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Finance (Sources Finance (Bank Loans (Adv. (Flexibility in repayment time,…
Finance
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Technology
Spread sheets
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This mean that if, dor example sales figuers are updated, all related figures will utomatically change
Data such as sales trends can be automatically coverted into a chart to show a graph of the tends to managers
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Presentaion Software
Used to create a visual represnation of previous years performace or futre targets/budgtes to department
Cash budgeting
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Budgeting
Planning - allows managers to look ahead to the coming weeks and months and make appropriate plans rather than having to react to situations as they arise.
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Command - access to info allows managers to take charge of a situation and make informed decisions which can be communicated to staff.
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Control and evaluation - of budgets allows managers to exert control over the activities of the org. and staff.
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Motivation - management have a responsibility to motivate staff and budgets can be used to do this by setting realistic targets.
Cash-flow issues
Producing a cash-flow forecast is a good way for managers to track the progress of the business and to anticipate future problems. One of the most frequent issues is that the business will run out of money for a temporary period of time. In such instances, where it's identified in advance, it's possible to plan around this temporary problem.
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Role of finance dept
The part of an organization that manages its money. The business functions of a finance department typically include planning, organizing, auditing, accounting for and controlling its company's finances. The finance department also usually produces the company's financial statements.
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