Why is examining previous financial data important for managing current and future finances?
Why might you need to understand the reasons for profit and loss
Give examples of your business’ or industry’s critical dates and describe how they can be used to increase profit.
Why might you need to analyze cash flow trends?
Why do you need to be aware of your tax liabilities?
What are some of the questions you should ask yourself to ensure that your financial management software is suitable for your business?
Why do you need to consider previous financial data when managing resource allocation?
Why do you need to estimate the costs of potential new items?
Why do you need to prepare budgets in line with organisational policies?
Why do prepare budgets in line with organisational policies?
Give several examples of how a company’s funds might be misappropriated and detail how this could be detrimental to the company.
Why are ageing summaries useful?
Give an example of a contingency and how the budget may have to be revised in order to compensate for the loss of time, goods etc.
How can an audit trail help you identify discrepancies? Which type of discrepancies may be identified?
Why do you need to be diligent when ensuring compliance? Give an example based on your own workplace where a lack of diligence regarding compliance has caused problems in the past or could cause problems if not observed.
Research your own organisation’s requirements for report formatting. Why might your organisation make specifications about report formatting?
Why do you need to draw attention to significant issues in reports?
Describe ways in which you can monitor the financial viability of the organisation and why this is necessary.
Review your own company’s financial management processes and offer a commentary on areas which could be improved.
