The target population of the study was 132 who were staffs of Bethany guest house, customers and suppliers. A sample of 80 respondents was randomly selected using the simple random sampling and stratified sampling method. The researcher used questionnaires to collect data and the collected data was analyzed using Microsoft excel program and the quantitative data was presented using tables and graphs while the qualitative data was presented using descriptions in line with objectives of the study. Findings from the study showed that the financial section lacked the necessary skills to manage finances especially based on the fact that very few people were trained in financialmanagement. Furthermore, the study revealed that there existed significant relationship between all the predictors (financial literacy (.02), financial innovations (.000) and financial mobilization (.006), and profitability of Bethany guest house. Thus, financial literacy, financial innovations and financial mobilization can significantly predict profitability of Bethany guest house. Since the obtained p values are less than the significance level (.000, .006 and 0.02 <.05), the study concluded that there is a significant positive relationship between financial literacy, financial innovations and financial mobilization and profitability of Bethany guest house. The profitability of Bethany guest house could thus be affected by how effectively an organization has been engaged in financial literacy, financial innovation and financial mobilization. Among other recommendations the study recommends are skilling the staff in financialmanagement as well as strengthening customer care services.
Ling (2010) conducted a study through interview with 34 contractor firm managers to identify recession strategies. Company leaders have taken extraordinary measures in order to cope with the effects of the recession. The study results identified three distinct types of strategy: contracting-related, cost control, and financial (Ling, 2010). The results of the study showed that most contractors placed bids for more projects within their capability and resources. All of the participants responded that tighter controls were implemented for waste, financialmanagement, and purchasing (Ling, 2010). Most of the managers reported that they had frozen salaries, suspended hiring, and established a reserve fund to cover unforeseen expenses (Ling, 2010). Previous studies of contractors’ actions to recessions revealed common actions that included diversification into other markets, tighter financialmanagement, relationship building with clients, lower prices, marketing enhancement, strategy planning,
documentation of financial records helps their church organizations to reconcile income receipts and bank deposits. All the study organizations have clear policy guidelines on documentation of financial records in their financialmanagement policy documents (see Appendix C) even though it is not succinctly spelt out by one study organization. From the responses of the participants, I could deduce three main strategies for documenting financial records in church organizations. The first strategy is to receipt all cash/check payments and donations. Participant A4 said, “All cash are receipted immediately.” Participant C2 mentioned, “All donations, tithes and special offerings are recorded and receipted.” Participant D2 stated, “Receipts are given for all payments.” The second strategy is to register financial records in value books. Participants A1 and A2 made the similar statement, “At the local assembly, money counters count the offering and enter the records in a daily offering book.” On their part, Participants B1, B4, and D2 said, “Check receipts, cash receipts, and incomes are recorded in the cash/check analysis book.” Participant E2 mentioned, “Offerings and all incomes are recorded in books of account, including cash books, ledgers, and journals.” The third strategy is to keep electronic financial records. In line with this, Participant C4 said, “There is automated receipting for all financial transactions at the headquarters.” Participant E1 noted, “The Quick Books™ software is used to record incomes, generate receipts, and compute the figures to reconcile with the records.”
Service marketing is a sub-field of marketing which refers to promotion of economic activities by a business to its clients. Services marketing includes both business to consumer (B2C) and business to business (B2B) services, and this process may involve marketing of telecommunications, health treatment, financial, hospitality, car rental, air travel, and professional services. Services being intangible product are different from physical goods; therefore marketing for services requires different approach. Service marketing is marketing based on relationship and value. With the increasing prominence of services in the global economy, service marketing has become a subject that needs to be studied separately. Marketing services is different from marketing goods because of the unique characteristics of services namely, intangibility, heterogeneity, perishability and inseparability. In most countries, services add more economic value than agriculture, raw materials and manufacturing combined. In developed economies, employment is dominated by service jobs and most new job growth comes from services. Unlike goods there is no ownership transfer in service selling, rather it includes time based access to services in exchange of money. The services marketing being more individualized become to that extent more difficult to accomplish. Success factors in service excellence thus need a different set of marketing tools and strategy.
As Scripture tells us, on the day of Pentecost, the Holy Spirit came upon the apostles and the others who were with them in the house. The Holy Spirit took these individuals and made them into one body, - the Church. The Holy Spirit is the soul of the Church. Just as our own soul gives life to our body, and makes all the different parts work together, that is what the Holy Spirit does for the Church. All the individual parts (we) have this breath of life in common, and even though we are all different, we make up one Church. The Holy Spirit, as we say every Sunday in the Creed, is “the Lord, the giver of life.” He is God.
Introduction: Financial Policy and Strategic Planning-Strategic Planning Process-Objectives and Goals-Major Kinds of Strategies and Policies-Corporate Planning-Process of Financial Planning- Types of Financial Plan-Financial Models-Tools or Techniques of Financial Modelling-Uses and Limitations of Financial Modeling- Applications of Financial Models-Types of Financial Models- Process of Financial Model Development.
The best person to complete the review is someone who knows the organization well. He or she can offer comments on most questions, or at least know where to find the information. Some questions will need to be answered by a senior person who understands the management committee. It is important that answers are as honest as possible, telling what actually happens, rather than what you think should happen. It works best if someone inside the organization conducts the review, rather than someone from outside. Not every question is appropriate for every organization, and you can add your own questions at the end. Small voluntary community-based organizations, for example, may not need all the systems covered in the review. As you go along, write down comments in the column headed ‘Any action needed’. When you have finished the review, write down the action points as a checklist, with a date by which you want to achieve them and send a copy to all concerned. For each question, circle the number that most closely matches the present situation.
