By Anne Hawkins;Clive Turner
The stability Sheet Pocketbook (Finance) КНИГИ ;БИЗНЕС Автор:неизвестно Название:The stability Sheet Pocketbook (Finance)Издательство:Management PocketbooksГод:1995Формат: PDF Размер:1 MB Для сайта: www.mirknig.com“A uniquely available advisor - in case you basically learn one ebook on finance, learn this!”Peter Colley, Director of Finance and club prone, RAC Motoring prone Ltd“The authors’ wealth of useful event and figuring out of the road manager’s point of view is absolutely mirrored during this transparent and readable book.”скачать zero
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Extra resources for The Managing Cashflow Pocketbook
Sample text
Does the material have a shelf life? - could you sell the material back or to someone else? ● When you convert Raw Material to Work in Progress and Finished Goods: - ditto ● Even when you despatch the goods: - what if the customer does not pay? MANAGING WORKING CAPITAL HOW MUCH WORKING CAPITAL?
The objectives are to complete the Working Capital Cycle: 1 As fast as possible Why? - minimise the investment and hence improve the return - reduce risk (see pages 62-3) 2 As frequently as possible Why? - completing the cycle generates profit and cash 61 MANAGING WORKING CAPITAL HOW MUCH WORKING CAPITAL? REDUCING RISK 62 ● There is only one part of the Current Asset cycle that accountants like - CASH; everything else represents risk ● When you use cash to buy Raw Material: - what if there is a modification?
RECONCILIATION OF PROFIT TO CASH RECONCILIATION STATEMENT OPERATING PROFIT Operating Profit Operating profit Add back: Depreciation Inc/Dec in Stock Inc/Dec in Debtors Inc/Dec in Creditors ● Operating Profit is measured when products or services are sold to customers ● This will result in a cash inflow when the customer pays I n t e r e s t Pa i d / R e c e i v e d D i v i d e n d Pa i d Ta x P a i d Capital Expenditure Inc/Dec Share Capital Inc/Dec Loan Capital N E T C A S H F LO W 31 RECONCILIATION OF PROFIT TO CASH RECONCILIATION STATEMENT DEPRECIATION Operating Profit Add back: Depreciation Depreciation ● Depreciation is a charge against profits made to ensure that the cost of an investment in, eg: new equipment, is spread over its useful life ● There is no cash outflow (no purchase invoice) for depreciation - it is what accountants call a non cash expense ● The cash has already been paid out at the moment of purchase ● As part of the process of reconciling profit to cash you therefore need to add it back to Operating Profit Inc/Dec in Stock Inc/Dec in Debtors Inc/Dec in Creditors I n t e r e s t Pa i d / R e c e i v e d D i v i d e n d Pa i d Ta x P a i d Capital Expenditure Inc/Dec Share Capital Inc/Dec Loan Capital 32 N E T C A S H F LO W RECONCILIATION OF PROFIT TO CASH RECONCILIATION STATEMENT STOCKS Operating Profit Stocks Add back: Depreciation Inc/Dec in Stock Inc/Dec in Debtors Inc/Dec in Creditors I n t e r e s t Pa i d / R e c e i v e d D i v i d e n d Pa i d ● Increased investment in Stock ties up cash ● Increased stock is not an expense charged against profit; it is an investment in a Current Asset to support future sales Note ● Ta x P a i d Decreasing the investment in stock will release cash Capital Expenditure Inc/Dec Share Capital Inc/Dec Loan Capital N E T C A S H F LO W 33 RECONCILIATION OF PROFIT TO CASH RECONCILIATION STATEMENT DEBTORS Operating Profit Debtors Add back: Depreciation ● ● Inc/Dec in Stock Inc/Dec in Debtors Inc/Dec in Creditors I n t e r e s t Pa i d / R e c e i v e d D i v i d e n d Pa i d Ta x P a i d Capital Expenditure Inc/Dec Share Capital Inc/Dec Loan Capital 34 N E T C A S H F LO W ● Providing credit to customers ties up cash Profit is calculated when the product is sold NOT when the customer pays Providing credit introduces a timing difference between ‘sale’ and ‘receipt’ Note ● Reducing customer credit will release cash RECONCILIATION OF PROFIT TO CASH RECONCILIATION STATEMENT CREDITORS Operating Profit Creditors Add back: Depreciation Inc/Dec in Stock Inc/Dec in Debtors Inc/Dec in Creditors ● When the business makes a sale, the goods and services used are charged against profit; whether the business has paid for them or not!