财务管理系统中英文对照外文翻译文献.docx
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财务管理系统中英文对照外文翻译文献.docx
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财务管理系统中英文对照外文翻译文献
中英文资料翻译
AFinancialControlSystemthatFocusesonImprovementandSuccess
Ofcourse,wearenotsayingthatbusinessesshouldignoreprudentcontrolsovertheircashdrawer.Thepointisthatfocusingonsmallcomponentswhilenotknowinghowmuchcashistiedupinreceivablesdoesnotrepresentacontrolsystemthatrecognizesprioritiesandrisk.Focusingsolelyontheroteandmundanedoeslittletoimproveyouroverallfinancialperformance.Financialcontrolsystemsshouldn’tjustbeaboutcompliance,theyshouldbeaboutcontinuallyimprovingkeyaspectsofthefinancialoperationsuchas:
∙Regularlyreviewingandimprovingtheoverallcapitalstructure.
∙UsingacapitalplantominimizethecostofcapitalwhilestrengtheningtheDebt/Equityposition.
∙Managingworkingcapitalsoexcessiveinventoriesandreceivablesdonotsapfinancialresources.
∙Ensuringpropercalculationsandscenariosareexploredwhilemakingdebt/investmentorleasingdecisions.
∙Maximizingreturnswhileminimizingcostsforcashandmerchantaccounts.
Acontrolsystemofwell-definedprocessesisnotonlyaboutcontrolorcompliance,itisalsoaboutconsistentlystrivingtodoalittlebetter.Controlsystemsthataredesignedonlytoachievecompliancearedoingthebareminimum,andtheyrepresentamissedopportunitytogainimprovementandacompetitiveedge.Andthatshouldbeenoughreasonforanysizeandtypeofcompanytothinkaboutusingacontinualimprovingprocessapproachtocreatingafinancialinternalcontrolsystem.Soxisnice;butcontinualimprovementisbetterforeveryone.
Financialcontrolofprojects
Purpose:
Establishedandeffectivecostcontrolsystemsandprocedures,understoodandadoptedbyallmembersoftheprojectteam,entaillesseffortthan‘crisismanagement’andwillreleasemanagementefforttootherareasoftheproject.
Fitnessforpurposechecklist:
∙Theprimeobjectiveofthegovernment’sprocurementpolicyistoachievebestVFM.
∙Toexercisefinancial/costcontrol,projectsponsorsneedtoreviewandactonthebestandmostappropriatecostinformation.Thismeansthattheyshouldreceiveregular,consistentandaccuratecostreportsthatarebothcomprehensiveindetailandpresentedinamannerthatpermitseasyunderstandingofbothstatusandtrends.Reportsneedtobetailoredtosuittheindividualneedsofeachprojectandshouldalwaysbepresentedtogiveacomparisonofthepresentpositionwiththecontrolestimate.
∙Reportstoprojectsponsorsnormallygiveonlythestatusoftheprojectoverall.Butsponsorswillonoccasionneedtomonitorcostsagainstaspecificcostcentreinmoredetail.ThetypicalcontentsofacostreportaregiveninAnnexA.
∙Tablesoffiguresareessential,butforrapidunderstandingandanalysisoftrendssomegraphsarehelpful.
Suggestedcontent:
Thefollowingaspectsshouldbeaddressedinafinancialreport(ratherthanrepeatingdetailedinformationavailableinearlierreports,laterreportscansummarisethekeypointsandcrossrefertotherelevantearlierreports):
∙developmentofbudget
∙originalauthorisedbudget
∙newbudgetauthorisations(givingjustificationforchanges)
∙currentauthorisedbudget
∙expendituretodate
(Eachsectiononbudgetsandexpenditureshouldaddresstheoriginalbaseestimatesandriskallowancesforeachelement)
∙commitments
∙agreedvariations(givingjustificationforvariations)
∙potential/expectedclaimsordisputesawaitingresolution(iftheprojectisgoingwell,thisareashouldbesmall)
∙commitmentsrequiredtocomplete
∙ordersyettobeplaced
∙variationspending
∙futurechangesanticipated.
Eachofthefollowingcostelementsshouldbecovered:
∙in-housecostsandexpenses(includingallcentralsupportservices,administration,overheadsetc)
∙consultancyfeesandexpenses(design,feasibility,clientadvice,legal,constructionmanagement,sitesupervisionetc)
∙landcosts
∙wayleavesandcompensation
∙demolitionanddiversionofexistingfacilities
∙newconstructionorrefurbishmentcosts
∙operatingcosts
∙maintenancecosts
∙disposalcosts
∙insurancecosts
∙allothercostsrelatingtotheprojectnotlistedabove.
∙Allpricesneedtobediscountedtoacommonbase.
∙Exampleofacostsummaryreport
FinancialControl
FinancialControlisamajorcontributoryfactortobusinesssurvival.Formanymanagers,exercisingeffectivefinancialcontrolis,atbest,seenasamysteryand,atworst,notevenconsidered.Yetmonitoringasmallnumberofimportantfigurescanensurethatyouretaincompleteandeffectivefinancialcontrol.
