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International accounting and finance - Essay Example

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Prior to determining the similarities between the aspects of financial management between a domestic and an international organization, it is important to determine the basic difference between these two organizational entities. While a domestic corporation operated within a…
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International accounting and finance
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Download file to see previous pages International companies play a huge role in the global company and can have a powerful influence on the prospects and performance of several economies, especially those that are directly influenced by its business operations and decisions (Ray Whittington, 2007).
Irrespective of their nature of operation, both domestic as well as international companies rely on the efficient management of their financial resources, wherein the financial management of the company can be defined as the management of the financial resources of a business organization so as to guide it towards the achievement of its financial objectives (Arthur Andersen, 1977). In this aspect, there are a few aspects, which are entirely applicable irrespective of the area or extent of operation of the company. With a view to improving the prospects of commercial business as the basis of the structure for the organization, the key objectives of managing the finances of the firm are to primarily generate revenue and profits for the business apart from ensuring the liquidity levels within the business. In addition, it is also necessary for financial management to provide the required strategies to help generate a healthy return on investment by assisting in identifying and mitigating all the risks involved in conducting the business by putting in a certain set of resources. In this respect, financial management is achieved for any firm through three main sections.
Planning: in order to fund business operations, the management needs to be sure of the amount of funding available and the sums required to aid the needs of the business. Funding is required to invest in the company, its infrastructure, human resources as well as assist in the sales made over the credit (Barry Epstein, 2001). For longer terms, funding is also required to enhance the levels of productivity ...Download file to see next pagesRead More
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