Sales 0.80*Sales $27 + 0.05*Sales 0.02*Sales $7 + 0.15*Sales $20 + 0.16*Sales $38 +0.23*Sales 0.08*Sales 0.05*Sales
Assumsi: • Sales tumbuh sebesar 50% pada tahun 2 dan 3, sebesar 25% pada tahun 4, dan sebesar masing-masing 15% pada tahun 5 dan 6 • Pertumbuhan dividend sebesar 10% per tahun • Kenaikan harga saham sebesar 20% per tahun • Tarip pajak sebesar 50% • Distribusi external financing sebesar 4% dari short-term notes, 26% dari bonds, dan 70% dari equity • Dana dari external financing diterima pada setiap 1 Januari • Bunga short-term debt yang baru adalah 10%, dan long-term debt baru berbunga 12%. Sedangkan flotation cost diabaikan.
Net sales Cost of goods sold Operating expenses EBIT Interest expense EBT Taxes (50%) Net Income Dividends paid Addition to Ret.Earnings EPS
Table 17 Proyeksi Income Statement Year 1 Year 2 Year 3 Year 4 $500.00 $750.00 $1,125.00 $1,406.00 400.00 600.00 900.00 1,125.00 52.00 64.50 83.25 97.31 48.00 85.50 141.50 183.90 8.00 10.83 14.72 16.56 40.00 74.67 127.00 167.40 20.00 37.34 63.51 83.69 20.00 37.34 63.51 83.69 8.00 10.17 12.93 14.97 12.00 27.16 50.59 68.72 2.00 3.23 4.76 5.95
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Year 5 $1,616.00 1,294.00 107.90 215.60 16.84 198.70 99.37 99.37 16.57 82.80 7.02
Year 6 $1,860.00 1,488.00 120.00 252.00 17.02 234.90 117.50 117.50 18.29 99.18 8.27
Table 18 Proyeksi Balance Sheet Balance Sheet Assets Cash Receivables Inventories Total current assets Net fixed assets Total assets
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
$ 10.00 82.00 100.00 192.00 153.00 345.00
$ 15.00 119.50 140.00 274.50 210.50 485.00
$ 22.50 175.80 200.00 398.30 396.80 695.00
$ 28.13 217.90 245.00 491.10 361.40 852.50
$ 32.34 249.60 278.80 560.70 410.00 970.60
$ 37.20 286.00 317.60 640.70 465.70 1,106.00
Liabilities Accounts payable Notes payable Accrued wages & taxes Total current liabilities Bonds Common stock Retained earnings Total Claims
$ 40.00 10.00 25.00 75.00 72.00 150.00 48.00 345.00
$ 60.00 13.21 37.50 110.70 92.89 206.20 75.16 485.00
$ 90.00 17.64 56.25 163.90 121.70 283.70 125.70 695.00
$ 112.50 19.73 70.31 202.50 125.20 320.30 194.50 852.50
$ 129.40 20.05 80.86 230.30 137.30 325.80 277.30 970.60
$ 148.80 20.25 92.99 262.00 138.60 329.40 376.40 1,106.00
Year 4
Year 5
Year 6
$ 52.22 0 2.09 13.58 36.55 0.71 14.06
$ 7.91 0 0.35 2.06 5.54 0.09 14.15
$ 5.13 0 0.21 1.33 3.59 0.05 14.20
Year 4
Year 5
Year 6
2.43 1.65 11.11 10% 16%
2.44 1.67 12.80 10% 16%
2.45 1.68 14.80 11% 17%
Year 4
Year 5
Year 6
51.84 1.07 25%
62.21 1.17 15%
74.65 1.29 15%
Year 1 Funding requirements External funding Surplus cash New notes payable New bonds New stock New shares sold Total shares outstanding
------10.00
Year 1 Current ratio Total asset turn-over Times interest earned ROA ROE
2.56 1.45 6 6% 10%
Year 1 Stock price Dividend per share Growth rate of sales
$30.00 $ 0.80 n.a.
Table 19 External Financing Year 2 Year 3 $ 80.34 0 3.21 20.89 56.24 1.56 11.56
$ 110.70 0 4.43 28.77 77.47 1.79 13.36
Table 20 Financial Ratios Year 2 Year 3 2.48 1.55 7.90 8% 13%
2.43 1.62 9.63 9% 16%
Table 20 Financial Ratios Year 2 Year 3 36.00 0.88 50%
43.20 0.97 50%
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BUDGET To obtain a more precise projection of future financing needs: the preparation of cash budget is required. Operating budgets 1. Sales budget, including a computation of expected cash receipts 2. Production budget 3. Ending inventory budget 4. Direct material budget, including a computation of expected cash disbursements for materials 5. Direct labor budget 6. Factory overhead budget 7. Selling and administrative expenses budget 8. Proforma income statement The financial budget consists of cash budget and proforma balance sheet. Steps needed in preparing the budget: 1. 2. 3. 4. 5.
Prepare a sales forecast Determine production volume Estimate manufacturing costs and operating expenses Determine cash flow and other financial effects Formulate projected financial statement Table
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Contoh Cash budget
Month 1
Month 2
Month 3
Month 4
Beginning Receivables Sales Cash collection = Beg Receivable + ½ Sales Ending Receivable
120 200 220 100
100 300 250 150
150 250 275 125
125 400 325 200
Cash disbursements Payments of accounts (60% of sales) Wages, taxes, and other expenses Capital expenditures Financing expenses (Interest and Dividend) Total Cash Disbursement
120 40 0 20 180
180 60 100 20 360
150 50 0 20 220
240 80 0 20 340
Net Cash Inflow
40
-110
55
-15
Beginning Cash balance Net Cash Inflow Ending cash balance Minimum cash balance Cumulative Surplus (Deficit)
20 40 60 10 50
60 -110 -50 10 -60
-50 55 5 10 -5
5 -15 -10 10 -20
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Short-term Financial Plan Table 17
Month 1
Month 2
Month 3
20 40 ------60 10 50
60 -110 60 ---10 10 0
10 55 ---3 -52 10 10 0
Beginning Cash balance Net Cash Inflow Pinjaman baru jangka pendek Bunga pinjamannya Pelunasan Pinjaman jangka pendek Ending cash balance Minimum cash balance Cumulative Surplus (Deficit)
Month 4 10 -15 15.4 -0.4 ---10 10 0
Table 18 Lain-lain
Sources of External Financing Short-term financing Long-term external funds • Trade credit, dicatat di neraca sebagai • Private sources (direct financing) – dana Accounts Payable diperoleh secara langsung dari individuals atau lembaga-lembaga • Short-term loans dari bank misalnya keuangan (banks, pension funds, life notes payable insurance, dll) • Commercial papers • Public markets – dengan menggunakan • Banker’s Acceptance jasa underwriter untuk menjual • Accounts receivable financing securities kepada public (individuals (pinjaman dengan jaminan piutang, dan dan institutions) factoring) • Inventory financing
Financial Control Untuk terealisirnya financial planning perusahaan harus mempunyai control system sehingga semua rencana bisa diimplementasikan disamping dapat memberikan feedback yang memungkinkan penyesuaian segera bila kondisi pasar berobah. Budgets dan proforma financial statements menetapkan expected performance yang merupakan target yang dibuat management. Target ini harus dibandingkan dengan actual performance sehingga dapat dilihat seberapa jauh variance nya. Fokus harus diarahkan kepada variables (items) dengan variance yang besar (apakah kondisi pasar yang berubah, manager tidak bekerja dengan baik, atau targetnya yang tidak realistic).
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