Report on Principles of Financial Management: Task 1 and Task 2

This report provides a comprehensive overview of financial management principles, encompassing various aspects crucial for effective decision-making. It begins by exploring the factors, techniques, and approaches to sound decision-making, emphasizing the importance of both financial and non-financial information. The report then delves into stakeholder management, highlighting the significance of fostering positive relationships with various stakeholder groups and addressing their diverse interests. Furthermore, it examines the value of management accounting techniques, particularly in cost control, profit maximization, and the detection of fraudulent activities. The report also covers ethical decision-making processes, emphasizing the application of ethical principles in evaluating alternatives. In the second part, the report focuses on financial analysis, including ratio analysis and its role in assisting management in making informed decisions. Investment appraisal techniques are evaluated, underscoring their importance in financial decision-making and ensuring long-term sustainability. Recommendations for improving financial sustainability are also presented. The report concludes by emphasizing the critical role of financial data and strategic planning in achieving organizational success.

Principles of Financial
Management
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Table of Contents
Introduction......................................................................................................................................3
Task 1...............................................................................................................................................3
1.Factor, techniques and approaches to effective decision making........................................3
2. Stakeholder management....................................................................................................5
3. Value of management accounting techniques....................................................................6
4. Fraud detection and ethical decision making.....................................................................7
5. Reflection...........................................................................................................................8
Task 2...............................................................................................................................................9
1. Ratio Analysis....................................................................................................................9
2.Ratio analysis as assistance tool for management.............................................................12
3.Evaluation of investment appraisal techniques.................................................................12
4. Importance of techniques in financial decision making...................................................14
5.Financial decision support long-term sustainability..........................................................15
6. Recommendations to improve financial sustainability.....................................................16
Conclusion.....................................................................................................................................16
References......................................................................................................................................18
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Introduction
Part of accounting which that helps managers in managerial decision making is known as
management accounting. Managers use variety of techniques for better control and performance
management (Soderstrom, Soderstrom and Stewart, 2017). This report throw light on various
aspects of effective and ethical decision-making. Various stakeholders of business has varied
interests and seek different types of financial and non-financial information before reaching a
decision. These accounting techniques helps in reaching a conclusion by different stakeholder
groups. It is presentation of information in such a way that helps in cost control and profit and
value maximisation. It is helpful in avoiding conflicts and detecting mismanagement.
Financial data plays an important role in operational and strategic decision-making. This
report shows various techniques that are applied before taking working capital decisions as well
as long term investment decisions. This report also presents financial information in the form of
ratio calculation to show how financial performance is interpreted.
Task 1
1.Factor, techniques and approaches to effective decision making
Success or failure of an organisation depends on the quality of decision-making by the
management. Management uses both financial and non-financial information to arrive at any
decision. A decision is a course of action and conscious choice on the part of manager (Bryson,
2017). It is selecting a course of behaviour, out of a set of alternatives available to achieve a
desired result. Thus, decision-making can be said a part of planning function and base for
controlling function of management. Following are the various factors that have an effect over
decision-making: Organisation structure – Administrative and operational structure of an organisation
plays a huge role in deciding approach and technique taken by management for decision-
making. Management has to consider other factors as well such as availability of
adequate and accurate information, risk and impact of decision, time constraints, business
of the company, industry standing of the product and company, business environment,
etc. before taking any decision.
 Personality of decision-maker – Personal habits and social and cultural influences over
management plays deciding role in selecting a course out of available options. For
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example, intelligence and cognitive constraints of managers, their prejudices and risk
appetite, etc. influence the process of rational decision-making.
Approaches to decision-making
There are various approaches for effective decision-making. Few are below mentioned: Autocratic approach – Such approach is found where decisions are completely taken at
top level of management. This approach is suitable when there is urgency to make a
decision and involving a lot of people may prove counterproductive. This type of
decision-making is found in companies which are rigid in organisational structure and
have strict command chain.
 Democratic approach – This approach invites participation and seek consensus.
Whenever a decision is to be taken which is going to impact a lot of people or which is
having a huge risk. Different people give different ideas and then votes are invited on it.
Decision which is approved by majority is taken as final decision (Malakouti, Rezaei and
Shahijan, 2017). These additional inputs help in finding innovative ideas to reduce or
eliminate risk and encourage employee development but this approach is very time
consuming and is not fit for urgent decisions.
