FINANCIAL MANAGEMENT TOOLS for Public and Private Enterprises

Book excerpt: “Financial Management Tools” is a compilation of Topical Training Papers written and delivered by the Author at Workshops and Seminars for various clients, Public and Private Enterprises of Degold Associates Limited (Finance and Management Consultants) while he was the Managing Consultant of the Consulting Associates. The topics in Chapter one to Chapter eight covers only one area of human development among other areas of Degold Associates Consultants Portfolio. It essentially focuses on the area of Financial Management Tools for Public and Private Enterprises. It is generally accepted that in any Enterprise, managers have responsibility for managing five main resources to achieve the organization goals and objectives. These are men, machines, materials, market and money. For all of these five resources, money is an essential prerequisite of managements and as such play a vital role in any enterprise; public or private. For a period of over thirty years of providing human development and training services to our various clients, we focused on mounting in- plant workshops on Financial Management Tools to cater for that vital money resources for their optimal and profitable uses. We equally arrange general public training workshops for other clients who were not able to fund in-plant arrangement. This book contains only the contributions of the Author, E. Ola Adediwura, FCA on the various training workshops for the various clients of Degold Associates Consultants to the exclusion of other Consultants in the group. The Author’s work is assembled under five broad areas of Financial Management Tools which are categorized below with the list of Training topics: A. BUDGETING AND BUDGETARY CONTROLS TOOLS Topic: Budgeting as a tool for Management Planning and Financial Control in the Public and Private Sectors. B. INTERNAL CONTROLS TOOLS Topics: Plugging the Loopholes to Financial Frauds through Internal Control System and Bank Operations Reconciliation; an effective tool for frauds prevention, detection and control C. FINANCIAL CONTROL TOOLS Topic: Financial Controls through Internal Auditing D. CASH PLANNING, AND LIQUIDITY CONTROL TOOLS Topics: The use of Cash budgets as a Tool for liquidity planning and control and The Roles of the Accountant on / and Human Aspects of liquidity control and cash management E. GENERAL MANAGEMENT TOOL Topic: Effective communication; a tool for Financial Management