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Lecture

Financial Management.docx

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Department
Management
Course
MGM101H5
Professor
Dave Swanston
Semester
Fall

Description
Financial Management Nov 15, 2013 What = financial management? • Finance: business function that is responsible for cash acquisition and disbursements • Financial manager Functions of Financial Managers • Auditing, planning, budgeting, obtaining funds, controlling funds (funds management),  collecting funds (credit management), advising top management on financial matters,  managing taxes • Managers only spend as much as you need to – so can pay back depending on how much  you sell  ▯cash cycle • Managers also carefully analyze tax implications of various managerial decisions in an  attempt to minimize taxes paid by business Importance of Understanding Finance • Vital financial managers in any business stay on top of changes and opportunities in  finance and adjust to them Financial Planning Process • Forecast cash flow (short term and long term)  ▯budget cash need (operating, cash and  capital)  ▯control differences (actual vs. projected flows)  ▯compare results (modify  forecasts and budgets) Budget Process • Budget sets forth management’s expectations for revenues and on basis of those  expectations, allocates use of specific resources throughout firm  • Quantitative expression of firm’s strategic plans Establishing Financial Controls • Financial control : process in which a firm periodically compares its actual revenues,  costs and expenses w/ its budget Need For Funds • All organizations, there are certain needs for which funds must be available, key areas  including managing day to day needs, manage debts, pay for purchases, acquire inventory  before selling, capital expenditures (also replace ass
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