FINANCIAL PLANNING & CONTROL

Financial Planning & Control

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Table of Contents

Introduction3

Discussion4

Financial Planning4

Financial Control6

Conclusion8

References9

Financial Planning & Control

Introduction

There is a close relationship between the financial operation on the one side and development, investing, marketing, workers operation on the other. Almost all company actions in an organization directly or in a roundabout way include the purchase and use of resources. The perseverance of development, buy and marketing techniques are the option of the primary of development, buy and marketing departments respectively, but for applying their choices resources are required. For example, the office may decide to substitute an old machine with a new one to increase the capacity but it has financial effects too. In the same way, the buy and revenue marketing guidelines are laid down by the buy and marketing departments respectively, but buy of materials, advertising and other revenue marketing actions cannot be carried out without resources. Likewise, the recruiting and marketing of staff is the liability of the workers office but recruiting and marketing of workers require resources for the payment of income, incomes and other benefits. Many times, it may be difficult to demarcate where the one operate ends and other starts. It may, however be mentioned that although the financial operate of increasing and using resources has an important effect on other features, it need not limit or prevent the general features of the company. It is possible that a company experiencing poverty may give more weight age to financial concerns and develop its own development and marketing techniques to suit the situation. However, a company with plenty of resources may not have much hardness with regard to financial concerns vis-à-vis other management features. In such a company, financial guidelines may be altered to the needs of the choices with regards to development, buy, marketing and other features.

Discussion

Financial Planning

Generally, planning and controlling are two quite unique principles. Planning includes creating goals and planning various costs to accomplish those goals. Control includes the actions taken by management to improve the chances that the goals set down at the planning levels are accomplished and that all areas of the company are working together towards that objective. To be absolutely efficient, a excellent spending budget system must provide for both planning and control. Good planning without efficient control is time thrown away.

Planning is a process of identifying the company's purpose and determining how to accomplish them. It's specify what should be done, by whom, where, when and how.

The financial planning profession has been growing in acceptance and in client numbers since its inception on December 13, 1969 (Dunton, 1986). The primary reason for this rapid expansion is due in part to the increasing complexity of financial investment vehicles over the past forty years (Greenspan, 2003). Additionally, this industry's client base, once dominated by the upper class and affluent middle class, is currently being inundated with dual-career families with less personal time in which to manage their own personal financial affairs. The end result is a growing number of financial ...