Techniques of decision-making
Management use various techniques such as marginal cost analysis, cost benefit analysis,
operations research, linear programming, network analysis, co-effectiveness analysis, etc. Few
techniques of decision-making are following: Marginal Cost Analysis – This technique is also known as marginal costing. In it,
additional revenues from producing one extra unit are compared with additional cost
incurred to produce it. Profit is maximum at the point of production, where marginal
revenue and cost are at same level i.e. break even point.
 Operations Research – It is defined as a scientific method to study business problems in
such a way that provides quantitative information to management for reaching a
conclusion (Odero, Ochara and Quenum, 2017). Its purpose is to provide managers with
scientific basis to solve operational issues rather than based on intuition or past
experience. For example, Inventory models to control level of inventory, linear
programming for allocation of work, sequencing theory, etc.
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2. Stakeholder management
Stakeholders are those parties or group that have stake or interest in projects and business
undertaken by company. They can be both external and internal to company. Internal
stakeholders include shareholders, employees, management, etc. while external stakeholders
include suppliers, customers, government, etc. Managing stakeholders is fostering good
relationship with various pressure groups of an organisation (Freeman, 2017). It involves the
process of identifying stakeholders, assessing their expectations and planning and implementing
various strategies to maintain quality of relationship. Good stakeholder management helps
company in reducing costs and maximising value. It also helps company in gaining goodwill,
competitive advantage and social license to operate.
Various stakeholder have variety of interests and expectations from a company. These
varied expectations often result in conflicts. For example, management seeks high profit and thus
in bid to reduce cost, may be less willing to pay good salary packages or plans to lay off staff.
This will not go well in employees. Thus, it is important for managers to develop a good
stakeholder management plan. A good plan outlines appropriate strategies to effectively engage
various stakeholders and minimise the risk of conflict. First step in a plan is to identify various
stakeholders and their interest in the concerned project. Next step is to determine their influence
on the organisational decision-making. Then, priority among stakeholders shall be identified and
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Illustration 1: Stakeholder
Management, 2019

based on priority, appropriate way to engage with them shall be identified. Final step is to
develop and implement a plan based on the consultation with various stakeholders.
3. Value of management accounting techniques
Primary objective of management is to maximise value of business. Thus, it aims to
increase profit and control cost. Cost control includes determining various ways for completing
each operation in more economical manner (Collis and Hussey, 2017). It involves setting
standards and then comparing actual results against such standards. It helps in achieving
optimum cost level which improves profitability and increases competitiveness. Company
produces a product according to standard operating methods deployed such as budgetary
controls, detailed standard costs, etc. Budgetary control is a tool of management accounting
practice wherein with the use of multiple budgets, managers perform planning and controlling
functions. Budgets plans are formulated for a given period of time in numerical terms. It serves
as a base for controlling and monitoring where in standards are compared with actual results to
ascertain deviations and implement corrective actions. It helps in maximum utilisation of
resources. Other than budgets, standard costing is another prominent tool used for cost control. It
establishes target costs to be achieved under given working conditions. These standard cost are
then compared with actual cost to measure and analyse variances. This helps in fixing
responsibility for non-standard performance and focus attention on areas which require cost
improvement. It can also help management in fixing selling price and performance based
incentives for employees.
Other than cost control, profit maximisation is the way to increase shareholders' value.
Management accountants performs various operations to identify those ways in which business
can improve its revenue (Cooper, 2017). Managers use various managerial reports, performance
metrics, revenue projections, budgets, cash forecasts, etc. to make informed decisions. These
informations also help management in taking other important strategic decisions such as new
projects, capital investments, change in marketing policy, change in revenue projections, etc. For
this, managers use various accounting techniques such as ratios, key performance indicators,
Management Information Systems, financial modelling, etc. Data-backed financial reporting and
control ensures that management is making accurate decisions to maximise future returns and
minimise uncertainty and risk.
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4. Fraud detection and ethical decision making
Intentional deception or concealment of truth to gain unfair personal advantage or
unauthorised benefits. For example, misappropriation of company's funds, supplies or assets by
an employee or a group of employees, insider trading, leaking confidential information of
company to competitors, etc.. It is risk that threatens all types and sizes of firms (Dong, Liao and
Zhang, 2018). An early detection of actual or expected fraud is called fraud detection. Fraud
detection technique can be either proactive or reactive and also, either manual or automated. To
effectively manage fraud risk, a proper corporate governance structure shall be in place. There
shall be effective policies and procedures for fraud assessment, prevention, detection and
investigation. Multiple parties play role in fraud risk management such as board of directors and
management, internal audit committee, external independent auditor, etc. Management these
days use artificial intelligence to design their fraud detection programs. Fraud Analytics is
combination of technology and human interactions for early detections of fraudulent
transactions. Techniques such as sampling, ad-hoc, continuous analysis, etc. are used for
analysis. Companies also use methods like social network analysis, social customer relationship
management, etc. for data analytics.
