Financial Management: A Comprehensive Study

This assignment delves into the realm of financial management, encompassing various aspects such as reputation, issuer ownership, pre-IPO earnings management, socialization, information sources, and more. It draws from a wide range of resources, including academic journals, books, and online articles, to provide a thorough understanding of financial management principles and practices.

Financial Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Covered in PPT......................................................................................................................1
M1 Covered in PPT.....................................................................................................................1
D1 Covered in PPT.....................................................................................................................1
TASK 2............................................................................................................................................2
P2 Analysis of key financial management principles.................................................................2
M2 Key financial management principles are important while delivering strategies.................4
D2 Evaluation of importance key financial management principles..........................................4
P3 Role of management accountants and their value as part of an integrated system................4
P4. Accounting control system and their values as a part integrated system..............................7
M3 Evaluation of role of management accountant.....................................................................9
D3 Justification.........................................................................................................................10
P5 Importance of financial decision for financial sustainability..............................................10
M4 Evaluation of financial decision making...........................................................................12
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Financial management is an activity which is performed by the accountants of a company
to maintain all the transactions related to finance. It helps to plan, control, and monitor financial
resources that are available within the organisation. Proper management of funds can lead a
business toward success, and if it is not maintained properly than it can move the organisation
toward losses and risks (Financial management, 2018). It is a system in which all the monetary
resources are handled effectively and efficiently. It helps a company to attain its goals such as
profit maximisation and customer's satisfaction. When a company is willing to build its equity
and use it effectively than financial management is the right tool to achieve this target. It
estimates various elements such as capital required, financial control, possible requirement of
funds etc. Main objective of financial management is to identify performance and financial status
of a company. Various companies are using it to run their operational activities effectively.
Organisation selected for this project report is Tesco which is a retail company and its
headquarter is in Welwyn Garden City, Hertfordshire, England, UK. Main objectives of this
report is to identify the way in which Tesco has protected and saved its market share after the
merger of Sainsbury's and Asda.
This project report covers various topics such as application of financial management to
deal business problems, different formal and informal approaches that are used in effective
decision making, various key financial management principles that can help to achieve effective
financial strategies, role of management accountants, use of accounting control systems and their
value as part of an integrated business system and evaluation of ways in which financial
management is important for long term sustainability.
TASK 1
P1 Covered in PPT
M1 Covered in PPT
D1 Covered in PPT
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TASK 2
P2 Analysis of key financial management principles
Financial management is a technique which is used by companies to maintain their
finance related activities in effective manner. Finance is an element which is required to perform
different tasks that are part of operations of the company. It can help internal as well as external
stakeholders of an organisation while analysing liquid and financial strength (Brealey, Myers and
Marcus, 2012). Accountants of Tesco use financial management to figure out that organisation is
using available resources effectively or not. It can also help to assure that company will reach to
a particular level of profits. Different types of key financial principles are used by the
organisation as they can guide to attain organisational goals and objectives. These principles are
also very beneficial while identifying growth opportunities and formulating strategies fro the
same. Main principles that can help the organisation are as follows:
Planing for uncertainties: It is essential for a company to plan for different types of
uncertainty such as lack of financial resources that may take place in future. Planning is a tool
which is used by various companies to estimate possible events of future that may affect
organisation's operation negatively or positively. In Tesco financial management is used by the
accountants to plan for possible events. It is vital for the organisation to be prepare to face any
king of uncertainty and financial management can help to find the ways to deal with those risks
or negative effects of those risks. Tesco is a large company in which different risks may take
place such as unexpected expenses, lack to funds for operations etc. and this technique can guide
the accountants to find out ways to overcome the same. It also help to make sure that all the
issues are resolved properly with the help of estimated solutions.
Understand the risk factor: Financial management is a tool that can help to identify and
understand the risk factors that can harm the productivity and profitability. Risks may take place
in various situations such as if the applied policies are not effective, when implemented plans are
not properly formulated and when managers or other members are not fulfilling their
responsibilities (Brigham and Houston, 2012). Accountants of Tesco follow the principle of
understanding the risk factor as it can be beneficial in future while dealing with the same. Risks
are possible events that may occur in future and affect operational activities adversely. Financial
management is a system which in which managers evaluate organisation's performance and its
productivity, while examining the performance it can also be evaluated that is there any possible
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uncertainty or risk that can occur in future. When the risk is identified by the company than
accountant can try to understand the cause and make strategies to ignore the same with the help
of financial management.
