Many strategies are explained as actions that will achieve the desired goals or visions of the company, but in order to predict the success of your strategy it is vital to gain an understanding of how it will impact on the financial statement. Executive Finance and Strategy works on the premise that financial models can clearly demonstrate where a particular strategy might lead, enabling you to evaluate past accounts and statements in order to respond to recent company history. It also explains how company law and ethics underpin financial statements and clarifies your responsibilities as a…mehr
Many strategies are explained as actions that will achieve the desired goals or visions of the company, but in order to predict the success of your strategy it is vital to gain an understanding of how it will impact on the financial statement. Executive Finance and Strategy works on the premise that financial models can clearly demonstrate where a particular strategy might lead, enabling you to evaluate past accounts and statements in order to respond to recent company history. It also explains how company law and ethics underpin financial statements and clarifies your responsibilities as a senior manager or director. By using finance as a record keeper and predictor of success, it helps you quantify your strategy to gain support from colleagues and take the right actions to ensure sustainable growth. Online supporting resources for this book include tables and formulas to support financial models within the book.
Ralph Tiffin is Director of Tiffins.com training and consulting company, and he is principal of McLachlan+Tiffin, which focuses on auditing while also advising clients on budgeting, project appraisal IFRS, ethics and fraud prevention. His clients include BT, Bank of China, Telekom Malaysia and Deutsche Bank. He is author of a range of texts on financial management, accounting and auditing.
Inhaltsangabe
Introduction 01 What is strategy? What does financial strategy mean? Content, order and logic of this chapter Definitions of 'financial', 'strategy' and 'strategic' Further strategy-related definitions What is business strategy? What is the objective of financial strategy? Why be in business? Conclusion 02 Financial strategy: why be in business? Content, order and logic of this chapter What do successful companies say? How does making a return on investment link with strategy? What successful companies say Making a good return is the objective, but what exactly is ROI? Strategic drivers of ROI Conclusion Revision and learning pointers 03 Basic financial reports and concepts Content, order and logic of this chapter The importance of cash records and reports Bedrock concepts Income statement - the P&L account Statement of financial position - the balance sheet Conclusion Revision and learning pointers 04 What underpins financial statements? Content, order and logic of this chapter Company law and directors' responsibilities Record keeping/bookkeeping Internal controls - accounting systems and procedures - prevention of error and fraud External and internal audit - prevention of error and fraud Corporate governance Conclusion Revision and learning pointers 05 Accounting 'rules': how accounting theory and rules affect the strategic numbers Content, order and logic of this chapter Background to accounting standards What do GAAP, FASB, IASB and IFRS mean? Principal accounting concepts - going concern and accruals How the concepts impact on the figures (and restrain some behaviour) GAAP, which may cause issues with strategies Conclusion Revision and learning pointers Appendix 06 Published or statutory accounts Content, order and logic of this chapter What extant accounting standards require Balance sheets - statements of financial position Notes to financial statements UK full financial statements Developments in financial reporting The strategic report Future developments Conclusion Revision and learning pointers 07 Interpreting financial statements Content, order and logic of this chapter Techniques for interpreting financial statements Ratio analysis Working capital ratios Analytical review External ratios Why we have to disclose ratios Conclusion Revision and learning pointers 08 Cash: the vital element Content, order and logic of this chapter Where cash appears in financial statements Cash flows for trading - working capital Insolvency - going concern - overtrading Capital cash flows Statement of cash flows Cash-flow-focused strategies Conclusion Revision and learning pointers 09 Management accounting: internal reports and business models Content, order and logic of this chapter The wide scope of management accounting Cautionary words on modelling Management reports - to assist with understanding strategy and its delivery Sales and costing definitions and models KPIs, dashboards and detailed analysis Analytics - can there be too much analysis? Conclusion Revision and learning pointers 10 Budgeting Content, order and logic of this chapter What does budgeting mean? Forecasting methods Why budget? Methods of budgeting Budget culture Conclusion Revision and learning pointers 11 Investment appraisal: investment strategy Content, order and logic of