Financial planning

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Under financial planning ( english financial planning ) refers to the use of forecasting methods for creating a financial plan for companies , enterprises and households or households and its implementation control.


In business administration , financial planning is discussed as part of the overall corporate planning with special consideration of the financing and corporate goals. According to Erich Kosiol , financial planning is a regular task of the financial sector that has to be carried out at regular intervals. The current capital requirement is provided by financing, in which a distinction must be made between self-financing and external financing . It must be the result of previous financial planning, which draws much of its data from the past. The preparation of the financial plan represents the first phase of financial planning. This shows whether a liquidity surplus or a capital requirement is to be expected in the future, which is to be processed in the second phase as a cash investment , investment or internal or external financing.

Entrepreneurial financial planning

The starting point for the financial planning of other economic subjects is the entrepreneurial financial planning developed in business administration. It deals with expected cash flows and capital structures that will be reflected in future annual financial statements .


Depending on the length of the planning horizon, a distinction is made between short, medium and long-term financial planning. With regard to the duration of the planning horizons, it should be borne in mind that this can vary depending on the economic sector . In cyclical sectors (such as telecommunications ) there are shorter planning horizons than in less cyclical sectors ( energy suppliers ). The short-term financial planning covers a period of one month, the medium-term one to two years and the long-term financial planning covers a planning horizon of three, five or ten years. The short-term financial planning deals in particular with liquidity planning ( cash management ), the medium-term takes into account planned investments and their financing, the long-term financial planning has to accompany the company in its long-term strategy . Accordingly, the planning period can be divided into operational (maximum 1 year), tactical (2–5 years) and strategic (5 years and beyond).

With regard to the planning economic subject, there is financial planning in companies, public budgets and private households. Financial planning in public and private households differs fundamentally from corporate financial planning, but it can apply its planning methods and procedures in modified form.


Important instruments of financial planning are the cash flow statement ( cash flow planning), budgeted balance sheet, budgeted income statement , investment planning and financing plan . The retrospective cash flow statement first determines the changes in balance sheet items between two balance sheet dates , while the prospective one provides a preview of expected changes in items. In the budgeted income statement, the expected expenses and income are compared; the difference between them is the expected company success ( EBITDA ). The investment and financing planning is included in the financial planning as a partial plan and takes into account the effects of planned investments in a cost-benefit analysis . The long-term monitoring of assets , equity and debts has the greatest temporal scope for balance sheet structure planning .

Financial planning phases

  1. (backward-looking) financial analysis of the current situation
  2. Target and actual analysis
  3. Financial forecast
  4. Planning of alternative ways to raise funds
  5. Plan compensation
  6. Control of the plan specifications (financial and liquidity control)
  7. Plan revision

State financial planning

Government financial planning is part of public finances . The task of coordinating the financial planning of federal , countries , municipalities or associations of municipalities was the responsibility of Financial Planning , at the site of the April 2010 stability council came. In accordance with Article 109a of the Basic Law, it takes on the ongoing monitoring of the budgetary management of the Federation and the Länder with the aim of avoiding budget emergencies and the tasks of the former financial planning council.


The budget contains all budget income and expenditure ( cameralistics ) or income and expenditure ( double ) estimated for the next financial year by legal entities under public law , as well as commitment appropriations , posts and posts of all administrations as well as specific budget notes. Budget management bodies such as the federal government, federal states, municipalities or associations of municipalities, but also institutions and corporations under public law, implement their short-term financial planning in a budget. The budget set out in the Federal Budget Code (BHO) and the Budgetary Principles Act (HGrG) is used to determine and cover the financial requirements or, in the case of double budgetary management, also the expenditure that is likely to be necessary to fulfill the tasks of the federal government or the state during the approval period ( Section 2 HGrG) . The principle of truth ( § 9 , § 11 BHO) requires the most accurate calculation and estimation possible on the basis of reliable data, especially with regard to budget income. Business cycle estimates and tax estimates are the main sources of budgets. A budget only produces declaratory effects for the revenue it estimates, because extra-budgetary legal norms must be used as the collection norm (in particular tax laws or contracts). A budget must be passed by parliament by law or statutes and only then becomes legally binding as an approved budget .

