Developing a Financial Plan: Identifying and Analyzing Sources of Finance

The provided assignment content is a collection of various sources on financial management and related topics. The sources include academic journals, books, online resources, and PDF files, published between 2001 and 2014. The topics covered range from investment appraisal techniques to financial statement analysis, financial management, and strategic development processes during economic crises. The sources also explore the global macro-finance interface, firm productivity, and exchange rate movements. The assignment aims to provide a comprehensive overview of various aspects of financial management and related fields.

Managing financial resources
and decision
Student name: Radu Teodor Cristea
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TASK 1
INTRODUCTION
Financial resources are the essential elements of company and it is important for the managerial
level people to make optimum utilisation of available funds or money so that different activities can be
carried out in a suitable manner (Peirson and et.al, 2014). In the present study, researcher aims at
evaluating different sources of finance for new and old, large and small and for the new business start-
ups. Along with this, report will assess the implications of different source and lastly, appropriate
source of finance will be recommended to the small business for start-ups, large business for expansion
and group of people who are planning to buy up an existing medium sized company. On addition to
that, information included in different statements and their purposes have been presented in the report.
Various calculations have been made in an order the information is provided in different scenarios. The
investment appraisal techniques, unit costing and ratio analysis tools are used with respect to different
cases.
Scenario 1
Identifying different sources of funds:
Looking at the present corporate market, there are several opportunities that are available for the
entrepreneur, small and large sized companies to start, enhance or expand the business operations.
Thus, in order to establish business in new market or expand the existing one or buy up an organisation,
it is important for the entrepreneur or management to ensure adequate amount of funding (Demir and
Caglayan, 2012). In this context, there is a wide range of sources of finance that are available for
different needs and wants of entrepreneurs and businesses. Owner's Capital: In terms of starting a new business, owner's capital is considered as the best
suitable source of finance. However, this is the reason, entrepreneur already owns them and the
cost of acquisition is minimal. In this, individual does not have any kind of liability like interest
on bank loan or sharing returns to investors (Bernstein, 2015). According to the present given
scenario, this source can be used by the entrepreneurs who are planning to open a new venture.
However, there are certain drawbacks of owner's capital but the most significant one is that
individuals have to invest personal savings into business and if operations are not carried out
properly then it could lead to position of loss which may affect the entire financial status of
individual.
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 Retained earnings: In general, retained earnings can be defined as the money kept reserved after
paying all the debts and share of the shareholders. However, this source can be used by
companies which already exist in the market and making valiant efforts to generate higher
profits so that they can keep it reserve even after satisfying the monetary needs and wants of
different stakeholders. On the basis of present case, retained earnings can be used by the large
or medium sized enterprise who has already established their mark in the corporate environment
(Dada, Azim and Ullah, 2014). Main aim of using this fund is that there is no increase of
liability on firm and management can use it for future expansion. Furthermore, advantage of
this source is that it can be used for long term as there is no compulsory maturity like term loans
and debentures. Sale of Fixed assets: It is one of the internal sources of finance that existing companies can use
in order to raise adequate amount of funds for the future expansion. However, for the short
terms financial needs of business, this source is considered as the best. However, it is the
responsibility of management of large or medium sized businesses to focus on those assets
which are of no use or less use can sell them and raise money for buying new machinery or
future investments (Philippon and Reshef, 2013). But in contrary to this, once the asset is sold,
it will be used in the near future and company has to make investment for new assets. Third Party Investment: Top level management for large or small sized firm or entrepreneur for
new start-ups has to influence third party to invest in their business ideas so that they can
provide adequate amount of money and would help in carrying the operations. However, third
party investors have less interest than the shareholders (Morana, 2014). But it is important for
senior officials of large or small enterprise to provide accurate and wide range of information to
the investors so that they can assess business for risk and accordingly, make decisions for the
future contingency. Bank loan: This source of finance is the most appropriate source that is considered to be an
external source of finance. Bank loan is available for all kinds of business including new start-
ups, existing business as well as an entity that wants to expand business. The loans are generally
borrowed money against which company has to pay interest. These sources can be categorised
in short term, long term and medium term. The companies who want to take loan should have
kept some securities with bank. The major advantage of using bank loan is flexible repayment
terms. Nonetheless, the higher interest can be a limitation. For existing firms, it becomes
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difficult to obtain funds from such source due to poor credit rating. However, the business may
loss assets for secured borrowing. The advantage of this source for firms who are willing to
expand business is that they can raise funds with appropriate methods of financing fixed assets.