Ethical decision-making refers to the process of applying ethics such as justice, virtue,
common good, etc. while evaluating and choosing among various alternatives present for
decision-making. It is far more than doing the right thing (Bagozzi, Sekerka and Sguera, 2018).
It is using ethical means to achieve just end. It is taking decisions according to legal policies and
procedures. There are various approaches to ethical decision-making such as utilitarian approach,
rights approach, fairness approach, common good approach, virtue approach, etc. Utilitarian
approach tries to produce the greatest good to the maximum people. It believes in ethical end
with no regard to nature of means. Rights approach intends to treat people fairly and respect
dignity and rights of everyone. Fairness approach asks to treat everyone with equally irrespective
of their position in organisation. Approach of common good says that leaders should protect the
well-being of their team. It encourages compassion for fellow team in leaders. Virtue approach
asks leaders to take decisions on the basis of universally ethical values such as honesty, courage,
sympathy, patience, justice, fairness, etc. Ethical decisions generate and sustain trust for
company and helps company increase its goodwill.
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5. Reflection
From the above report, I understood that effective decision-making plays a significant
role in success of an organisation. Quality of decision making is must in a good manager (Tseng,
Chiu and Liang, 2018). There are various factors that influence the decisions of managers. Those
factors could be external to organisation such as industry, market and environment or internal
such as business size, products or personal beliefs of management. Managers follow different
approaches to take decisions. Some managers believe in one-manship while others follows
participative and democratic style of decision-making. No manager follow single approach all
the time and changes as per the need of situation. They use various techniques such as marginal
cost analysis, cost benefit analysis, operations research, linear programming, etc. to reach
decisions that can form the basis of financial decision-making. A business has many stakeholders
and their varied interest out of the business often results in conflicts. These conflicts arises
several issues in making informed business decisions. Managers then identify various
stakeholders and their level of interest and influence. They have to be prioritised as per the
influence they can wield on company. Accordingly managers enter into discussion with them and
then decide on final strategies.
Basic objective of management is to maximise business profit. For it, either they can
increase revenue from present sources such as by increasing sales of existing products in same
market or by creating new revenue sources such as introducing existing products in new markets
or introducing altogether new product. They use various performance metrics and forecasts to
identify sources that can help increase revenue (Jiao and et.al., 2018.). Other than increasing
revenue, company can control cost to increase profit. Managers undertake various techniques
such as multiple budgets, standard costing, etc. to assess variances in targeted costs and actual
costs. Cost control also helps in maximum utilisation of resources as well. Many-a-times, it is
seen that people intentionally deceive company for their personal benefits. Such fraudulent
practises are not only illegal but also unethical. That's why companies shall have effective
corporate governance plan to mitigate fraud risk. Ethical decision making by management helps
in eliminating such frauds and improve business sustainability.
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Task 2
1. Ratio Analysis
In this segment, it is understood that ratio analysis is performed to measure and interpret
results obtained from financial statements and it is further used to provide assistance to managers
in drawing appropriate strategies for future (Abor, 2017). Following is further explanation of
various ratios and how they are practically implemented by taking example of real company i.e.
Lookers plc.
Profitability ratios: It is that category of financial metrics that are used by managers to analyse
a business ability to engender earnings in comparison with operating costs, assets or
shareholder's equity within a specific period of time. Under this class of ratios, following
calculations are made:
 Return on capital employed = EBIT/Capital Employed (Altman and et.al., 2017)
(amount in $, in million except ratio)
Interpretation: According to computation done in above table, it is clear that, there is
decrease in return on capital employed in Lookers plc and this can be due to several reasons like
decrease in sales, increase in cost of production, possession of asset which is of no use, etc.
 Gross profit ratio = (Gross profit / Sales)*100
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Interpretation: This ratio represents the level of profitability that a company is able to
generate at point preceding consideration of indirect expenses. Lookers plc profitability has
decreased over period of time. With an in- depth study of particulars, it is visible that, though,
amount of profit has increased but with it, volume of sales has also increased, thus, it is
concluded that management need to look into direct expenses and also to in marketing strategies
in order to increase sales (Bolívar and et.al., 2018).
