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Reviewing and evaluating financial management processes - Essay Example

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This essay describes that for the financial management process to be effective the managers of the organization indulges in a variety of accounting and other records of the organization. This in turn helps to furnish the financial condition of the organization and projects the result…
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Reviewing and evaluating financial management processes
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Download file to see previous pages The manager takes effective measures in controlling the budgets of the organization so that the cost does not exceed the estimated budget. The allowable cost helps in determining the allowability, reasonableness and allocability of costs for the managers. Cash management and compliance of the organization are supervised under the surveillance of the manager of the organization for better performance.Matching available resources to planned activities.The four main financial records are the trading account, the profit and loss account or the income statement, the balance sheet and the cash flow statement of a company.  These financial records provide accountability, reliability and can even be used as legal evidence while taking decisions regarding the concerned organization. The financial records are tool which can constrain the individuals from engaging in corrupt practices. Conversely, the financial records can protect an innocent of false accusations. Implementation of the records management control is a must for the effective financial management process of the organization. The purpose of preparing financial performance report for the organization is to bring forth the core information which would otherwise be obscured, highlighting of significant items and relationships between them, enhancing comparability and improving the understandability of the financials of the organization.The timing of the financial report is as important to the organization as that of the financial information....
Conversely, the financial records can protect an innocent of false accusations. Implementation of the records management control is a must for the effective financial management process of the organisation.2 Answer 3 The purpose of preparing financial performance report for the organisation is to bring forth the core information which would otherwise be obscured, highlighting of significant items and relation between them, enhancing comparability and improving the understandability of the financials of the organisation. Even the stability and the riskiness of the organisation can well be determined from the financial performance report of the organisation.3 Answer 4 A person can verify the accuracy of the financial management report by4: Reviewing the financial documents in a comprehensible manner Monitor the preparation of budget of the organisation Calculate realistic funding needs and identify the appropriate sources Matching available resources to planned activities Establishing a centralized database of information Ensure that all data are consistently reported amongst subsidiaries Making executives accountable for the financial reports by personally verifying their accuracy. For example: The audited financial report of a company projected in the company’s annual report portrays the present financial condition of the company. This annual report is issued for all the stakeholders of the company who takes the decision of investment after going through the financial report of the company audited by some external auditor. Answer 5 The timing of the financial report is as important to the organisation as that of the financial information. Timing has great influence in the financial reporting of an entity which constraint the official information ...Download file to see next pagesRead More
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