Financial performance of ABC Ltd

Financial performance of ABC Ltd Introduction Accounting is concerned with collecting, analyzing, and communicate accounting information. The accounting information is helpful to those people who make plans about business and in making important decisions related to the business The aim of this paper is to evaluate the financial position of the company and the importance of credit manager to achieve credit sales targeted and importance of actual figures when estimating the budget. This paper consists of two main sections. In the first part, evaluation of the financial position of ABC Ltd uses gross profit margin and net profit margin. The second part concentrates on things need to consider when preparing the budget in order to prevent from biased budget. Part A A) Evaluate the financial performance of ABC Ltd. Over the four year period. Financial ratio examines the financial health of the business. It helps to identify the financial strengths and weakness of the business. By calculating the ratio, it is possible to provide a good picture of the financial position and performance of a business. Financial ration can be represented in numerous ways. For example, as percentage, as fraction and as proportion. Financial ratio can be classified into profitability, efficiency, liquidity, gearing and investment. ABC Ltd company’s financial performance is evaluated by using profitability ration of gross profit margin and net profit margin. Gross profit is the difference between the sales and cost of sales. And the ratio is a measure of profitability in buying ad selling goods and service before any other expenses are taken into account. For example: Gross Profit Margin = Gross Profit x100 Sales = 119800/296700 x 100 = 40% Gross profit for the year one is 40%. The most appropriate measure of operational performance for comparison purposes is the Net profit margin ratio. The factors which influence the net profit margin of a business are the degree of competition, type of customer, economic climate and industry characteristics. For example: Net Profit Margin = Net profit before interest and taxation x 100 Sales = 22500/296700 x 100 = 8% Net Profit Margin for the Year one is 8% Gross profit margin of ABC Ltd company has fallen down from 40% to 33%. And again increased to 38% and fall down to 36%. The decrease of the gross profit margin of ABC Ltd was a result of high production cost of the company. The raw material used to produce goods and services has increased. As a result the company is experiencing less gross profit margins. Nonetheless, the Net profit margin of ABC Ltd has been maintained for the last two years, Year 3 and Year 4. Whereas in Year 1 company had a high net profit margin and it gradually decreased and company experience loss of (2) % of Net profit margin. This may be because the company’s Gross profit margin decreased from 40 to 33 and affected the company’s net profit margin. Moreover, it may be the reason that, the company has high expense such as high selling and distribution expense, Administration and other general expenses. After experiencing a loss in Year 2, company gain 7% of net profit margin in Year 3 and year 4 also. This shows company has minimized their expenses and cost of sales and increase their revenue by generating more sales. Below show graphical demonstration of ABC Ltd financial performance. According to the above table, all the accounts except the financial expense of ABC Ltd, all others have increased. Total sales increased. Meaning that number of goods and services sold by ABC Ltd have increased and generated a huge amount of revenue. However, the cost of sales also has increased. But compared to sales achieved, cost of sales is less than the sales generated. Meaning that the money generated by sales by the company was spent to make the sales, such as raw material, Equipements, machineries cost. Therefore the company gross profit has increased. The expenses spent to generate the revenue are selling and distribution expenses, administration and other general expenses and financial expenses. All expenses have increased except financial expenses. This may be due to each years increase in sales of the company. As demand for the goods and service increases, more number of good and services are produced. And to deliver the products to customers, costs incurred will be high such as delivery cost, transportation cost and other administrative cost related to the delivery of goods and services. Financing expenses have decreased such as rent paid, electricity, fixtures and fitting etc. As a result Net profit of ABC Ltd increased by $10,845. Part B A) Why credit manager is to blame for poor credit collection There are certain causes why credit manager is to blame for the deterioration in the credit collection period which are beyond the credit manager. Downturn in the economy When the budget was formulated, during that time economy may have been in a very good condition like in a boom. Businesses earn profits and their ability to pay the suppliers would be strong. And based on credit worthiness, ABC company Ltd has released goods on credit facility during that time. After two months of time, the economy turned into recession. During recession, companies reluctant to spend money and have difficulties in paying to debtors, lenders and suppliers. Henceforth customers, who have bought goods from ABC Ltd under the credit facility, would not able to pay as agreed terms and conditions. Liberalize credit policy The next reason which credit manager cannot be blamed, is a formulation of credit policy terms and conditions and implementation of the policy. When developing a credit policy there are certain conditions which should take into account. For example, buyer’s strength in the market, available net profit margin, size and type of buyers, buyer’s creditworthiness and many more. Any credit policy should include the range of payment, terms, prepayment terms, installments, penalty interest, conditions of sales, methods of assessing