this chapter The need for investment appraisal The time value of money and required rates Cash flow models Common appraisal measures Risk identification and management How much analysis should be carried out? The need for a consistent and robust process The many uses of appraisal models Conclusion Revision and learning pointers 12 Structural or pure financial strategies Content, order and logic of this chapter Basic definitions Gearing or leverage and the 'magic' of gearing Leasing and off-balance sheet finance Group structures Special purpose vehicles or entities - off balance sheet activities Foreign currency issues Hedging strategies Conclusion Revision and learning pointers 13 Summary What are your company objectives - where do you fit in? Strategies both financial and physical to support objectives Links between the book's chapters and strategies Are your strategies coordinated and aligned? Aphorisms Glossary References Index
Introduction 01 What is strategy? What does financial strategy mean? Content, order and logic of this chapter Definitions of 'financial', 'strategy' and 'strategic' Further strategy-related definitions What is business strategy? What is the objective of financial strategy? Why be in business? Conclusion 02 Financial strategy: why be in business? Content, order and logic of this chapter What do successful companies say? How does making a return on investment link with strategy? What successful companies say Making a good return is the objective, but what exactly is ROI? Strategic drivers of ROI Conclusion Revision and learning pointers 03 Basic financial reports and concepts Content, order and logic of this chapter The importance of cash records and reports Bedrock concepts Income statement - the P&L account Statement of financial position - the balance sheet Conclusion Revision and learning pointers 04 What underpins financial statements? Content, order and logic of this chapter Company law and directors' responsibilities Record keeping/bookkeeping Internal controls - accounting systems and procedures - prevention of error and fraud External and internal audit - prevention of error and fraud Corporate governance Conclusion Revision and learning pointers 05 Accounting 'rules': how accounting theory and rules affect the strategic numbers Content, order and logic of this chapter Background to accounting standards What do GAAP, FASB, IASB and IFRS mean? Principal accounting concepts - going concern and accruals How the concepts impact on the figures (and restrain some behaviour) GAAP, which may cause issues with strategies Conclusion Revision and learning pointers Appendix 06 Published or statutory accounts Content, order and logic of this chapter What extant accounting standards require Balance sheets - statements of financial position Notes to financial statements UK full financial statements Developments in financial reporting The strategic report Future developments Conclusion Revision and learning pointers 07 Interpreting financial statements Content, order and logic of this chapter Techniques for interpreting financial statements Ratio analysis Working capital ratios Analytical review External ratios Why we have to disclose ratios Conclusion Revision and learning pointers 08 Cash: the vital element Content, order and logic of this chapter Where cash appears in financial statements Cash flows for trading - working capital Insolvency - going concern - overtrading Capital cash flows Statement of cash flows Cash-flow-focused strategies Conclusion Revision and learning pointers 09 Management accounting: internal reports and business models Content, order and logic of this chapter The wide scope of management accounting Cautionary words on modelling Management reports - to assist with understanding strategy and its delivery Sales and costing definitions and models KPIs, dashboards and detailed analysis Analytics - can there be too much analysis? Conclusion Revision and learning pointers 10 Budgeting Content, order and logic of this chapter What does budgeting mean? Forecasting methods Why budget? Methods of budgeting Budget culture Conclusion Revision and learning pointers 11 Investment appraisal: investment strategy Content, order and logic of this chapter The need for investment appraisal The time value of money and required rates Cash flow models Common appraisal measures Risk identification and management How much analysis should be carried out? The need for a consistent and robust process The many uses of appraisal models Conclusion Revision and learning pointers 12 Structural or pure financial strategies Content, order and logic of this chapter Basic definitions Gearing or leverage and the 'magic' of gearing Leasing and off-balance sheet finance Group structures Special purpose vehicles or entities - off balance sheet activities Foreign currency issues Hedging strategies Conclusion Revision and learning pointers 13 Summary What are your company objectives - where do you fit in? Strategies both financial and physical to support objectives Links between the book's chapters and strategies Are your strategies coordinated and aligned? Aphorisms Glossary References Index
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