Not only fi nancial institutions but also state authorities are interested in fi nancial behaviours of households. For the latter, the knowledge about fi nancial behaviours of households is important when organizing assistance for consumers who have found themselves in the situation of a problematic debt. Paying attention to cash management, saving and borrowing is also important from the point of view of the consumer protec- tion. One of the objectives of the state policy towards a consumer is the protection of households with low income, particularly against misleading information concerning credit opportunities and all kinds of fi nancial mistakes that may arise from them.
An established group process (Simpson and French, 1998) was used. The design required the group to meet five times over a 6-month period, with each meeting lasting for 2 hours. The first meeting was introductory, allowing the group to meet one another, to gain a greater understanding of the research project and to experience the inquiry process that would be used. The research approach was designed to create a ‘safe place’ where participants could trust one another and felt able to speak with candor. At each of the second, third and fourth meetings two of the participants had the opportunity to share their management issues in a similar manner, which then formed the basis of the group’s conversation. The format of the sessions was as follows:
It is useful to include a column indicating the original estimated budget amount so that it can be compared to the actual amount spent or earned. The variance column will indicate the difference between the two and thus show whether there was more money or less money earned/spent than budgeted for (in a large company, this is calculated separately and called a financial statement). This is illustrated in Annex 8. These statements will need to be audited by a hired auditing firm and presented to the stakeholders in an understandable format and language.
FinancialManagement Concepts Review
At the beginning of this course, you were asked whether you could answer several basic financial questions about your school district’s school nutrition program. As a result of learning about financialmanagement in this training seminar, you should be able to find answers to those questions in the district’s financial statements or reports. Increase your knowledge by looking for answers to these questions when you return to your district.
School of Distance Education
FinancialManagement Page 77
Factoring, as a fund based financial service, provides resources to finance receivables as well as facilitates the collection of receivables. It is another method of raising short-term finance through account receivable credit offered by commercial banks and factors. A commercial bank may provide finance by discounting the bills or invoices of its customers. Thus, a firm gets immediate payment for sales made on credit. A factor is a financial institution which offers services relating to management and financing of debts arising out of credit sales. Factoring is becoming popular all over the world on account of various services offered by the institutions engaged in it. Factors render services varying from bill discounting facilities offered by commercial banks to a total take over of administration of credit sales including maintenance of sales ledger, collection of accounts receivables, credit control and protection from bad debts, provision of finance and rendering of advisory services to their clients. Factoring may be on a recourse basis, where the risk of bad debts is borne by the client, or on a non-recourse basis, where the risk of credit is borne by the factor.
An understanding of International FinancialManagement is crucial to not only the large MNCs with numerous foreign subsidiaries, but also to the small business engaged in Exporting or Importing. Seventy Eight percent of the 43,300 U.S. firms that Export have been then 100 employees. International business is even important to companies that have no intention of engaging in International Business.
This is the only finance course in the core of the MBA program. Finance is a very broad topic. A full introduction to finance would require introductions to investing, banking, risk management, and corporate financialmanagement. This course will concentrate on corporate financialmanagement. Fortunately there are three fundamental pillars of Finance that extend to all sub fields of Finance. The first pillar is the time value of money, the second is asset valuationa and the third is risk management. I t is expected that you will have a foundation in basic time value of money techniques and a basic understanding of introductory valuation techniques (NPV, Dividend Discount Model, Bond Valuation) and we will review and expand on each o f these topics this semester. Many of the tools we develop and the analysis we use is general enough to extend to other areas of finance.
One of my biggest challenges when I first started was having to analyse the variances of the prior year and current year figures. Being a fresh graduate, I had difficulty understanding industry and market factors and how they affect a company’s entity across its financial year. Hence, the initial learning curve was quite steep, but I was eventually able to digest
The bid for ADT as a multiple of revenue appears to be valued at less than the $368 million Western agreed to pay for Westinghouse Electric Corp.’s alarm business. Western paid a price equivalent to about 4.8 times the Westinghouse security systems estimated annual recurring revenue for 1996, says Edward Wojaechowski, an analyst with Strong Capital Management, which owns about 620,000 ADT shares. The Western bid is about 4.5 times ADT’s projected annual recurring revenue for 1996, he said. “Because ADT’s dominant position in the market, it should be able to get at least five times annual recurring revenue” (…)
Controller’s Office: Department within Financial Services that provides direction and guidance for financialmanagement to campus departments, monitors broad compliance with accounting principles, and has fiduciary responsibility to ensure accurate financial reporting in accordance with Financial and Governmental Accounting Standards Boards (FASB and GASB) and state accounting requirements. Budget Office: Department within Financial Services that provides direction and guidance for budgetary management to campus departments, monitors broad compliance with budgetary principles, and approves/executes changes to department budgets.
Financialmanagement is that specialized function of general management which is related to the procurement of finance and its effective utilization for the achievement of the goals of an organization.Finance may be defined as the provision of money at the time where, it is required. Finance refers to the management flews of money through an organization. It concerns with the application of skills in the manipulation, use and control of money. Different authorities have interpreted the term “finance “differently. However there are three main approaches to finance.