 Net profit ratio = (Net profit / Sales)* 100
Interpretation: Above table shows calculation of net profit ratio which represents net
profitability of organisation from point of view of shareholders. This ratio considers all direct
and indirect expenses, hence, represents a clear picture of profitability. Results shows that
profitability has decreased over period of time, despite having a increase in sales volume. This
shows that there is increase in expenses which has caused above decline in profits on company.
Efficiency ratio: Under this section of ratio analysis, variety of ratios are calculated in order to
measure efficiency of different aspects used in operations, like, assets, stock, etc. (Calabrò,
2017).
 Asset turnover ratio = Total Sales / [(Beginning assets + Ending Assets)/2]
(amount in $, in million except ratio)
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Interpretation: In this part, efficiency is measured with which assets of Lookers plc have
been utilized. Results represents that the efficiency has decreased from 2.61 to 2.57. This can be
due to reasons like low collection period, sluggish sales or holding of obsolete stock.
 Working capital turnover ratio = Total sales / Average working capital
(amount in $, in million except ratio)
Interpretation: Above computations in respect of working capital turnover ratio, shows
that Lookers plc is performing pretty well as it earning almost 118 times of invested working
capital. This represents optimum utilisation of working capital.
Liquidity ratios: It is another aspect of measuring financial efficiency of company by
determining company's ability to pay its current debts without raising money from external
sources. This is done through calculation of current ratio and liquid ratio (Chittenden and
Derregia, 2015).
 Current ratio = Current Assets / Current Liabilities
Interpretation: Current ratio represents availability of current funds as to pay off current
liabilities. Ideal number of current ratio is 2:1 and in given case, it is 1.03 and 1.06 in 2017 &
2018 respectively. It has increased but still has not matched the ideal situation. Though the result
represents a safe situation as company has more than equal funds to meet current liabilities.
 Quick ratio = Quick Assets / Current Liabilities
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Interpretation: Above ratio represents capability of paying off current liabilities from
strict liquid assets i.e. cash and cash equivalents. Above results are not showing off a very
favourable situation as ideal scenario for liquid ratio is 1:1.
2.Ratio analysis as assistance tool for management
 This technique helps in confirming feasibility of financing, operating and investment
decisions of firm. They conduct analysis upon results of financial statements and further
summarize them into comparative figures which assist management to evaluate financial
position of company and also its results.
 This technique simplifies the understanding of complex financial statements and also
produce some useful information which is crucial in decision making (Dicle and Meyer,
2018).
 With this tool, management identifies areas that have problem and this helps them to take
corrective measures. Ratio analysis help in pinpointing problems and also bring them to
notice for management.
 Ratio analysis allows company to perform comparison of their performance with other
peer companies in industry. This is done to understand fiscal position of economy in a
better way.
3.Evaluation of investment appraisal techniques
There are several investment techniques which are part of capital budgeting process.
These tools helps management of an organisation to take decisions regarding selection or
adoption of a new project or proposal. This is done by calculating expected returns or period in
which initial investment will be recovered (Easton and et.al., 2018). Following is a comparison
chart of three different techniques:
Basis Pay – Back period Net present value Internal rate of return
Meaning This is a non This is a discounted In this method, a
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discounted method for
calculating feasibility
of a project. In this
method, recovery time
period is calculated.
According to this
method, the project
having least pay back
period is considered to
be best project. Pay –
back period represents
time period in which
initial investment will
be recovered.
method. This basically
calculates the amount
of profitability that
will be generated from
the proposed project.
As the name suggests,
this calculates the
value of project by
deducting initial
investment from total
inflows from project.
If the value is negative
than , the proposal is
not at all feasible, on
the contrary, if it is
positive, project is
profitable. Higher the
NPV, higher the
profitability of project.
discount rate is
computed which
represents an annual
approximate return
rate of that project.
This rate is calculated
using the same concept
as NPV, except the
fact that this method
equalizes NPV to zero.
Advantages Pay back period is
very easy to calculate.
It does not include any
tough calculations and
also represents the
time period in which
the initial investment
will be recovered
(Echimova and
Yurasov, 2018).
This method is very
useful for managers to
evaluate a proposed
project as it considers
time value of money.