Proper money management: Money management principle refers to the maintenance of
monetary resources in effective manner. It is possible with the help of financial management as it
is a part of managing monetary resources efficiently (Chen, Shi and Xu, 2013). In Tesco proper
money management system is followed as it is required to operate business smoothly. Managed
funds can lead the organisation toward success because in this situation company will have
sufficient funds to perform its operations. Proper management of money is possible when all the
required information is gathered by the accountants and they evaluate every information by
identifying the cause of expense.
Spend less funds than earned: It is suggested to the firms that they should spend less
money from their earnings because it is a technique to save monetary resources for future
perspective. Tesco follow this principle as it helps to reserve funds. Spending less money is very
important because if money is spent more than earning then it will generate debts for
organisation and company will have to pay interest on the amount. In business entities whether it
is small or large, it is very important to use money efficiently so that it can be saved for future. A
company who has sufficient funds to spend will be more successful as compare to another who is
not having sufficient monetary resources to spend.
Organisation of monetary resources: It is essential for a company to anagement. When
a company is maintaining its financial activities than managing money is a major function, which
is used to identify that company is using its resources effectively and efficiently (Cho and et. al.,
2012). In Tesco proper money management system is followed as it is required to operate
business smoothly. Managed funds can lead the organisation toward success because in this
situation company will have sufficient funds to perform its operations. Proper management of
money is possible when all the required information is gathered by the accountants and they
evaluate every information by identifying the cause of expense.
Spend less funds than earned: It is suggested to the firms that they should spend less
money from their earnings because it is a technique to save monetary resources for future
perspective. Tesco follow this principle as it helps to reserve funds. Spending less money is very
important because if money is spent more than earning then it will generate debts for
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organisation and company will have to pay interest on the amount. In business entities whether it
is small or large, it is very important to use money efficiently so that it can be saved for future. A
company who has sufficient funds to spend will be more successful as compare to another who is
not having sufficient monetary resources to spend.
Organisation of monetary resources: It is essential for a company to organise funds
from various resources to use it for organisation's operations (Dudin and et. al., 2014). It is an
effective principle and can provide benefits to companies. Organisations can generate funds from
various resources such as sale of assets, loans, issue of shares and other debts. In Tesco money is
organised properly because it is very important for the company to perform its executional and
operational activities in effective manner.
M2 Key financial management principles are important while delivering strategies
Key financial management principle are very important fro an organisation as it can help
to reach organisational goals by following all the principles properly. It can help an organisation
to organise funds effectively and utilise the monetary resources efficiently. If a company is
facing different types of financial problems such as lack or financial resources, unexpected
expenses and other than such principles can help to formulate effective strategies that can help to
deal with the same. It also guides accountants to make policies that can help to manage all the
finance related information. All the principles can help to introduce strategies that can help
organisation to attain long term sustainability.
D2 Evaluation of importance key financial management principles
Key financial principles are used in Tesco to attain higher level of profits, these
principles guide the accountants and managers of an organisation to record and organise
monetary resources for the company so that it can operate its business effectively. Money is an
element which is very important to run a business. All the principles are required to be followed
by the organisation as it help to identify and understand risks and uncertainties.
P3 Role of management accountants and their value as part of an integrated system
Management accountant are individual or group of professional who perform different
accounting function such as audit of reports or analysis of financial statements. These
professional may be internal part of an accounting firm or a they can be external bodies who set
their practice out side the firm. They are remain by the right standard and directing principle of
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the country where they perform their practice. In addition, they are qualified person have proper
knowledge of bookkeeping, preparation of auditing and analysis of accounts made by internal
department of company (Finkler and et. al., 2016). They help business firm to prepare financial
annual reports and statements that help them in future planning and decision making. Accountant
also gives advice on tax laws for an accounting year and develop understanding for different
investments opportunities. Audit work means confirming of organisation business statement that
help them to identify proper accounting handling of all involved transaction. These statements
are further help for stockholder and other in investors to develop opinion about the quality of
company accounting record and see the current status.
