Recording also will classify and summarize economic events. The bookkeeping function is included in the recording of economic events. Accounting reports are then communicated to interested internal and external users by means of financial statements. Internal interested users are individuals inside the company who plan, organize and run the business. These users can be comprised of finance directors, marketing managers, human resources, or management.
They work for the business directly and if something happens to the company their wages and job stability will be affected. This has created a vast interest by employees and their representative groups in information about the stability and profitability of their company. They are also interested in information which enables them to assess the ability of the enterprise to provide compensation, retirement benefits and employment opportunities. Additionally, managers may obtain bonuses when they exceed business standards, so they develop an interest in the successful advancement of the business. Investors, the providers of risk capital and their advisers are concerned with the risk inherent in, and return provided by, their investments.
Research competitors and industry trends to create new ideas and incentives. Compete with competitors – Price matching. With accurate information and efficient communication within the business will ensure business continuance despite possible problems. 4.0 Reports: Identify the types of reports you would be required to review regularly in order to monitor business performance, why is it important to create and use this report and who would the report be written for. 4.1: Performance Report: This report shows how well/poorly a business is doing based on a current revenue, and can identify performance areas that may need improvement.
The information is passed onto the staff and then plans are made on how best to manage the changes. If further training is needed it is put into place. Review of the Accounting Function System Requirements The Credit Control function of Chic Paints must be able to ascertain if potential customers are a good credit risk and be given an appropriate credit limit. The systems in place need to be able to produce invoices on time and chase debts according to the company policy. The risk of bad debts must be minimised to enable the company to carry on being profitable.
Two main groups of users of financial information are internal and external users. Internal users are individuals who help operate the business within an organization such as managers, employees, supervisors, directors, etc. Upper management frequently makes planning and controlling decisions based on the financial information gathered. External users are those individuals and institutions that want financial information about specific organizations. For example, external users such as investors, creditors, and bankers receive this financial information by reading the reports and determine if a specific company is worth investing
Investors and creditors are examples of external users of accounting information. Investors make the decision to buy, sell, or hold stocks and creditors evaluate the risk of selling on credit or lending
Or Financial statements (balance sheet, income statement, statement of cash flows, and statement of stockholders’ equity) are the primary means accountants use to communicate financial information to investors, creditors, regulatory agencies, and others. Choose one of these financial statements and provide an example of the statement from your current organization, if possible. Provide a brief analysis of what is contained on the statement. The text identified three common legal forms of business organizations: sole proprietorships, partnerships, and corporations. IF you were to start or your business (or if you already have started your own business) what type of legal form would you use?
Financial Accounting: Tools for Business Decision Making. Prepare the ratios outlined in the Excel template provided in the Course Materials forum. Depending upon the source, some ratios can be calculated various ways—be sure to calculate these ratios as defined in our text: Financial Accounting: Tools for Business Decision Making. Provide a 750-1,250 memo to your CEO. Address the following items: Provide your calculated ratios.
BUS 650 UOP Course Homework Aid Managerial Finance /Complete Class Click Link below To Purchase Entire Class: http://homework.aid.com/BUS.650.Managerial.Finance.Complete.Class.Assignments.and.DQs.266.htm BUS 650 Week 1 DQ 1 The Role of Financial Management in a Firm Examine the role of management as it relates to finance in a corporation. In your post, discuss the role of management by addressing the following prompts: Explain the various aspects of finance that management must understand. Describe why a manager needs to understand the characteristics and importance of financial markets including their liquidity, competitiveness, and efficiency. Interpret the function of the Financial Balance Sheet in assisting in management’s decision
This program will keep track of individual customers purchasing behaviors, which will allow Kudler to know how much of a certain product to stock. This could also determine manpower needs for certain days of the week. Just by increasing efficiency on these two topics will increase revenue by cutting out under or overstocking as well as overstaffing. This program may also increase the number of loyal