This consideration is
very important as it
assist in producing a
clear picture of
profitability of project
by considering each
and every cash flow
One of the very
significant importance
of this project is that it
considers time value of
money. Another
benefit in using this
method is that it does
not require any
required rate of return
for producing final
results (needed in NPV
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from project and also
their time value.
method).
Limitations Though, this method is
easy to perform but it
also has various
negative points. It does
not considers time
value of money which
results in vague
profitability index. It is
also not considering
inflows after pay back
period which can be
higher than those
project which have
higher pay back
period.
This method has
biggest problem in
face of calculation of a
required rate or cost of
capital of that project.
This calculation is a
very tedious task. This
project is also not
applicable in
comparison of project
which have different
time periods.
In this technique,
economies of scale are
totally ignored and
also have a impractical
assumption of
reinvestment rate is
IRR itself.
4. Importance of techniques in financial decision making
There are several techniques those are used by management of an organisation to
improve their financial decision making process. For instance, cash flow statement and break
even analysis.
Cash flow statement: This is a detailed statement showing inflow and outflow of only
cash and its equivalents from organisation. This can be considered as true representation of
liquidity position of company. This technique helps in following matters:
 With help of this tool, possible deficits of cash in future can be anticipated and based on
this forecasting a suitable financing decision can be formulated.
 This can be established as a strong foundation for requesting credit. For instance,
introduction of a project or management strategy (Lan,Yang and Tseng, 2019).
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 This clearly shows the positive balance that may exceed than what is actually needed.
Therefore, this excess balance can be invested in capital market to generate additional
source of income.
Break even analysis: This is basically the tool of understanding relationship between
price, volume and costs of a product. This technique helps in improving financial decision in
following ways:
 Classification of costs into different categories as per their nature helps management to
determine which area has more expenditure and this further help them in taking
corrective measures.
 Break even analysis helps in understanding the point to which they compulsory need to
sale so that profits can be earned (Miao, Teoh and Zhu 2016).
5.Financial decision support long-term sustainability
Financial decision refers to all those decisions of an organisation which involves money
factor. This may be related to any acquisition of a new asset, merger and acquisition, etc.
Furthermore, long term sustainability refers to long term survival of business. Consolidating
above two terms, it means that in what ways financial decision supports long term survival of a
business. Arguments in favour of above statement are given below:
 Financial decision are generally related with long term assets of firm. Usually, these
assets assist in production process. Ultimate revenue is generated by selling goods that
are produced. Therefore, it can be said that ultimate sales are somehow depending on
financial decisions. In addition to this, these decisions also affect future possibilities of
company.
 Large amount of funds involved: Decisions of acquisition or disposal of fixed asset is
included in scope of capital budgeting which is a part of financial decision making
process. Thus, it is necessary to take good decision as it involves a huge amount and
failure of this decision can also result in serious threat to survival of business.
6. Recommendations to improve financial sustainability
Financial sustainability basically refers to financial stability or ability to start, grow and
maintain a business with long term financial stability. Management accountants can play a
crucial role in improving this sustainability in following ways:
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 They can determine external factors that will put a impact on company's capability to
create value with time.
 They should link business challenges with company's strategy. Model, performance and
scale of operations in order to formulate a perfect finance plan for future.
 They should explain impact of any sustainability issue to other management branches in
perfect financial terms in order to make them understand seriousness of issue.
 They can integrate sustainability matters and issues with decision making process with
the help of management accounting tools and techniques such as life cycle costing,
carbon foot printing, etc.
 They should present reports relating to data of sustainability impact to inform budgeting
and pricing decisions, investment appraisals decisions and also assist in strategic planning
(Palepu and et.al., 2020).
 They can develop a reporting method that will integrate issues relating to sustainability so
that disclosure of financial and non financial information is ensured. For instance,
International integrated reporting framework formulated by International integrated
reporting council.
Conclusion
Informed financial decision making process is a vital tool in sustainable growth of
business. Various management accounting tools and techniques helps in maximising profits and
also in long term sustainable growth. In the above report, an evaluation concerning value of
management accounting techniques, study of various stakeholders groups and their objectives,
assistance that these techniques provide in cost optimisation are done. In second part a detail
study of ratio analysis along with its practical implication is made. Components of financial
decision making is also studied and in last a recommendation report is presented which gives
suggestions to improve financial sustainability. This report gives a overall view of principles of
financial management and various techniques that will help in improving long term financial
sustainability.
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