For small entity, it becomes hard to arrange bank loan due to higher interest rate. Government grants: Government grants are the systems in which the organization provides
huge monetary rewards for the start-up or existing firms against their business proposal that can
be designed with respect to the welfare of society. This is the most appropriate source of finance
for the existing large scale organization as most of government grants can total in the millions
of dollars. The most common advantage of such sources is that companies can receive
government grants in an easier way from government and private sources. The large scale
organizations who wants to expand business can also approach to such sources along with a
worthy investment proposal. Another advantage of this source is that these sources are
prestigious and can provide instant credibility and public exposure to corporate entity. The huge
competitive for preparing government grants is the limitation of this source. The disadvantage
of these resources is that it is a lengthy process (Cunningham, 2006). Hire purchasing: These sources of finance can be seen in two categories such as short to
medium term. This is the arrangement in which company can acquire new machineries and
equipment against easy down payment and a range of instalment. This source of finance can be
used by all type of business whether it is a small of large company. However, new ventures as
well as existing companies and partnership firms can use such sources of finance. The major
advantage of these sources is the availability of instalment credit such as rental, purchase and
interest being paid. The disadvantage of these sources is that the entities are provided ownership
outright at the end of payment term (Sources of finance, 2012). The companies can use that
assess that are acquired from hire purchase and can pay out the full amount over a defined
period. However, the business entities have to stick to the terms of agreement for owning the
assets at the end.
 Issue of shares: Issue of shares is the most common source of external finance that is called as
equity financing. This source of finance can be used by the limited company who has registered
themselves for IPO (Initial public offerings). In these sources of finance, funds are usually
invested by shareholders and this is a long term source. However, the advantage of this source
is that company has not to pay interest against the funds raised from public but it has to pay
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dividend. The major advantages of using issue of share are that company can raise large amount
of funds to invest in business projects. However, there is certain disadvantage of using such
sources of finance (Pour, 2011). The business has to share the ownership of company with
external parties and the members become shareholders of company. As an advantage of these
sources, it can be said that the shareholders have opportunity to profit if company performs
well, but also take the risk of loss in case of non-performance of business. Hence, this source is
appropriate for the large scale organization that is looking for business expansion.
Implications of sources
Sources Legal Dilution of Ownership Bankruptcy
Owner's capital
There is no legal
restriction of generation
of funds by the owner's
capital.
Controlling power of the
company will be
diluted.
There will be no
financial obligation on
the organization with the
owner capital due to
insolvency situation will
not arise.
Sale of fixed assets
Similar to the owner's
capital, there will be no
legal implications on
sale of fixed assets.
With the sale of asset
there will be no change
in ownership position of
the business (Dransfield,
2004).
Solvency of business
will be affected in
adverse manner because
value of business will be
reduced.
Retained earnings
On this restriction can
be imposed by
shareholders of the
company because it can
reduce the return of
investment as dividend
policies are adversely
affected by it.
Through retained
earnings there is no
change controlling
position of the business.
It is a part of reserve and
surplus thus, financial
obligations are not
affected by it.
Consequently, it cannot
lead to the situation of
insolvency (Zoan,
2014).
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Venture capitalist
There are no legal
implications of the
venture capitalist.
It will vary as per the
conditions imposed by
third party (Parkinson,
2012).
