The paper “ Financial Management Approaches ” is a meaningful example of the presentation on finance & accounting. In order to enhance the financial planning of the company, we must create a model for strategic planning that requires to be met efficiently by the company. The first step is examining the budget as well as financial plans which will entail the following. Long term Budgets/ PlanShort term Budgets/ PlansOperational plansA spreadsheet on the basis of financial forecastCash flow forecastThe key performance indicators (KPIs) for expenditure, manufacture, sales, efficiency, and profits for the companyThe exiting budget as well as the financial plan for the company might be accessed by checking on the demand as the expenditure of the company.
Finding the cash flows that are acknowledged in the firm as well as examine if the source for cash flows are varying. Frequent checking on actual financial performance as well as preparation of reports concerning the annual position of the company is significant. Appraising the existing Budget and Plans and Find whether they are achievable or notThe existing budget plans are being categorized with specific staff in the company so as to find out if the budget plan is attainable or not.
The size of the business as well as the sort of business it operating is the key factors that will aid in finding if the plan is attainable or not. The existing financial plans for the company are apparently documented, precise as well as very brief. The written results are very much attainable as well as entire of the contingency planning is as well in place in the form of risk-control appraisals. Corroborate the existing planThe plan which has been presently created is as per the companies structure requirements as well as simply comprehended too as well as quite apparent in its intention.
Entire of the forecaster, workings as well as information are found to be correct. RealizableThe capacities of the area of accountability allocated as well as along with the team are in a position of delivering the goods and services that are needed from the company with the allocated budget as well as time.
Brigham, F.E. and Ehrhardt, M.C. (2010) Financial Management Theory and Practice, Cengage Learning.
Brigham, E.F. and Houston, J.F. (2009) Fundamentals of Financial Management, 12th edition, Mason ,OH: Cengage Learning.
BSBFIM501A Manage budgets and financial plans, Aspire Training & Consulting.
BSBFLM513A: Manage budgets and financial plans within the work team, [Online], Available: http://www.mintrac.com.au/files/dip_units07/BSBFLM513A%20Manage%20budgets%20and%20financial%20plans%20within%20the%20work%20team.pdf [2 April 2012].
Hansen, D.R., Mowen, M.M. and Guan, I. (2009) Cost management: accounting & control, 6th edition, MAson,OH: Cengage Learning.
Hightower, R. (2009) Internal Controls Policies and Procedures, Hoboken ,New Jersey: Jpohn Wiley & Sons.