We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Nobody downloaded yet

Reviewing and evaluating financial management processes - Essay Example

Comments (0) Cite this document
Summary
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…
Download full paperFile format: .doc, available for editing
Polish This Essay93.2% of users find it useful
Reviewing and evaluating financial management processes
Read TextPreview

Extract of sample
"Reviewing and evaluating financial management processes"

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
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Reviewing and evaluating financial management processes Essay”, n.d.)
Reviewing and evaluating financial management processes Essay. Retrieved from https://studentshare.org/management/1400614-reviewing-and-evaluating-financial-management-processes
(Reviewing and Evaluating Financial Management Processes Essay)
Reviewing and Evaluating Financial Management Processes Essay. https://studentshare.org/management/1400614-reviewing-and-evaluating-financial-management-processes.
“Reviewing and Evaluating Financial Management Processes Essay”, n.d. https://studentshare.org/management/1400614-reviewing-and-evaluating-financial-management-processes.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
Enhancing the Quality of Services and Processes through Strategic Management
This paper develops and justifies a new approach towards enhancing the quality of services, processes and supply chain and in so doing, it evaluates the transformations required to enhance Arnold Palmer Hospital’s philosophy of 100% patient satisfaction. It focuses on strategic management as a significant technique to enhance performance.
14 Pages(3500 words)Essay
Planning and Implementing Financial Management Approaches
It is a small business operation which deals in the retail of natural health products, herbal medications, and aromatic salves and oils. The business has its own line of herbal supplements, but majority of its sales – about 80 per cent – is generated from the sale of products supplied by other small businesses.
10 Pages(2500 words)Essay
Knowledge Management Processes & Tools
Conclusion 13 References Appendices (Words 3152) Abstract The expansion of knowledge sharing in all human activities reflects the value given to the particular process. Because of the involvement of knowledge sharing in various tasks, its characteristics are differentiated, in accordance with the conditions of the social, economic or business environment.
12 Pages(3000 words)Essay
Performance management
Typically, majority of the performance management systems incorporate performance reviews, learning activities, coaching and mentoring, performance measurement metrics, rewards, team work and training and employee development programs (Aguinis 2012). Historically, performance management was used to determine the wage based compensation of employees and drive employee behaviours that aimed at attaining organisational objectives.
6 Pages(1500 words)Essay
Evaluating and reviewing current technologies within genetics and biotechnology
The numbers of endangered animals begin to diminish. These species face the danger of going extinct. Bernau (2006) argues that zoologists and botanists have tried to identify the factors behind widespread endangering; these include loss of habitat as people encroach on their ecosystems, increased variety of diseases, and reduced adaptive capabilities.
8 Pages(2000 words)Essay
Evaluating Human resource management
"More recently, organizations consider the "HR Department" as playing a major role in staffing, training and helping to manage people so that people and the organization are performing at maximum capability in a highly fulfilling manner."(Carter McNamara)
10 Pages(2500 words)Essay
EVALUATING HUMAN RESOURCES MANAGEMENT
Most organisations don't consciously try to create this culture. It is inherent to the principle that it pursues. One finds that most company culture is based on: Human Resource Management (HRM) is a planned approach to managing people effectively for performance.
10 Pages(2500 words)Essay
Evaluating Human Resource Management
They are the ones who decide whether to seek help from independent contractors or directly hire employees. Human resource managers should make sure that the employees they are hiring are the cream of the crop or best of the bests.
8 Pages(2000 words)Essay
Evaluating and reviewing a piece of pop culture
eived an encoded email message from Central Intelligence Agency (CIA) via his old college friend that made him an “Intersect” or a repository of the United States greatest spy secrets. The strength of the TV series was how an average guy portrayed to become a great spy.
2 Pages(500 words)Essay
Discuss the usefulness and limitations of financial ratios in evaluating the performance and management of companies
Investors use these ratios to make comparisons between companies in the same industry. Most of these ratios are not generally meaningful when evaluated alone but they tend to bring
6 Pages(1500 words)Essay
Let us find you another Essay on topic Reviewing and evaluating financial management processes for FREE!
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us