In situation where
organisation is not able
pay their liability to the
third party then they
declared as insolvent
Bank loan
More and more paper
work is to be done
Ownership remains with
Bank (Management
accounting, 2014)
There will be no
financial obligation of
using such sources
Government grants
This source required
effective proposal that is
based on ethical terms
Ownership remains with
organization
Loss to government in
such case
Hire purchasing
These sources are used
after making loss of
paperwork
The ownership comes to
the owner at the
payment of last
instalment
This creates a loss for
hire purchasing
company
Issue of shares
The company has to
registered for IPO
(Dada, Azim, and Ullah,
2014)
Decreases the level of
ownership percentage of
shareholders
The shareholder are not
entitles to have funds in
case of bankruptcy
(Sources of
finance,2012)
The above stated are the implications associated with different sources of finance. However, it is
the duty of senior officials of the company to make sure that they evaluate both negative and positive
aspects of the sources and accordingly make smart decisions regarding selection of appropriate source.
In the present case, different sources has been evaluated for different users thus, before selecting the
mode, management also have to understand the needs and wants.
Appropriate source of finance for three different cases
In the above study, different source of funds has been identified and it’s positively and negatives
have been evaluated. However, for a firm senior officials and entrepreneurs for new start-ups are
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responsible to understand different implications of the sources and accordingly make decision
regarding selection of suitable and reliable sources (Read, 2002). According to the present given case,
researcher illustrates the appropriate source for small business start-up, a large business expansion and
small group of people for acquiring medium sized company.
Case 1: Sources of finance for Small business start ups
For starting a new venture is not an easy task for the individual, it is important for the
entrepreneur to take appropriate decision regarding selection of sources so that activities can be carried
out it appropriate manner. For starting a new small business, two sources are feasible for the
entrepreneur that is personal savings and bank loan. Bank borrowings is the source through the help of
which large amount can be raised in short span of time. For this, entrepreneur only has to complete the
few legal formalities (Kawai, Mayes and Morgan, 2012). However, repayment of loan is also based on
monthly instalments which would be feasible for the individual to start new venture. Along with this,
owner's capital another good source for small business start-ups. It is because, for initiating any
business, owner has to invest his/her own money so that other investors can be influenced. On the other
hand, there is not such liability on the part of firm but if investment is not used in suitable manner then
it can be major loss for the entrepreneur.
Case 2: Sources of finance for large business expansion
Herewith, in this section a case of existing firm is taken into consideration that is willing to
expand business in new markets. For example: This organisation is so called retail entity who has taken
registration for initial public offerings. There are various internal and external sources of finance
available for the business (Booker, 2006). For an expansion project the company requires large amount
for with the appropriate sources of finance are required. It has been assumed that the company is going
to open new outlets in the market so it becomes important to put money in expansion project. For
raising large amount of funds the company is suggested to go for equity financing as it will be the most
important sources of finance for large scale company (Morana, 2014). Through issuing shares in the
market the large amount of funds can be acquired by the company. The rationale behind suggesting
issue of share as sources because, it will provides benefits in terms of raising large amount of funds at
minimal cost. The company has not to pay interest but its can pay dividend as well.
The second and appropriate sources of finance for this large scale company for expansion is
retained earnings. These are that source available with companies in manner of saving from last year’s
business. The profit that are retained from past year business have been used to for expanding business.
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The rationale behind using retained profits is that it is a cost effective source of finance but the
company has to pay opportunity cost for using such source of finance.
Case 3: Sources of finance for Small group of people
In order to buy a medium sized firm to enhance the level of operations, group of people should
use government grants and venture capitalist. The main aim behind recommending this source is that,
they will help in raising large amount of money through the help of which people working together can
buy medium sized firm and expand their business operations. The main advantage of government
grants is that they are easy to acquire as government of UK promotes such investment for the
expansion or growth (Demir and Caglayan, 2012). Along with this, grants are prestigious and easily
provide instant credibility and public exposure to the business. On the other hand, venture capitalist is
another major source through which group of people can buy the existing company. However, they
provide large amount of money for investment as well as have lesser interest then the shareholders. But
it increases responsibilities for the management to provide accurate and wide range of information to
the investors so that they can evaluate the business risks and accordingly make decisions regarding
future investments.
