Measure For Success, Team Management, Making The Budget (Term Paper Sample)
Measures for Success
Financial managers may work alongside general services managers to address certain measures of liquidity. How might a financial manager and the department administrator for your chosen capital investment plan work together to make an effort on reducing days in accounts receivable? If you are successful with your financial performance and are paid a bonus based on profitability , which measure should be used?
Measure for Success
Measure for Success
There are numerous strategies that can be used by an organization to optimize its accounts receivables and thus make its working capital to work well in the long run. These factors can be considered as measures of success, and they range from activities in which finance manager and general service manager work together to address matters concerning the liquidity of an organization. Studies have shown that finance managers can coordinate well with other departments when strategies are put in place to address the factors that influence coordination across the entire organization (Moskowitz, 2015). For instance, the administrative department can utilize the electronic platform that has been implemented by the organization to ensure that all expenses are budgeted for when the management team is making the budget.
When employees in the finance and the administrative departments are able to coordinate, they enhance the efficiency of their managers in developing a workable budget. In addition, finance managers can utilize the electronic platform to effectively understand what each department needs and thus plan the aspects concern with accounts payable and accounts receivable. Maguire (2017) says that some of the basic strategies of freeing up liquidity and increasing working capital include dealing efficiently with accounts payable, accounts receivable, inventory, and cash management. This implie
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