Financial Management Report: Accounting, Control, and Strategies

This report provides a comprehensive overview of financial management, encompassing various aspects such as decision-making approaches, both formal and informal, and the factors contributing to effective decision-making. It delves into the evaluation of these approaches, techniques, and stakeholder management. The report explores key financial principles used in financial strategies, emphasizing consistency, transparency, money management, and ethical constraints. It highlights the role of management accountants, including stewardship accounting, long-term planning, and the formulation of Management Information Systems (MIS). Furthermore, it examines accounting control systems, their values, and the techniques used for fraud detection. The report also includes a case study of Brightsun Travel, illustrating the application of financial principles and accounting controls in a real-world business context. It concludes by emphasizing the importance of financial management in organizing funds and developing effective financial techniques for enterprise quality, development, and growth. The report offers valuable insights into the interconnectedness of financial strategies, accounting practices, and the role of financial professionals in ensuring organizational success.

Financial
Management

Table of Content
 Introduction
 Different types of formal and informal approaches used in decision-making
– Evaluation of approaches, techniques and factors that contributes in effective decision making
– Stakeholder management and management of conflicting objectives of stakeholders
– Value of management accounting techniques
– Techniques of fraud detection
 Approaches to support decision making
 Key financial principles use in financial strategies making
 Key financial management principle
 Evaluation of key financial management principle
 Role of management accountant.
 Accounting control system and their values
 Role of accountant and control system
 Conclusion


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.

Different types of formal and informal
approaches used in decision-making
Financial management has appeared as the most important and interesting fields both for
academic research and for the examination of executives of practice finance. This included
different aspects that are based on efficient decisions taken during the period by an
organization. Comprehension of finance as resources understands in general way. While in
real sense these words are money analysis and their critical flow to more efficient activity of a
new company.

Evaluation of approaches, techniques and factors that
contributes in effective decision making
There are two types of approaches of decision making that are as follows:
 Formal
 Informal

Approaches to support decision making
Formal and informal methods are effective in making significant decision that will increase the
future sustainability and profit margin in Brightsun Travel. Financial counsellor introduced
systematic strategies and informal solutions to the issue and made decisions to expand the
number of buyers for their company and to grow share of the market in the market.

Key financial principles use in financial
strategies making
In present dynamic business world company adopt the suitable financial system according to
the working structure and formal of reporting. Financial management have certain
principle which are effective in establishing a legal and financial system that manage and
control important financial resources. Some of these are defined underneath:
 Consistency
 Transparency

Cont.…
 Money management
 Integrity
 Setting objectives to attain financial aims
 Ethical constrain
 Increasing shareholders wealth

Key financial management principle
Financial management is the obtaining, funding and management of different business
resources which help to achieve fund stability in the longer term. Important economic
management concepts contribute to making successful financial decisions for future funding
access in an organization. There are several concepts, such as money management, managing
money, risk perception and unforeseen event strategy. There are several values. These
principles contribute to efficient financing techniques and to lengthy-term financial sustainable
development.

Evaluation of key financial management
principle
The key principle of money management helps an organization to develop financial policies
and strategies to ensure the success. Brightsun Travel economic department refers various
principles to assist in the formation and lengthy-term financial sustainable development of
financial techniques.

Role of management accountant
Business and company accountant job in a specific company has been illustrated. They are
responsible for carrying out a certain range of activities in order to ensure that their
companies have financial stability and financial management required and, from now on,
to support the business. The designation and the achievement of an organization are
determined by them.
There are certain role of management accountant:
 Stewardship accounting
 Long and short term planning
 Formulating MIS

Cont.…
All other use of management accounting technologies is necessary in order for useful decision-
making to be incurred, analysed and submitted with financial information. Some of the
following are:
 Cost forecasting
 Managing risk