customer, explaining credit rating and risk codes, legal actions, follow up methods, staff responsibility and authority, relationship with another and arbitration process. If these clauses are incorporated into the policy, and customers are aware before getting into any sales and customer agreed by signing the terms, then the customer will be binding to it. As a result the credit manager would able to claim for the payment accordingly to the agreement, if a customer is disobeying the agreed terms and conditions. Therefore, it is a responsibility of policy makers of the company and senior management to come up with a strong policy and implementing it. And this could be done in coordination with a credit manager. Another reason could be that, even if the company has a strong policy, without acting upon it, we cannot achieve what we want. For example, if the sales persons or sales manager, or senior management, issue goods without checking the credit worthiness of customer with their friends or close customers and they make own payment paying term their way without consent of credit manager. Increased competition among suppliers The business environment is very volatile. Competition among business increases steadily. Being proactive would be the best solution for the success of the company. During the tough competition, it is essential to revise the credit policy terms as accordingly to customer needs and affordability. Otherwise competitors would be offering more attractive conditions and they are likely to get all customers resulting gain the market share in the business sector. And ABC Ltd would not able to get enough customers to achieve the credit targets allocated in the budget. Quality of goods and services If the quality of the products offered by ABC Ltd is very low, then the customer will refuse to buy the products. Even if they buy the product if the quality is below their expected level, then the payment will be held for some time. And it’s a responsibility of the production department to produce the goods with good quality according to customer needs. The goods Delaying in delivering If the company is unable to deliver the goods at the agreed time, then the customer would not able to depend on the company. In other words, failure to deliver the promises will lead to loss of customer and low dependability. Therefore, it is important for production department to provide raw materials and other necessary material to produce goods and it’s their responsibility to deliver the goods to customers on time. If the company fails to provide this, then the customers would prefer other competitors and faces low market share and generate low profit. Relationship with sales and credit department The relationship between sales staffs (or sales manager) and credit manager is very important. The credit manager responsibility is that to provide further guidance to achieve sales to the sales staffs. Why manager might submit a budget estimate that is biased. And ways to Company guard against it. According to the CIMA definition of budget, it is a plan quantified in monetary terms, prepared and approved prior to a defined period of time, usually showing planned income to be generated and/or expenditure to be incurred during that period and the capital to be employed to attain a given objective. There are types of budget, managers use when preparing the budget. One of the methods is incremental budget. The budget is prepared using the previous year budget as a basis with incremental amount is added to the new budget. Resources are allocated based on previous years resource allocations. The main advantage of this type of budget is that it is easy to understand and implement and also save time. This could be one of the reasons why budget estimates are based. The main reason is that incremental budget does not take environment changing factor into considerations. Due to changing is economy, budget need to be revised basically periodically and necessary amendments need to be done. Another problem is that, incremental budget does not have incentives to innovative ideas and to reduce cost. Another type of budget could be fixed budget. In fixed budgets, figures are fixed at the beginning of budgetary period. Any change in circumstance, these cannot be changed. For example, due to high inflation, raw material costs (others as well, such as machinery cost, about cost, rent, electricity) increase more that which is estimated in the budget. In fixed budget this cannot be changed. Therefore, actual expenditure exceeds than the estimated value in the budget. A good way to mitigate the budget that is based is that having shorter review periods. For example, if estimated budget is for one year. Then managers can review the budget after three month period or on quarter basis. The second way to guard the company from base budget is that to approach zero based budgeting. Budget starts from zero and items included in the budget should be justifiable to the budget holder. All expenses allocated for the whole project, should justify each activity separately and develop a questioning attitude. This helps to minimize the over spendinging and inefficient. Therefore company cannot spend more that what it is estimated and from the estimated expenditure, expected profits will be generated. Conclusion From above discussion, we can conclude that, increase in company gross profit would have a direct impact on net profit. Generating more sales will increase the gross profits and by minimizing the company expenses, the companies net profit would increase. And the profitability can be compared against the previous years by using ratios and trend analysis. Secondly, businesses normally prepare the budgets annually and quarterly. Regular evaluation of budgets prevents from overspending and adjust the budgets, according to changing the environment. And also in order to achieve high credit facility a budgeted, not only the credit manager should work on it. Other department staffs like sales and senior management should play an important role in doing so. References Atrill, McLaney, Harvey Jenner 2012, Accounting an introduction, 5th edn, Pearson Australia. FICM, GB 1986, Â © 2004 FECMA , viewed 1 December 2014, http://www.fecma.eu/Documents/FECMA%20Credit%20Policy%20chapt%20%201.pdf>. McLaney, E Atrill, P 2010, Accounting An Introduction, 5th edn, Pearson Education Limited. Riley, Jim 2012, Tutor2u Limited, viewed 1 December 2014, http://www.tutor2u.net/business/accounts/incremental-budgeting.htm>. Schaeffer, MS 2012, Essentials of Credit, Collections, and Accounts Receivable, John Wiley Sons, Inc., Hoboken, New Jersey, USA. Page 1 of 14