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TASK 2: UNDERSTAND THE IMPLICATIONS OF FINANCE AS A
RESOURCE WITHIN A BUSINESS
Scenario 1
Analyse the cost of different sources of finance
There are various sources of finance available to business; however, a significant cost is
associated with all of them. For an example, a company is going to use issue equity shares then it has to
bear dividend cost as the shareholders are to be provided with divided against the use of different
sources. In addition to that, organization has to share the ownership of business (Pavlatos and Paggios,
2009).
Equity shares: In case of issuing equity shares, the organization has to pay financial cost. The
shareholders will be provided with dividend on the amount they have invested. It reduces the
profitability as it is an expense of business.
Debenture issue: The use of debt equity includes cost of interest as company has to pay interest
to the debenture holders and in the long run, organizations have to repay the loan to shareholders.
Hence, it can be said that issue of debenture includes interest cost (Verbeeten, 2011). This financial
source will reduce the profitability of business. In addition to this, in situation where company is not
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able to repay the principal amount then management will lead to the crisis of insolvency.
Retained earnings: Use of retained earnings includes opportunity for business. Company has
to lose the opportunity to invest the saving in profitable business. In addition to this, in emergency
situation, there will be lack of financial source to meet out the issues faced by business.
These all are the costs of business that company has to be bear for using different sources of finance
(Correia and et.al., 2012).
Key aspects /importance of financial planning
Financial planning plays an important role in the success of business. By effective financial
planning, organization can avail financial source by attaining minimum financial burden and optimum
financial cost. In addition to this, management will be able to identify future income and expenses by
preparing budgets. On the basis of budgeting process, they can future position the entity in order to take
proactive steps to reduce risk. Financial planning will assist management in making better decisions for
business in order to attain market opportunities. In addition to this, organization can make investment
in more profitable projects for the strengthening of financial position. Financial planning will also
create balance between cash outflow and cash inflow by liquidity and solvency issues of business can
be prevented (Verbeeten, 2011)
Types of financial information required for decision making purposes
The financial information is to be obtained from different financial statements such as income
statements, balance sheet and cash flow statements. The information is useful for different businesses: Shareholder: The profitability information is required by the shareholders with respect to the
company as it is helpful in making different investment decision. By making use of this
information, they make comparison of financial performance in order to determine whether
provided return is in accordance with the expectations or not. Employees: Employees require information of business to determine future opportunities that
are available with them. For this aspect, they consider growth and profitability trend of
business. Financial institution: These users require information of business to determine their capability
for the repayment of loan taken by them. For this aspect, they consider liquidity information.
 Government authorities: In order to assure, tax obligation is properly meet out by company
government authorities which required information of business.
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Impact of financial sources on financial statements Income statement: Financial sources reduce profitability of business because company is
required to pay dividend and interest cost for the funds generated. These expenses are recorded
on the debit side of the statement due to which net profit is decreased.
 Position statement: In case of equity, capital and cash is increased while in situation where
funds are generated from debt, long term liability and cash is increased.
With the help of financial information following decision are to be made
1. Cost reductions
2. How to improve business profitability
3. Increase in sales
4. investment decision
5. Suitable source of finance
Sample profit and loss account and balance sheet
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TASK 3 MAKING FINANCIAL DECISIONS
Scenario 1
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Problems faced by ABC Manufacturing Ltd in relation to cash flow forecast and the sales budget
The table above represents the case and sales budget of ABC Manufacturing Ltd
however, there have been found. The company stated that organization sales budget is showing
negative variance of 8-10 % in all the months. However, there is witnessed huge variance in all
the section and all are negative which represent that company is not going to meet the standard
sales in coming months. Negative variance is unfavourable variance for ABC Company from July
to December. Further, it was found that the sales forecasting is not focused towards budgeted sales
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figure at the time of designing cash flow forecasts. Another problem with company's case budget
is that a continuous deficit is seen in all the years, nonetheless, it is designed for 12 months. This
is an indication that company is incurring huge expenses in all the years. So, it can be said that
negative variance in sales budget and deficit in case budget is the major problem with ABC
Manufacturing Ltd that is to be focused on (Chan and et.al., 2001).
