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financial business function - Coggle Diagram
financial business function
Tasks
Record financial transaction
Management accounting
Financial reporting
Treasury management
Business partnering
advice and support to the other areas of the buz
Stategy formulation
Commercial decision
business analysis
adviser
Marketing, operation, IT, HR , Procurement, R&D
maximise their performance
business finance
transaction process
measure performance
cash available
Factor
Professional judgement
Dilemmas
Factor
compromise of objectivity and independence
insufficient time
Resistance by operational manager
attention to tasks more comfortable over overall objective
Manage Finance Function
Planning and control
Forecast, objective
feedback, measure performance
Evaluate resources
Organising and leading
Measuring performance
Types
Qualitative measures
Quantitative measures
Financial
Profitability (Cost, revenue)
Non-Financial
Activity, Productivity
Economy is reduction of COST
Effectiveness measure of ACHIEVEMENT
efficiency is a COMBINATION
Limitations
Information
timeliness
Cost-beneficial
Overal information
identifies symptoms, not causes
Trend
Price changes
Technological effect
Environmental effect
Accounting policies
Base year
Different business
based on average
different risk profiles
accounting policies
size of the buzz
different environment, countries