Work of accountant: Accountant often work in an organisation accounting department ,
at an auditing firm or they exercise in private places. They basically, examine, understand,
evidence, measure and present financial information that comply with government laws and
standard of regulatory authority requirement (Grant, Ponsford and Bennett, 2012). There are
different accounting function that often includes billing of consumer, assembling and affiliate of
payments, paying seller bills and worker salary, bank reconciling statements, calculating and
remitting taxes and recording of financial transaction. Accountant also help management in
creating budgets, setting expenses policies and making strategies to control spending and taking
part in major business decision. Accountant as an external auditor may provide bookkeeping
services to small entity, prepare them for tax return or offer enquire services for certain type of
dealing happen within company during an accounting year. In Tesco, accountant play different
role to ascertain financial health and current status that are described underneath:
Long-term and short-term planning: It is observed that short term goals need to be
very clearly defined with specific amounts and time. So achieving these goals required lot of
discipline and proper planning for use of available resources and funds. On the other side long
term goals achievement require proper budgeting and planning so that there is never a situation
of pressure on finance department within company (Hendriks, 2013). Accountant prepare and
maintain budgets so that short and long term effective planning could be don e to achieve these
predefined goals. In Tesco, there value as a integrated part in such as way as they develop
budgets that help them forecast of future condition and various economic events related to
market study.
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Stewardship accounting: It is a process related to keeping record by an organisation of their
overall transaction, outstanding debts and the amount and method of capital employed has been
invested within company. The main role of accountant is to act as a steward to the management
of company and other investors parties such as shareholder, creditor, investor and government
bodies those have a stake in the entity. Accountant of Tesco, play an important role to prepare
and make suitable cost controller structure and maintain transparent report that help in financial
and operational decision making. As a part of integrated system they check the accuracy of
financial statements maintain by internal finance departments.
Maintain management information system: one of the most important role of
accountant is to prepare and formulate MIS report. Auditor set up daily report as well as report
for long term that ease the process of decision making. These document are embattled on MIS
system that are further forwarded to manager at different level so that effective decision are
taken at right time. There prepared report assist manager to measure and increase the
performance of employee. In tesco management accountant form MIS report at regular interval
so that useful data are provided to manager at all level and effective decision are made toward
the achievement of goal.
Keeping record of optimum capital structure: Optimal capital structure is defined as
the mixture of debt, preferred stock and common stock that result in exploit of company's
inventory price by minimizing total cost of capital. So accountant ensure that there is optimum
use of capital structure as they create funds in an organisation so that fund are maintain and
available to maintain financial wealth. Accountant attempt to increase fund by maintaining a
proper mix of debt and equity available within the business entity. They give more preferences
to the process of raising fund through debts because as it will be more profit in tax payment. Yet,
raising of resources through debts is more risky as the interest rate is much higher that the earn
profit. Management accountant of Tesco, play a valuable role in maintaining optimum capital
structure and ascertain different method to rise their fund requirements through debts and equity.
Helps in Management process: Internal auditor also play an crucial role in management
process like they perform staff function, sometime act as a authority over other worker in
company. Accountant examine the performance of company as well as of employee and improve
there performance by developing understanding among worker that help them in preparing
financial statements. They transfer relevant information from various level to other worker
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working in company and report these information to management and other investors or
shareholder (Turyahebwa, Sunday and Ssekajugo, 2013). In Tesco, accountant play an important
part as a integrated system as they help management by developing understanding and educating
worker within company. They also perform cost analysis for certain product and services of
Tesco so that manger make valuable decision for production of those product.
P4. Accounting control system and their values as a part integrated system.
Accounting control system is entirely a internal control system of a company. These are
the methods and operation that are enforced by a business firm to make sure that the financial
statements are valid and worth full. These system do not guarantee abidance with laws and
standard but are basically planned to help a company comply polices (Salikin, Ab Wahab and
Muhammad, 2014). It minimise the involvement of internal manager in accounting process while
preparing the financial statement. Like accounting control would limit the management
involvement in the preparation of annual statement as there would be fear of falsify number that
may influence company performance. However managements assist accountants by providing
useful information while preparing the financial statement of the company. It basically consist
with three systems which are as follows
 Maintaining compliance and policies of accounting
 Secure the assets of organisation
 Maintain and prepare financial statements of the company.
Maintaining compliance and policies of accounting : Compliance may be defined as
state of being in accordance with develop framework or description or the process company
internal department becoming so. In contrast, it is termed as the comprehend attempt to make
sure that business firm are enduring by both commercial enterprise rules and regulation and
government legislation (Renz, 2016). It can be observed that compliance is a rife business
concern, partially because of an always-exploding figure of standard that definite quantity
business entity to be wakeful about maintaining a afloat understanding of their regulative
abidance necessitate. In tesco Accountant uses some prominent regulation, standard and
legislation to maintain compliance compliance process in Tesco such as, Can Spam Act of 2003,
Payment card industry data security standard and federal information security management act.
