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AO3 Managing Finance

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Introduction

Managing Finance FORECASTING Forecasting is setting up a plan about the future of your business and/or its finances. Forecasting is normally based on face-to-face meetings and common sense rather than on concrete and comprehensive data. Robert Brown is always responsible for predicting what will happen within his department in the future. Robert with the help of his accountant and bank manager will decide on what needs to be achieved by the end of the financial year. After all it is the amount of money that Robert can invest in the department that dictates how successful and efficient the department will be. Robert Brown will draw up a business plan for his department every 2 years so that he can broadcast and plan for the future. He will need to plan for his: * Staff- wages, training, trips, dental, morale * Suppliers- raw materials, orders, relations * Customers- offers, sales, product prices, advertisements, customer services, corporate image * Government- policies, laws and legislations, taxes * Other Agencies- loans, investments, expansions, sponsorships Robert Brown will keep records of everything that happens within the company, from the company's revenue stream to consumer suggestions. Robert Brown will use these previous statements and records to compile a report so he is able to forecast and plan for the future of his company. ...read more.

Middle

production methods, facilities, equipment etc or on their product and staff members e.g. (advertisements, wages, raw materials) etc. This break-even analysis will be able to predict when the company can make a profit and when they make a loss. This will help Robert Brown to make a predicted profit; what he should aim for and what he should achieve. This will aid him on the process of making his company the main product for the customers. Although the accountants and directors decide on the financial planning of the company, Robert Brown gets to advise and share his opinion on the matter as he does work with the employees and he knows what would be best suited for the customers. CAPITAL INVESTMENT This is the money paid to purchase a capital asset or fixed asset. Robert Brown has to give advice on what the capital of the company should be used for. It will be invested by the directors and owners into the sections that they see fit. Robert's suggestions will also affect the director's decisions as he is known more by the public and the employees. They trust him to make the right choice on what to invest in. Robert Brown has set objectives for each department to work towards. These objectives will be achieved faster and more efficiently if each department had a bit of investment into their methods, equipment and technology. ...read more.

Conclusion

ICT has also helped the company to communicate easier, which would get tasks and shipping orders done quicker. Robert Brown can also organise his workforce and daily routines easier. He'll be able to give each individual department a separate job at the same time. MAINTENANCE AND RENEWAL OF ASSETS As the enterprising manager of Tayto, Robert Brown has to maintain, update and replace all the machinery that he chose for certain jobs within the Tayto factory and administration department. Having a productive and updated equipment line will benefit the company either in the eyes of the employees, customers or the owners. The employees will get safer, more efficient, faster and reliable machinery to work with. The customer will get their demands met faster and high quality products to purchase. The owners will make more profit from the constant sales of their products and their company will get a good corporate image. Robert Brown is responsible for maintaining all of Tayto's assets, which include the factory, computerised machinery, transportation vehicles, office equipment e.g. computers, printers, faxes etc, forklifts and company cars for management. It is also essential that Robert maintains the safety equipment in case of a fire or a machine malfunction. The Tayto factory is run on a continuous maintenance schedule from upkeep of the building to the maintenance of machinery and office equipment. The engineering department of Tayto is usually responsible for maintaining the assets of the company along with outside contractors. ?? ?? ?? ?? Ref: LF AO3 ...read more.

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