Causes of problems to budgets
The main reason for negative variance in sales budget is of unpredictable shifts in market conduction.
The fluctuation in market demand is the major reason for declining sales as compared to the standard
budgeted figures. However, it can also be seen that the sales planning of company is not seen matched
with the marketing conditions. Furthermore, poor predictions are also a on reason for having negative
variance. The price of products / services was not quoted as per the competition and expectations of the
customers this was a major reason for not achieving budged sales figures. A significant change in
business strategies as well as unbalancing conditions in the cash flow forecasts are the major reason for
deficit t in case budget. In all the months, the company has made huge expenses that are the major
reason for negative liquidity position of the company. Hence, it can be salad that these all, were the
problems and their causes of both the budget of ABC manufacturing limited which has negatively
affected the operational functions of company.
Formal Report for improving sales and cash positioning for ABC Manufacturing
Ltd.
To Director of ABC Manufacturing Ltd.
Date :
Subject: Recommendation to improve Cash Budget and Sale Budget
Recommendations
One of the major aims of manufacturing companies is to achieve a positive variance. In the
present case scenario, ABC manufacturing company is facing negative variance. So it has to go for
removing any variances in the sales budget. The organization has to focus on designing effective
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business strategies for this they must adopt competent pricing strategies for which various prices are to
be set as per the marketing conditions. In addition to that, appropriate budgeting techniques are to be
used for improving the functions and operations. The business entity is recommended for engaging
efficient sales force that can be helpful in attaining sales targets more successfully. In order to improve
deficit in the cash budget, the company should focus on expenditures (Wildavsky, 2006). Furthermore,
cost reduction techniques should be adopted by the company so as to achieve adequate revenue and
profits. These profits should be reinvested. The cost controlling techniques are to be adopted by the
companies as well as the business can use retained earnings to cover the deficit.
Signature
Financial Accountant
XYZ consultancy
Scenario 2
Use of Investment appraisal techniques
The capital budgeting techniques are used to assess the viability of given projects so that one
optimal can be chosen. In other words, these are said to be investment appraisal techniques that are
used for choosing optimal project from alternatives.
Payback Period
Payback period method is known as the investment appraisal technique that defines the time in
which the investment amount will be repaid. The formulas used for calculating payback period are as
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follows:
In case of even cash flow
Payback Period= Initial Investment/ cash inflow per period
For uneven cash flows,
Payback Period= A+B/C
A = last year value with a negative cumulative cash flow
B = absolute value of cumulative cash flow at the end of the period A
C = total cash flow while the period after A
As per the calculation of Payback Period method, it can be said that ABC Engineering Ltd.
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should invest in project A because payback period is less i.e. 2.05 years as compared to project B.
Accounting rate of return
With respect to ABC Engineering Ltd., average rate of return for Project A is 180% and on the
other hand, ARR for project B is 150%, hence, the higher rate of return is to be chosen. The
organization is recommended to choose Project A.
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Net present value method is the most famous method that is used to evaluate the viability of two
projects. This method considers the time value of money and the project with higher and positive NPV
needs to be chosen. As per the calculation, Project A is having net present value of £253900 and on the
other hand Project, B has NPV of £120700, hence, Project A is to be chosen.
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Internal Rate of Return
Table 1 : IRR for project A & B
Internal rate of return is the major factor that determines the rate at which the initial investment
can be zero. In the above calculation, internal rate of return is calculated by using MS excel tool. For
this task, IRR is calculated at 10%. It can be seen that IRR for Project A is 29.20%. On the other hand,
IRR for Project B is 15.02% that indicates higher IRR is to be taken, hence, it can be said that project A
is to be selected by the organization.
The analysis of various investment appraisal techniques shows that in all the cases, Project A is
the most optimal for ABC Engineering company, hence, company has to choose this project as it will
be a fruitful investment.
