Financial Management: Approaches, Principles, Role of Accountant, and Decision Making

Financial
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1 (Covered in PPT)...............................................................................................................3
P1: Different types of formal and informal approaches used in decision-making......................3
M1 Approaches to support decision making...............................................................................3
TASK 2 (Covered in PPT)...............................................................................................................3
P2: Key financial principles use in financial strategies making.................................................3
M2 Analyse of key financial management principle to achieve effective financial strategies.. .3
D2 Evaluation of key financial management principle...............................................................3
TASK 3 (Covered in PPT)...............................................................................................................3
P3: Role of management accountant...........................................................................................3
P4 Accounting control system and their values..........................................................................3
M3 Role of accountant and control system................................................................................3
TASK 4............................................................................................................................................4
P5: Evaluating ways in which financial decision making is significant for long term...............4
D3 Accountant role and system to support decision making......................................................8
M4 Financial decision making support long term financial sustainability.................................8
CONCLUSION................................................................................................................................8
REFERENCES..............................................................................................................................10

INTRODUCTION
Financial management pertains to strategical or managerial planning, coordination,
direction and effective controlling of all the major fiscal functions in corporation or business
entity. This involves systematic application of managerial principles and concepts in
management of fiscal resources and assets of corporation and perform a crucial part in
organisational and fiscal management. The main importance of FM is to give a proper guidelines
to the different department of company which support in proper use of financial resources and
make appropriate investments. In this project, Brightsun Travel is selected which deliver services
related travel and tourism in different cities of UK.
In this report, various formal and informal approaches methods which support to make
decision, principle of financial management, role of management accountant, use of accounting
control system and their value are discussed in the context of integrated business system. In
addition the ways in which FDM is crucial in attaining the long term financial sustainability is
discussed in this project.
TASK 1 (Covered in PPT)
P1: Different types of formal and informal approaches used in decision-making
M1 Approaches to support decision making.
TASK 2 (Covered in PPT)
P2: Key financial principles use in financial strategies making
M2 Analyse of key financial management principle to achieve effective financial strategies.
D2 Evaluation of key financial management principle
TASK 3 (Covered in PPT)
P3: Role of management accountant.
P4 Accounting control system and their values.
M3 Role of accountant and control system.
Conclusion