Communication channels Essay

1. Introduction Report subject is Formal and informal channels of communication in organizations. Communication is an important part of management in any organization. An organization is created by people working together. Communication becomes a necessary condition to ensure specific individual coordinated action. â€Å"It follows that all organizations must have effective formal methods, mechanisms and processes of communication, and suitable and effective means of making sure that what they wish to say is transmitted effectively† (R.Pettinger, 2006). The aim of this report is to compare and explain significance of formal and informal channels of communication in organizations. The methods used are analysis, diagrams that describe forms and types of communication and reflection. 2. Essentials of communication Communication is an exchange of information between two or more people, providing mutual understanding. Management specialist J.P.Louis believes that the person who speaks is responsible for successful communication. Communication happens when an idea that has arisen in human mind reaches another person’s consciousness in a way that ensures the understanding and use of it. Communication occurs when feedback is formed. If a person has not reached an understanding with a person whom he seeks to contact or pass on the information, it can be assumed that communication has not happened. 3. Forms of communication 3.1. Verbal communication Verbal or oral communication is a way of communication, which provides exchange of verbal communication expressions (face to face conversations, telephone conversations, group discussions). Research and experience shows that, despite the technological progress, people in organizations widely use direct verbal communication. It provides immediate feedback between sender and receiver; it is very simple and requires no previous long-term preparation. Disadvantage of this communication is that it requires immediate perception. Verbal communication can be used, if the sent information: is addressed to several people; is short in volume; is relatively simple in its content. Information receiver hears only one part of the conversation, translates it, then adds own assessment and avoids what the person does not want to hear. It may be something that does not fit in the system of knowledge, or something that is too disturbing to accommodate. Somehow the message gets affected and the information recipient replies and comments. 3.2. Non-verbal communication Written communication is a form of communication, which provides exchange of information in written expression. For example, orders, notices, articles and letters. The benefits as checking particulate details before sending the information are considered and are very important for major decisions. Written information is often a rule (annual reports, conclusion on the financial situation) which can not be provided by verbal communication. Written communication is recommended in cases where the sent information is: intensive in amount; relatively complex in its content. Written communication is a way of communication, which provides exchange of fixed information in a written form. This information’s medium is documents. Comparative table of the communication types is shown in Appendix 1: 4. Communication types 4.1. Formal communication Communication in the organization can be formal (official) and informal (unofficial). Formal communications are mostly written, although they may now also include formal presentations, newsletters, legal advisories, invitations, awards. Non-written formal communication devices are in-person communications in the forms of departmental meetings, telephone calls, conferences and special interviews. Formal communication depends on the organizational structure, thus it may be vertical and horizontal. The purposes of formal communication are to command, to instruct, and to finalize matters through the application of regulations. Essential for managers is to think about the communication function in two directions. At first, it increases respect for a manager. Secondly, with a two way communication the manager is able to check staff understanding and also motivation and concerns. If it does not happen, then manager has to stay in uncertainty of what co-workers think and feel. After that it is difficult to direct and influence the results. Vertical communication means channelling the flow of information up and down (between the different levels of managers and subordinates) in accordance with the established organizational structure. There is a vertical communication, which is moving down, and one that is moving up. See Appendix 2. Downward communication directs information from a manager to subordinates. Analyzed communication can be divided into five categories: †¢ Instructions and guidance. They are required to initiate action, to inform employees about their tasks and to determine the execution time; †¢ The information is intended to increase individually or in departments to understand other organizational tasks; †¢ Information about the organization’s strategy, action and practice events. It is important to form other ideas and activities and get some coherence of organizational practices; †¢ Information about the execution, which is used to inform subordinates on how well they are operating; †¢ Information about the