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The material goal of the financial planning is to generate a set of reports, budgets and strategy documents to be used in the managerial decision making.
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The basic two components of the financial planning are cash and profit planning. The cash planning is realized by the formulating the cash budget of the company, whereas profit planning requires the proforma financial statements. The financial planning commences with the development of strategic long term financial plans and these plans give direction to the development of short-term operational plans and budgets.
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These plans contain the envisaged long term financial activities and they figure out the effects of these activities on the financial position of the company. Although the time frame covered is 2-5 years, 5 year strategic plans which are revised as the new data arrives are used generally. Typically the companies that have higher operational risk and short production cycles prefer shorter term planning horizons. Longer term plans are generally used by the purposes of Research and Development, marketing and new product development, fixed investments and basic financing. These plans are supported by annual budgets and profit plans.
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Short-term (Operational) Financial Plans: They consist of the envisaged financial activities and the projected effects of these activities on the financial position of the company. Short term financial plans cover generally 1-2 years and uses the sales forecasts, operational and financial data as inputs. The basic outputs, the operational budgets for divisions, cash budget and proforma financial reports.
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Budgets are used for the purposes of profit planning and control and visualize all of the aspect of the planned future activities in detail (Sealey, 1978, 20).
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The budget is defined as the numerical report or set of reports addressing the future policy and activities in order to achieve predetermined set of targets.
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There are 6 types of budgets. These are; 1. Sales budget 2. Production budget 3. Direct materials budget 4. Direct labour budget 5. Manufacturing overhead budget 6. Costs of goods sold budget
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The sales should contain the following information derived from the market research and sales expectations: • The alternatives of sale on account credit terms including term and interest and the collection policy , • The specific market for each product and service, • The after sales service and the service providers’ responsibility, • In the case of new market penetrationand product development, the relevantstrategies containing the targeted sales volume and its’ effects on the prices, • The expenditures required to apply the sales budget and funding sources, • The inflation expectations and pricing policy.
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The production budget should include the planning of the main production input of direct materials, direct labor and manufacturing overhead.
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The production budgets should be prepared in terms of volume of production as paralel to sales budget and in details of product types. It should address the following aspects of production: • The term of production budget, • The volume of production to substantiate the sales budget, as well as the required level of inventory, • The timing of production of each product type, • The location of production, • The mandatory activities within the production process, • The tools to measure the productivity of the production process, • The plans for labor, machinery and equipments and service requirements, • The cost figures to determine the cost per unit
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The direct labor budget is used to determine the required labor hours in order to produce the volume of products as stipulated in the production budget.
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Cash budget is a management plan for the most important factor of a company’s viability — its cash position.
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The basic aims to prepare the cash budgets are (Tezel and McManus, 1999, 78) : • To make available the required amount of cash for the realization of planned activities, • To determine the cash shortfall and/or excess, • To coordinate the cash management for working capital, sales, liabilities and procurements, • To define the funding sources when necessary, • To plan an effective collection policy, • To stipulate the availability of cash for investments,
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In order to prepare the proforma financial reports, the existing financial reports are used as starting point. The following forecasts and estimations should be made in order to prepare the proforma financial reports: • Sales, direct materials, direct labor and manufacturing overhead budgets, • The forecasted sales, management expensesbudget, • Existing funding structure, • The ownership structure, • The volume and amount of direct materials, • The volume and amount of finished products, • The existing amount of fixed assets, • The receivables and payables, • The sales and proceeds, • Non operating and extraordinary expenses, • Operating expenses, • Net profit.
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Proforma financial statements are the complete set of financial reports issued by an entity incorporating assumptions or hypothetical conditions about events that may have occurred in the past or which may occur in the future which is usually used to present a view of corporate results to insiders to run the operation smoothly as per plan and to outsiders as part of an investment or lending proposal.
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Financial controls are the means by which an organization’s resources are directed, monitored, and measured.It is fact that budgets and proforma financial statements are the major tools of financial control. The financial control can be defined as the analysis of a company’s realized financial results compared to its short, medium and long-term objectives and business plans, as well as budgets.
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Working Capital basically refers to the money utilized by companies in their daily activities or operations. It is also defined as the available capital for day-to-day production of goods to be sold by a company represented by its net current assets (Adeniji, 2008).
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The length of the company’s operating and cash conversion cycles determines the level of liquidity.
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Inventory management aims to keep the inventories on optimal level, without stock- outs and excesses, by organizing, holding and replenishments for each item.
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Some of the major methods of inventory valuation are: - First in First Out Method (FIFO) - Last in First Out Method (LIFO) - Highest in First Out Method (HIFO) - Nearest in First Out Method (NIFO) - Average Price Method
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The firms may create financing alternatives from internal (mainly in the form of accruals) and external sources: 1. Accruals 2. Trade credit 3. Working capitaladvance by commercial banks 4. Letter of credit 5. Factoring
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A credit policy establishes guidelines to follow in the decision to grant or reject credit to a customer as well as the terms and conditions of the grant. By that definition, it directly affects the volume of investment a company makes in receivables. It should be prepared by the involvement of sales and finance managers of the company by taking into account the requirements of competition, industry and general economic conditions.
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Working capital management is the process of dealing with the activities for maintaining adequate working capital and ensuring the financing for the working capital with the best available terms and conditions.
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The companies hold cash by different types of motivations: - Transaction Motive explains holding cash or near cash to meet routine cash requirements of a company to finance transactions in the normal course of business such as purchasing raw materials, paying expenses, taxes, dividends etc. - Precautionary Motive explains holding cash or near cash as a cushion to meet unexpected contingencies such as flood, strikes etc. - Speculative motive explains the situations in which there occurs extra ordinary opportunities for the companies to quickly take advantage. For example, in order to be able to utilize the cash discount provided by a supplier, certain amount of cash can be made available as a strategy.
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From the “time” perspective, the working capital is conceptualized in two different forms: Permanentand Temporary. Generally, each company, depending on the peculiarities of their business, has a stable amount of working capital requirement. The permanent working capital represents the minimum level of investment in the current assets that is carried by the business at all times to carry out its activities.
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