Scenario 3
Evaluating the performance of machine A
 Material costs : £52.50
 Labour Costs : £35.75
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 Variable Overheads : £10.20
Contribution Margin Ratio
Impact on breakeven point
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Changes in the Break Even point will be recorded as;
At £ 5 increase in selling price
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Scenario 4
According to the given case scenario, it has been witnessed that the organization is going to
discount the prices of products as anticipated demand is increased to 7,500.
Southwood Electricals – an order for 500 units at a discount of 15% on the normal selling price
In the above table, prices have been assumed to calculate the actual profit that has been gained
by the organization. In addition to that, variable cost is assumed to be £87.5 per unit and the fixed cost
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is £250000. In this situation, the organization is going to get total cost of £950000. However, profits are
assumed to be £238750 on the additional demand of 500 units.
Westbrook Engineering – an order for 1000 units at a discount of 25% on the normal selling price
In the above section, it has been witnessed that 20% discounted price lead to decrease in selling
prices. The demand of addition 1000 is going to put impact of sales unit as the sales of company is
going to be increased however, prices are declined. In this situation, the firm is going to have profits of
£243750.
TASK 4: ANALYSING FINANCIAL PERFORMANCE
Scenario 1 Accounting terminology & financial statements
The major aim of financial statement is to identify the financial position of company. The
accounting records generally refer to the records in which company put information of various business
transactions which are also called as financial statements. There are three different statements such as
income statement, balance sheet and cash flow statements.
Balance sheet: This financial statement represents the information of assets owned by company
as well as liabilities that are made to company. This financial statement represses the financial health of
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a company for a specific time of span (Booker, 2006).
Balance sheet terminology
 Assets
 liabilities Equity (Format of a Financial Statement, 2013.)
Format of Balance sheet
(Source: Format of a Financial Statement, 2013)
Income statement: The financial statement represents the information of incomes and
expenses of business for a specific time period. Furthermore, income statement is also known as the
profit and loss statement that represents net profit / loss earned by a corporate entity.
Income statement terminology
 Cost of goods sold
 Expenses Revenues
Format of income statements
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(Format of a Financial Statement, 2013)
Cash Flow Statement: The statement that represents the information of cash outflow and
inflow for a time period is known as cash flow statement. There are three major activities such as
financing; operating and investing which are shown in the cash flow statements.
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Scenario 2
The financial reports are based on the information of primary records that includes day to day
transactions. The primary sources are the books of prime entry that is based on following rules and
basic principles:
 Real account: ‘Debit’ what comes in & ‘credit’ what goes out
 Nominal account: ‘Debit’ all losses & expenses, ‘credit’ all incomes and gains
 Personal account: ‘Debit’ the receiver & ‘credit’ the giver
Ledger –Ledger is known as the book of prime entry records that includes the financial
transaction in the respective individual accounts.
Trial balance – The statement that proposes at checking the correctness of ledger accounts
and related items is the trail balance. This ensures that debit side is equal to the credit side (Format of a
Financial Statement, 2013).
Differences between the financial statements of different businesses
There are three different business formats in which financial statement are prepared or the
different purposes.
Sole-traders – The individual owners who run business and it has been witnessed that the sole
traders do not prepare financial statements only prepare simple accounts to check the profitability of
firm (Chan and et.al., 2001)
Partnerships – The major aim of partnership firms is to prepare the partner’s accounts and to
divide the profits among partner’s hence, it prepares P&L account.
Limited companies – The companies have to fulfil the guidelines provided by IFRS and GAAP
hence, it prepares all the financial statements (Booker, 2006).
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Scenario 3
CONCLUSION
The report is designed to identify the sources of finance that are available for different kinds of
business. There are number of sources that have been discussed for raising finance for Small business
start-ups, large business expansion and for small group of people. The range of Legal, Dilution of
Ownership and Bankruptcy implication to business of such sources of finance also come under this.
The report has concluded that Bank borrowings and personal capital sources can be used by small
business start ups and for large business expansion, organization can use retained earnings and equity
financing. At last, the small group of people should use government grants and venture capitalist for
raising funds. The financial statements have been explained with respect to information and it is used in
decision-making.
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