organization’s objectives to increase the understanding of the subordinate organization’s purpose and character. Upward communication provides feedback channelling through which the sender returns to certain information. Such upward information can be divided into three categories: †¢ Information about employees, their activities and problems; †¢ Information about other group members, their activities and problems; †¢ Information on what needs to be done and how to do it. Upward flow of information is understood as information for the highest levels to ensure control. The second formal (official) way of communication is horizontal communication. Its mission is to increase the coordination of the activities. Horizontal communication is the advancement of information flow aside, allowing the individual units to collaborate without the need to follow up and down the existing communications. Horizontal communication is possible between middle-level managers, as well as – between lower-level managers and staff. Therefore the individual units would be able to work together. In contrast, vertical communication exists between the different levels of managers and their subordinates according to established organizational structure. Horizontal communication has the meaning of information flow guiding one level within the structure. 4.2. Informal communication Informal communication in the organization satisfies a variety of social and emotional needs and is not based on the positions within the organization. The purposes of informal communication are to educate through information sharing, to motivate through personal contacts, and to resolve conflicts through participation and friendship. It seeks to involve workers in organizational matters as a means of maintaining their enthusiasm, loyalty, and commitment. As a result, the communication is not managed or planned in any organized fashion. It is more relaxed and casual. Informal communication is seen on a person-to-person basis, in a face-to-face manner. Other ways to communicate in an informal manner may include texting, post-it notes, an informal visit to another person, or a quick and spontaneous meeting. One of the informal communication channel type is called â€Å"grapevine†. The use of the organizational grapevine as an informal communication channel often results when employees feel threatened, vulnerable, or when the organization is experiencing change and when communication from management is restricted and not forthcoming. Informal communication also may take a non-verbal form as facial expressions, sign language, and manner of dress. When used with thought and planning, however, there are several advantages of grapevine communication. It can: spread information quickly throughout an organization serve a social purpose reduce stress and anxiety can be used to identify problems or lack of satisfaction in the organization Informal communication is used to help people feel more relaxed. This can be seen in an interview situation where an interviewer makes a little small talk to help get clients to relax, feel welcome and open up verbally. The use of informal language is far more prevalent in society than the use of formal language. Advantages and disadvantages of formal/informal communication are displayed in Appendix 3. 5. Examples of effective formal communication channels Formal presentations – this could be an update of the organization’s performance in the previous period of time. An evidence for this is an annual staff meeting in hotel â€Å"Cumberland†. On a set day all the staff were gathered in a meeting room with everyone present from all levels, both managers and workers. In the meeting high level managers from departments were effectively presenting materials about last the organization’s last year’s performance, achieved goals, needs for improvement and future plans using graphs, diagrams and presentation software. Newsletters – these are newspapers, magazines, online resources which provide the information about the organization’s current standings, performance and products being developed. This can be seen in many electronic manufacturing companies, for example, â€Å"Apple†, â€Å"Sony†, â€Å"LG†, and â€Å"Samsung†. â€Å"Sony† has designed a newsletter for staff that keeps information up to date and involves staff in company’s function. Awards – wealthy organizations award best workers in  each department every year, some of them organize banquets for award events in luxury banqueting halls. Recently the organization – â€Å"FIFA† organized notable banqueting event in Grosvenor square â€Å"Marriott† banqueting hall. Awards are meant to motivate workers to work harder and increase their performance. 6. Examples of effective informal communication channels Texting is very common and quick method of informal communication between staff and management. It is quick and easy way to assign the next order of work or any changes and updates. Evidence for this is â€Å"All purpose cleaning† organization’s manager who communicates with co-workers in friendly and relaxed manner sending messages about work projects or even feedback from customers. Quick and spontaneous meetings are frequent in public sector where good customer service is essential. The company â€Å"Sainsbury’s† regularly gather staff to discuss important daily matters to increase productivity and improve customer satisfaction. After work activities are very necessary to get to know each other better, share experience, thoughts and new ideas in personal and work relevant matter. Example for this is â€Å"St. Pancras Renaissance Hotel† where everyone after work joined an all staff barbecue in their casual look in a free and unrestricted environment which was fun and memorable experience. 