Objectives
Thissectionisintendedtohelpyouputinplacethatfinancialcontrol:
toensurethatyouareestimatingcostsaccuratelyandthenkeepingthemundercontrol;toensurethatyouarechargingand/orpayingtherightprice;andtoensurethatyoucancollectmoneyowedtoyouandcanpayyourbillsastheyfalldue.Itsobjectivesare:
∙todemonstratehoweffectivefinancialcontrolassistsinthemanagementoftheorganisationinwhichyouwork;
∙toshowthatcontrolcanbeachievedthroughsimpledocumentation;and,
∙tosuggestfinancialindicatorsforinclusioninyourstrategicobjectives.
1AchievingControl
Goodfinancialresultswillnotarisebyhappyaccident!
Theywillarisebyrealisticplanningandtightcontroloverexpenses.Rememberthatprofitisthecomparativelysmalldifferencebetweentwolargenumbers:
salesandcosts.Arelativelysmallchangeineithercostsorsales,therefore,hasadisproportionateeffectonprofit.
Youmustwatchyourcosts/pricesandmarginsverycarefullyatalltimessincesmallchangesinanyoftheseareascanleadtosubstantialchangesinnetprofit.Controlcanthenbeexercisedbycomparingactualperformancewithbudget.Todothis,youwillneedtoproduce:
∙afinancialplan,agreedasbeingachievablebyallconcerned;and,
∙somemeansofmonitoringperformanceagainsttheplan.
Sincetherewillalwaysbedifferencesbetweentheactualandtheplan,youneedsomeformofcontrol.Beyondacertainorganisationalsize,controlcanonlybeexercisedbydelegation;thehumanaspectofcontrolis,therefore,important.
Whykeeprecords?
Accuraterecordkeepingisrequiredifyouaretobeeffectiveinmonitoringperformanceagainstbudget.Otherreasonswhyyouwillneedtokeepaccuraterecordsare:
∙thereisalegalobligationtodoso;
∙anyshareholdersmaywantaccounts;
∙theVATinspectorswillneedthem;
∙HMRevenueandCustomswillrequirethem;
∙potentialsuppliersmayrequirethem;
∙youwillneedtoreportaccuratefigurestoyourstakeholders;
∙youwillneedtoidentifyareasofpossibleconcern;and,
∙youwillneedtoinvestigateandexplainvariances(underoroverspendsagainstyourbudget).
Accountingrecordswillneedtobedetailedenoughforyoutobeabletosayatanyonetimewhatthefinancialpositionis;ie,howmuchcashisinthebusinessorthebudget?
Howmuchdoyouowe?
Howmuchisowedtoyou?
Howbigistheoverdraft(oroverspend)?
Howlongcouldbillsbepaidforifcashstoppedflowingin?
Whatistheprofitmargin?
Financialcontrolwillbepooriftherearenoclearobjectivesandalackofknowledgeofthebasicinformationnecessarytorunabusinessor departmentsuccessfully.Alackofappreciationofthecashneedsforagivenrateofactivityandatendencytoassumethatpoorresultsstemfromeconomicconditionsorevenbadluckwillonlyexacerbatethesituation.
Accountingcentres
Onewayofdelegatingfinancialresponsibilityistosetupasystemofaccountingcentres.Wherebusinessesmakearangeofproducts,puttingeachintoadifferentaccountingcentremakesiteasiertodeterminewhichoftheproductsareprofitable.Somecosts(egfactoryrent)aremoredifficulttoallocate,somayberecordedinaholdingaccountandthensplitbetweenproducts.Indirectcostscouldbeallocatedbytheproportionofsalesrepresentedbyeachproduct(byvolumeorcost),byproportionofmachinetimeused,orbysomeotherappropriatemethod.
Thissplitwillgiveanindicationoftheprofitabilityofeachproduct,butyoushouldbewareofceasingsalesofaparticularproductbecauseoflowprofitorloss-thecostscurrentlychargedtothataccountingcentrewouldhavetoberedistributedamongthoseremaining,sonecessitatingincreasedsalesofthoseproducts.
Therearefourpossiblelevelsoffinancialresponsibilitywithappropriatetargetsandcontrolrequirements:
∙revenuecentre-staffonlyhaveresponsibilityforincome(egasalesdepartmentinastore).Staffhavesalestargetsagainstwhichincomeismeasuredandcompared;
∙costcentre-staffhaveresponsibilityforkeepingcostswithinsettargets,butdonothavetoworryaboutwherethemoneycomesfrom(eganNHSTrustdepartment);
∙profitcentre-staffhavemoreresponsibilityandcontrolandwillagreetargetsofprofitabilityandabsolutelevelsofprofit(egadivisionwithinalargercompany).Controlisachievedthroughmonitoringperformanceasmeasuredbytheprofitandlossaccount(P&L);theyareunable,however,toinvestinnewequipment;and,
∙investmentcentre-thestaffhaveauthorityoverinvestmentsandtheuseofassets(egasubsidiarycompany)althoughtheholdingcompanywouldtypicallyneedtoapprovemajorinvestment.Targetswouldfocusonreturnoncapitalandcontrolwouldbethroughmonitoringperformancemeasuredbythecompleteaccounts.
2ManagementInformationSystems
Ifyourfinancialcontrolistobeeffectiveyouneedtoregularlyanalyseyouractualperformancefiguresandcomparethemagainstthefinancialplanand,perhaps,performanceofthebusinesshistorically.
Aneasywayof
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