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Financial management can be regarded as the organizing, planning, managing and controlling the overall financial activities like the utilization and procurement of the funds of a firm. It indicates application of the general management principles to the financial resources of the firm. FIN203 assessment answers Thus it is mainly concerned with the procurement, apportionment, and controlling of the financial resources of the concern. The objectives of this financial management are stated below:
The selection of the factor will be on the basis of the relative demerits and merits of every period and source of financing.
Financial planning can be defined as the procedure of predicting the capital needed and knowing its overall competition. It is generally the procedure of framing the financial policies with regards to the investment, procurement and management of overall funds of the firm. The major objectives of this financial planning are given below:
Working capital management can be regarded as the business strategy fabricated to assure that the firm carries out its operation effectively by observing and utilizing its current liabilities and assets to their most efficient use. The effectiveness of the working capital management can be generally quantified using the ratio analysis. Working capital management generally aims at more effective utilization of the firm’s resources by observing and optimizing the utilization of the current liabilities and assets. The main purpose is to sustain adequate cash flow to meet its overall short run debt obligations, short run operating expense and maximize the profitability.
Working capital management is the key to CCC (Cash conversion cycle) or the total time that the company utilizes to transform the working capital into the usable cash. Assuring that a firm has adequate resources for its regular activities means preserving the existence of the firm and assuring it can continue operating as the going concern. Limited accessibility to the short run financing, uncontrolled commercial credit policies, and scarce availability of the cash can result in the requirement of liquidation, asset sales and restructuring of the firm. The ratios which are crucial in the working capital management are working capital ratio, inventory turnover ratio and collection ratio.
However, working capital requirements are not the same for each firm. The factors which can generally influence the working capital requirements are exogenous or endogenous. Exogenous factors incorporates the availability and access of the banking services, kind of industry and goods or services sold, the level of interest rates, strategy, number and size of its competitors and the macroeconomic conditions. Endogenous factors incorporates strategy, size and structure of the firm.
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