7. Conclusion Management functions can not be realized without communication. Correct choice of communication approach is an important condition for the organization’s productivity. Access to human resource communication is the most effective approach to the organization to enhance productivity. Employee concerns are not only heard but also are used to improve the organization’s activities. The main point for effective communication creation is a two-way communication and the development of various communication channels. It is recommended to use both formal and informal communication styles. People who have learned and know how to use their knowledge in the art of communication achieve better results. In other words, those are people who can communicate with anyone in a way to attract attention to their personality and ideas. An effective organization consists of employees who are able to interact and follow a talented leader, so they need to communicate with each other to succeed in their performance. 8. Recommendations Effective communication is essential throughout the economy, government and military organizations, business, customer service or family, wherever people come into mutual contact. Communication between people form opinions of each another. Over time, the gained and practiced types and quality of communication determine productivity of communication and the basis for successful cooperation. â€Å"Communication is at its most effective when it is delivered face to face, allowing for discussions and questions† (R.Pettinger, 2006). There are several options for improving the efficiency of communication which are divided into: †¢ the improvement of information transmission and reception period; †¢ provision of repeating information and returning it to the sender; †¢ improving the organizational structure. One of the ways to improve the transmission and reception is to avoid extensive, imaginative descriptions. It is important to formulate information laconically and specifically, so that words do not loose their importance. It should be noted that the repetition and returning information to the sender is an effective way of improving communication. Information returning to the sender improves both the sender and the recipient’s communication skills. One of the key ways to improve communication is related to the organizational structure. It is important to ensure a clear flow of information, as well as the correct allocation of duties and responsibilities. It is stated that it is desirable to have minimal communication channel length to minimize the probability of distortion. References 1. Pettinger, R. (2006). Introduction to Management 4th edition. Basingstoke: MacMillan. 2. Buchanan, D & Huczynski, A. (2007). Organisational Behaviour. An Introductory text. 6th edition. Harlow: Pearson. 3. Boddy, D. (2008). Management an Introduction. 4th edition. Harlow: Prentice Hall. 4. Forauds  I. VadÄ «tÄ js un vadÄ «Ã… ¡ana. (2002). – R: Kamene. 5. PavloviÄ a A., Praude V.(2003). MenedÃ… ¾ments. R: Latvijas UzņēmÄ“jdarbÄ «bas un menedÃ… ¾menta akadÄ“mija: RÄ «gas Komercskolas TÄ lmÄ cÄ «bas nodaÄ ¼a. 6. Ruskule S., Ivans U. (2004 ).VadÄ «Ã… ¡ana. Jelgava: LLU EF. Appendix 1 Communication between people Communication forms Advantages Disadvantages Verbal Promotes exchange of information Is not always precise and carefully thought out. Simple in use. It is not possible to use regular entries. Non-verbal Tends to be more precise and carefully thought out. Does not contribute to the exchange of information. Is used in regular records of performance. Difficult and sometimes time-consuming. Appendix 2 Communication types in organizations Appendix 3

Problem Statement Youth Unemployment, Livelihood...

Introduction: problem statement – Youth Unemployment, Livelihood insecurity and Social Protection in Ghana In the past 20 years Ghana has experienced a considerably rapid economic growth of Ghana, majority of the people in the Northern region are still suffering from severe poverty. (World Bank). In spite of the economic growth in Ghana, 68.8% of the Northern region is still poor. The Northern Region of Ghana (Upper West, Upper East and the Northern region) has lost over 500,000 of its population to the south due to Migration. Migration often occurs as a result of poverty, lack of infrastructure, the need to search for better opportunities etc. Migration is also a response â€Å"is in response to imbalances in development existing between origin and destination areas.† The imbalances of resource in Ghana has resulted in an economic and development gap between the northern region and the Southern region (regions with natural resources) The roots of preferential treatment can be traced into the colonial times, when the natural resources of geographical location determined the level of attention it got. The south rich in natural resources like minerals, cocoa, coffee and timber products gave room for construction of transportation along its coast to aid the transportation and the export of these products. Investments were channeled to the geographically areas that have abundant resources while the north was left behind due to the scarcity or lack of natural resources. 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Theme of Christianity in Rime of the Ancient Mariner Essay

A significant theme in Samuel Coleridges Rime of the Ancient Mariner, is Christianity, which is portrayed through the Mariner’s epic journey. This text is set between the physical world and the metaphysical (spiritual world), similar to religious teachings found in the Bible. With the use of vivid descriptions and strong language in this ballad, moral lessons appear that connect both man and God in order to discover an innate bond and understanding. Though this tale is overwhelmingly bizarre and dark, the moral lessons taught are in line with central aspects of both the romantic period and the Christian religion. In Coleridges ballad, Rime of the Ancient Mariner, many Christian ideals are represented throughout the treacherous†¦show more content†¦In a religious context, the act of sin separates one’s self from god. Similarly, the Mariner’s separation from the metaphysical world provides a conceptual explanation for the trials set before him. 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