As regulation and other framework have been increasingly becoming a concern to business entity
and their management, so now Tesco management are also more frequently to differentiated
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compliance process so that report are maid and measure in proper manner. The main obligation
of principal compliance officer consider to ensure that Tesco is able to succeed compliance risk
and pass a abidance audit to the report and statement prepared during an accounting year.
The exact nature of a compliance audit will vary depending upon factors in which the
Tesco operates it business operation such as nature of data manager create, collection and
storing of useful information within an year. Policies of accounting means the specific principle
and procedures implemented by a company management team that help them to prepare
transparent and accurate financial statements for accounting year (Pham, Yap and Dowling,
2012). This includes different methods, measurement system, rules and regulation for presenting
disclosure financial report. It is clear that principle and polices of accounting are different from
each other as principle are the accounting rules and the policies are known as way of correspond
to those rule. These accounting polices are content to be a framework in which a business firm is
anticipated to function their operation accordingly, in some manner these policies are slightly
bendable and management of company could select specific accounting policies that will be
more beneficial to the financial reporting to the company.
In tesco, there are definite set of standard that regulate the management to prepare its
financial statements and deals with complicated accounting situation such as deprecation
methods, recognition of goodwill, stock values and the consolidation of final account. These
maintaining of compliance and proper execution of accounting policy plays an important value
as a part of integrated system as help to improving accuracy of report and maintaining data in
effective manner. As compliance process check the accuracy of prepared data in financial report
whereas policy of accounting is the identification and posting of data in right manner at right
place.
Secure the assets of organisation: Security of assets is the concepts of and strategies for
securing and protecting assets and wealth of an organisation. Assets protection is consider as the
type of financial planning that help an organisation to protect its assets from creditor claims
(Parker, 2012). Every organisation weather small and big uses assets protection to limit claim of
its investor that help them to protect valuable assets while operating within the bounds of debtor-
creditor law. In Tesco, assets security aid insulate in a legal manner without involvement in the
banned practices of privateness that means to hide assets from any deduction, disrespect,
fraudulent transfer, tax deception and failure in payments of bank. The expert of company advise
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that effective assets protection begins before claim or outside liability occur, as if protection are
made after any uncertainty than its too late to initiate any assets protection. In Tesco,
management use common method of accounts receivable financing as a valuable part of system
(Muske and Winter, 2013). It states that proper records are maintained to ascertain the total
number of debtors from whom payment have to be collected in the upcoming period. Financing
through account receivable means that management forecast the total revenue to be generated
from from outstanding bills and invoice which help in effective decision-making and improve
collection process within Tesco.
Maintain and prepare financial statements of the company: One of the most
important internal process or control system which state that financial statements must be
prepared and maintain at the end of accounting year so that current position could be determined
and financial wealth could be displayed to investor and other stockholder. Basically, preparing
financial statements for general purpose throughout the year so that creditors make effective
decision related to investments. Thus preparation of financial statements contain effective and
transparent set of balance sheet, income statements, equity and retained earning and cash flow
statements. In contrast, the concepts of financial reporting and the process of accounting cycle
are adjusted on furnish outside users with useful content in the form of business statements. So,
financial documents are prepared at the end of accounting system in any organisation so that
actual performance and financial health could be determined. In tesco, maintaining and
preparation of financial data needs basic footnotes that convey the purpose of preparation of
these statements. These statements are prepared by transferral the final account balance on the
tuned trail balance to a set of statement model (Matthew, 2017). This system is valuable as a part
of business firm Tesco as balance sheet gives detail about assets, liabilities, shareholder equity,
capital stock balance retained earning etc. cash flow statement explain the following reason for
the changes in cash balances, fund used in operation, investing activity etc. preparation of cash
flow includes two different method and tesco follows direct method in which cash flow
information is derived by directly subtracting cash disbursement from cash receipts.
M3 Evaluation of role of management accountant
Management accountant is person who is liable to make planning for future and make
decisions that can help an organisation to identify growth opportunities. Management accountant
is also responsible to make plans in which it is analysed that organisation is contributing toward
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society or not. Accounting control system is a system which is used to control organisation's
activities and monitors the name so that it can be assured that all the activities are not harming
society and following a culture of ethical financial management.
D3 Justification
Management accountant and accounting control system are two essential elements that
are required attain long term sustainability because accountants plan for future situations and
accounting control system is used to control all the activities that are performed by the
accountant. Both the elements help the organisation to formulate effective strategies which will
contribute in long term sustainability. It also help to attain long term objectives that can lead the
organisation toward success. It very important for an organisation to improve its financial
position as it can attract more and more stakeholders toward organisation and also help to reach
higher level of long term sustainability.
