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1、广西工学院毕业论文外文翻译毕业论文外文翻译院 别 财经学院 专 业 财务管理 班 级 财务 083 班 学 号 200800706093 姓 名 王晓婷 指导教师 甘 平 2011 年 4 月 13 日A Financial Control System that Focuses on Improvement and SuccessOf course, we are not saying that businesses should ignore prudent controls over their cash drawer. The point is that focusing on sma
2、ll components while not knowing how much cash is tied up in receivables does not represent a control system that recognizes priorities and risk. Focusing solely on the rote and mundane does little to improve your overall financial performance. Financial control systems shouldnt just be about complia
3、nce, they should be about continually improving key aspects of the financial operation such as:Regularly reviewing and improving the overall capital structure.Using a capital plan to minimize the cost of capital while strengthening the Debt/Equity position.Managing working capital so excessive inven
4、tories and receivables do not sap financial resources.Ensuring proper calculations and scenarios are explored while making debt/investment or leasing decisions.Maximizing returns while minimizing costs for cash and merchant accounts.A control system of well-defined processes is not only about contro
5、l or compliance, it is also about consistently striving to do a little better. Control systems that are designed only to achieve compliance are doing the bare minimum, and they represent a missed opportunity to gain improvement and a competitive edge. And that should be enough reason for any size an
6、d type of company to think about using a continual improving process approach to creating a financial internal control system. Sox is nice; but continual improvement is better for everyone.FinancialFinancial controlcontrol ofof projectsprojects Purpose:Purpose: Established and effective cost control
7、 systems and procedures, understood and adopted by all members of the project team, entail less effort than crisis management and will release management effort to other areas of the project.FitnessFitness forfor purposepurpose checklist:checklist: The prime objective of the governments procurement
8、policy is to achieve best VFM. To exercise financial/cost control, project sponsors need to review and act on the best and most appropriate cost information. This means that they should receive regular, consistent and accurate cost reports that are both comprehensive in detail and presented in a man
9、ner that permits easy understanding of both status and trends. Reports need to be tailored to suit the individual needs of each project and should always be presented to give a comparison of the present position with the control estimate.Reports to project sponsors normally give only the status of t
10、he project overall. But sponsors will on occasion need to monitor costs against a specific cost centre in more detail. The typical contents of a cost report are given in Annex A.Tables of figures are essential, but for rapid understanding and analysis of trends some graphs are helpful. SuggestedSugg
11、ested content:content:The following aspects should be addressed in a financial report (rather than repeating detailed information available in earlier reports, later reports can summarise the key points and cross refer to the relevant earlier reports):development of budgetoriginal authorised budgetn
12、ew budget authorisations (giving justification for changes)current authorised budgetexpenditure to date(Each section on budgets and expenditure should address the original base estimates and risk allowances for each element)commitmentsagreed variations (giving justification for variations)potential/
13、expected claims or disputes awaiting resolution (if the project is going well, this area should be small)commitments required to completeorders yet to be placedvariations pendingfuture changes anticipated.Each of the following cost elements should be covered:in-house costs and expenses (including al
14、l central support services, administration, overheads etc)consultancy fees and expenses (design, feasibility, client advice, legal, construction management, site supervision etc)land costsway leaves and compensationdemolition and diversion of existing facilitiesnew construction or refurbishment cost
15、soperating costsmaintenance costsdisposal costsinsurance costsall other costs relating to the project not listed above.All prices need to be discounted to a common base. Example of a cost summary reportFinancial ControlFinancial Control is a major contributory factor to business survival. For many m
16、anagers, exercising effective financial control is, at best, seen as a mystery and, at worst, not even considered. Yet monitoring a small number of important figures can ensure that you retain complete and effective financial control.ObjectivesThis section is intended to help you put in place that financial control: to ensure that you
