Effective Budgeting for Businesses Today

By Dominic Shum

Having been in industry for more than twenty-eight years and being involved in business planning and budgeting during that period, I have been conducting training and facilitating EMBA classes on similar topics. In such sessions, I often encourage participants and students to ask question as I have considerable experiences in budgeting for them to pick my brains on. However, in most cases, the time allocated for such seminars or lectures are limited, and participants and students have asked questions regarding my experiences in the topic beyond the contact hours stipulated while others have requested for more literature on the subject. It is with this background that I find motivation to write this book to fulfil the participants’ demand for more information and to reach out to a wider audience on the topic of budgeting. This book is thus drawn upon my own experiences as a professional in the field and feedback given by my many participants and students who attended by seminars or classes. It is my hope that this book can provide clarity on the topic and is easily assimilated by all who does budgeting or is studying how to do it.

Happy reading and profiting from it.

• Language: English
• Publisher: Partridge Publishing Singapore
• Release date: Feb 11, 2019
• ISBN: 9781543749717

Dominic Shum

Dominic graduated from the highly ranked National University of Singapore with a Bachelor of Business Administration degree and went on to complete a MBA from the Australian Institute of Business majoring in Entrepreneurial Management. He is a qualified accountant and a certified company secretary. He has many years of senior management experiences with large multinationals and listed companies in the areas of management accounting, budgeting, strategic planning and financial management. He held senior positions such as Board Director, Regional Business Planning Manager, Financial Controller, Group Finance Manager, Lecturer and Corporate Affairs Director among other positions. Dominic is a Fellow Member of the Institute of Public Accountants Australia and was Council Member of their Kuala Lumpur branch. He is also a fellow member of the Institute of Financial Accountants (UK), a Certified Life Fellow member of the Institute of Commercial and Industrial Accountants Malaysia, a Certified Member of the Malaysian Association of Company Secretaries and member of other professional bodies. He is currently principal consultant and trainer of his own independent firm, DRC Services, and an associate trainer with EventsMastery Asia Pacific Sdn. Bhd., He is an EXCO member of the prestigious Malaysian Economic Association and was an industrial advisor to the Berjaya University College of Hospitality’s MBA program. Dominic lives in the Melaka state of Malaysia with his family and has written many articles for professional journals such as the Commercial Accountant Journal, the Malaysian Corporate Secretary Journal and blogs. He is the co-author of the Malaysian Institute of Insurance’s Insurance Claim book and one of the contributor for the book Insights on Corporate Governance and Corporate Social Responsibility.

Book preview

Copyright © 2019 by Shum Ying Loon.

ISBN:      Hardcover      978-1-5437-4972-4

                 Softcover        978-1-5437-4970-0

                 eBook             978-1-5437-4971-7

All rights reserved. No part of this book may be used or reproduced by any means, graphic, electronic, or mechanical, including photocopying, recording, taping or by any information storage retrieval system without the written permission of the author except in the case of brief quotations embodied in critical articles and reviews.

Because of the dynamic nature of the Internet, any web addresses or links contained in this book may have changed since publication and may no longer be valid. The views expressed in this work are solely those of the author and do not necessarily reflect the views of the publisher, and the publisher hereby disclaims any responsibility for them.

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Foreword

H aving been in industry for more than 28 year and being involved in Business Planning and Budgeting during that period, I have been conducting training and facilitating EMBA classes on similar topics. In such sessions, I often encourage participants and students to ask question as I have considerable experiences in budgeting for them to pick my brains on. However, in most cases, the time allocated for such seminars or lectures are limited and participants and students have asked questions regarding my experiences in the topic beyond the contact hours stipulated while others have requested for more literature on the subject. It is with this background that I find motivation to write this book to fulfil the participants’ demand for more information and to reach out to a wider audience on the topic of budgeting. This book is thus drawn upon my own experiences as a professional in the field and feedback given by my many participants and students who attended by seminars or classes. It is hope that this book can provide clarity on the topic and is easily assimilated by all who does budgeting or is studying how to d o it.

Happy Reading and Profit from It.

Dominic Shum

About the Author

D ominic graduated from the National University of Singapore (NUS) with a Bachelor of Business Administration degree and went on to complete a MBA from the Australian Institute of Business majoring in Entrepreneurial Management. He is a qualified accountant and is a certified company secretary. Dominic has many years of senior management experiences with large multinationals and listed companies in the areas of management accounting, budgeting and strategic financial management. He held senior positions such as Board Director, Regional Business Planning Manager, Group Finance Manager, Financial Controller, Planning Controller and Corporate Affairs Dire ctor.

Dominic is an Executive Committee (EXCO) and life member of the prestigious Malaysian Economic Association and was a Fellow and Malaysian Council Member of the Institute of Public Accountants Australia. He is a Fellow of the Institute of Financial Accountants (UK), a Life Fellow and Certified member of the Institute of Commercial and Industrial Accountants Malaysia, a Certified Member of the Malaysian Association of Company Secretaries and member of other bodies. He is currently principal consultant and trainer of his own independent firm, DRC Services, and an associate trainer with EventsMastery Asia Pacific Sdn. Bhd. Dominic lives in the Melaka state of Malaysia with his family and has written many articles for professional and academic journals and blogs. He is the co-author of the Malaysian Institute of Insurance’s Insurance Claim book and one of the contributors for the book Insight into Corporate Governance and Corporate Social Responsibility.

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Acknowledgement

T he accumulation of knowledge is an endeavour that we should actively be seeking in order to improve ourselves and our socio-economic environment. In my existence as a trainer, I have seek to impart whatever little knowledge and experiences that I have to those who are willing to listen and learn instead of entertaining the audience with oratory skills and humour like some professional trainers. This book will continue to continue my work above and I hope many will benefit fro m it.

However, in order for a book such as this one to be published the assistance of many others is required although the responsibility of the book belongs solely to me. I hereby acknowledge all those who have directly or indirectly help in the publishing of this book and I salute you all for your professionalism and dedication. Firstly, a word of appreciation and thanks to my wife Christine and daughter Mandy for putting up with my endless hours of research and work on the computer on this and other writing projects that I have been through. They have been my inspiration especially Christine who has supported, nurtured and loved me unconditionally for more than 21