Medium-term financial planning

The medium-term financial planning has the task of securing the political stability equilibrium and maintaining the financial order. It was first taken up in June 1967 in the Stability Act (StabG). According to this, the budget of the federal government and the federal states is to be based on a five-year financial plan ( Section 9, Paragraph 1 of the StabG, Section 14 of the StabG), in which scope and composition of the anticipated expenditure and the coverage possibilities are to be presented in their interrelations with the presumed development of the overall economic performance . The HGrG deals with this in more detail for the federal and state governments. Pursuant to Section 50 (3) HGrG, the medium-term financial plan must be submitted to the legislative bodies at the latest with the draft of the Budget Act, based on a five-year financial plan (Section 50 (1) HGrG). The main content is the planned investment focus.

In order to coordinate the budget and financial planning of the federal government, the federal states and the municipalities and associations of municipalities, the Stability Council advises on the underlying economic and financial assumptions. The obligations of the Federal Republic of Germany from legal acts of the European Union based on Art. 121 , Art. 126 and Art. 136 TFEU to comply with budgetary discipline and the requirements of macroeconomic equilibrium must be taken into account ( Section 51 (1) HGrG).

The term medium-term financial planning is primarily used in cameralistics . In the double-ended one speaks of the medium-term earnings and financial planning . In addition to medium-term planning of payments and payments (financial planning), medium-term planning of income and expenses (earnings planning ) is also carried out here.

The medium-term financial planning is non-binding because it is only presented to the Bundestag for information. There it hardly plays a role in parliament and is usually adjusted to current budget developments instead of influencing current budget developments.

EU multiannual financial framework

The multiannual financial framework (formerly: financial perspective) of the European Union defines the binding financial framework for the budget of the European Union in a multiannual period. It is agreed jointly with the European Parliament on the basis of a proposal from the European Commission by the Council of the European Union , which decides unanimously in this case . The multiannual financial framework for the period from 2014 to 2020 is currently valid.

Private financial planning

Private financial planning is the life cycle-oriented prognosis of a private household about the future development of income / expenditure and assets / debts , taking into account financing , investment , retirement provision , succession and tax aspects while taking individual financial goals into account. It is used to prepare decisions in personal financial matters and is often narrowed down to investment advice in specialist literature . Households - often without adequate general financial education - have to take into account imminent financial risks in their private financial planning , in particular insufficient adjustment of expenditure to falling income, avoidance of general life risks , uninsured liability for damages , unexpected additional payments ( operating costs or taxes), divorce , death of close relatives , Unemployment , dangers from concentrated capital investments ( cluster risk or granularity ) or from excessive debt service on loans . The high level of personal bankruptcies in Germany seems to indicate that many citizens are overwhelmed with private financial planning. This is often due to a lack of or insufficient general financial education .

Web links

Individual evidence

  1. ^ Fritz Neske / Marcus Wiener (eds.), Management-Lexikon , Volume 2, 1985, p. 428
  2. Erich Kosiol, Finanzplanung und Liquidität , in: ZfhF 7th year, 1955, p. 254
  3. Ludwig Orth, The short-term financial planning of industrial companies , 1961, p. 48
  4. ^ Helmut Sellien, Finanzplanung , 1953, p. 9
  5. Ludwig Orth, The short-term financial planning of industrial companies , 1961, p. 19
  6. Ulrich Ermschel / Christian Möbius / Holger Wengert, Investment and Financing , 2011, p. 95
  7. Reiner Michel / Sonja Kreplin / Lars Keil, Das Know-how excellenter Finanzplanung mit dem PC , 2000, p. 1
  8. Ulrich Ermschel / Christian Möbius / Holger Wengert, Investment and Financing , 2011, p. 95
  9. Oliver Braun, Decision Support for Personal Financial Planning , 2008, p. 10
  10. Herbert Wiesner / Bodo Leibinger / Reinhard Müller, Public Finance , 2008, p. 17
  11. Karl-Heinrich Hansmeyer / Bert Rürup , Staatswirtschaftliche Planning Instruments , 1984, p. 35 f.
  12. See e.g. B. § 13 Municipal Budget and Cash Ordinance Brandenburg
  13. Wolfgang Scherf, Public Finances , 2009, p. 55
  14. ^ Charles B. Blankart , Public Finances in Democracy , 2006, p. 456
  15. EU Multiannual Financial Framework for the years 2014-2020
  16. Wesselin Kruschev, Private Financial Planning: The New Service for Demanding Investors , 1999, p. 17