P5 Importance of financial decision for financial sustainability
Financial Decision is important decisions for the business which is taken by the finance
manager of an organisation. These decisions are concerned with segregation of funds to the
different activities of organisation. The main objective of financial decision is to maintain an
optimum level of capital structure of business. Basically the debt equity ratio helps the manager
to evaluate the effectiveness of financing decision, taken by the managers (Martin, 2016). It is a
process of making business affiliated decision which helps the managers and accountants to
manage available monetary resources in effective manner and utilize in proper way. These
decisions help the administration to gain its net income in a long period of time. It can be
represented as financial preparation which is done to keep finances of an organisation. In Tesco,
the owners of the company are obsessed with this process. As the size of the company is very
large hence, it is very crucial for the account controller and administrator to make effective
decision to use funds and maximize the same.
Different ways in which financial decision making important:
Reduce risk of financial losses: Risk can be defined as the uncertainty in respect to
expenditure, failure or harm while devastation or loss of working capital is certain in relation
with a enterprise procedure, it can be negatively charged up in progress as a cost (Kramer, 2012).
There are certain financial risk that are been mistaken by manager such as demand rise, low
supply, inflation and deflation in market economy. To reduce these risk management should
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adopt different solution so that financial losses must be avoided such as, never borrow money
extra money that increase debt level, limited workforce unless extra employee become big
problem for company etc. Managing of risk help Tesco owners to make decision that ignore
losses which led to organisation downwards. Managers of the company make plan to reduce the
possibility of such type of risks that can affect the profits and enough funds and resources are
there to maintain future sustainability in Tesco.
Allotment of monetary resources to different department of company: In business
allotment means the allocation or distribution of resources across different entities in a specific
time period. In contrast it is related to the dispersion of shares during public share issuance.
Manager to gather and distribute monetary resources among different departments of an
organisation, financial decision making is very important as it assist to assign the funds and
available resources in effective manner (Jiang, Zhu and Huang, 2013). In Tesco, manager
analyse and examine the necessity of each department so that available funds are distributed in
effective way to fulfil requirement of there business operation. It is very important for every
department to have enough funds and resources so that they never faces condition of shortage or
non functioning that might reduce the profitability of business. As a result if each department of
Tesco have enough amount or workforce and funds with them then they performance, financial
position and profitability of company can be increased. These proper allocation o0f resources
also help company to attain future financial sustainability as each department of Tesco would
have proper amount of funds so that any uncertainty can be overcome.
Efficient use of funds and resources: Money plays an important role in business
activity so there should be proper financial planning must be there to save and money and
finance of company. Wealth creation and planning is done to meet daily requirement so that
performance of company could be improved and it earn more profit. In Tesco managers plan to
use funds in an effective manner which helps the company to grow faster and run the business
smoothly. Efficient use of funds is very important as it can help to maintain financial strength
Increase efficiency and effectiveness: Decision making is a process of developing
effective decisions and implementing them. By making suitable financial decisions, Tesco can
attain long term sustainability which will ultimately result in effectiveness and efficiency in
managerial operations (Higgins, 2012). For example: Tesco is a large scale company which
operates in supermarket industry which requires ample of financial decisions to be taken
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effectively. By the way of increasing efficiency and effectiveness in financial decisions,
management of Tesco can improve their long term sustainability. Main aim of Tesco to improve
their financial sustainability is to protect them to from merger of Asda and Sainsbury’s.
M4 Evaluation of financial decision making
Financial decision making should always be effective as it is very important for an
organisation to meet its objectives. In Tesco financial decisions are take by management
accountants and they are liable to formulate effective strategies to attain long term sustainability.
If managers are not able to make effective decisions and policies than it can take the company
downward and it may also result in higher and increased losses for the organisation. Financial
management is very important for a business enterprise because it provides exact information of
available monetary resources and also estimates possible future events that can affect the
organisation's operational activities. It is essential for a management accountant to implement
proper strategies within the organisation in order to maximise profits and reduce possibility of
losses.
CONCLUSION
In the above report it has been concluded that financial management is important for
every organisation as it is a process to control, record, manage and measure financial information
and resources. It help in increasing performance and profitability of business operation similarly
financial decision help manager to ascertain and adopts best option for growth. It help manager
to allot available resources and funds to various stages and department of company so that
requirement must be fulfil and company achieve it long term financial sustainability. Money
management, organisation of funds, unexpected risk, planning for unforeseen events are the key
financial management principles that help the organisation to achieve effectiveness.
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Financial management. 2018. [Online]. Available through:
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