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FINANCIAL MANAGEMENT
In the past, financial management was not a major concern for a business. A company used to establish relations with a local bank. The bank handled the financing and the company took care of producing and selling.
Today only a few firms operate in this way. Usually business has their own financial manager who works with the bank. They negotiate terms of financial transactions, compare rates among competing financial institutions. Financial management begins with the creation of a financial plan. The plan includes timing and amount of funds and the inflow and outflow of money.
The financial manager develops and controls the financial plan. He also forecasts the economic conditions, the company's revenues, expenses and profits. The financial manager’s job starts and ends with the company's objectives. He reviews them and etermines the funding they require. The financial manager compares the expenses involved to the expected revenues. It helps him to predict cash flow. The available cash consists of beginning cash plus customer payments and funds from financing.
The financial management plans a strategy to make the ending cash positive. If cash outflow exceeds cash inflow the company will run out of cash. The solution is to reduce outflows. The financial manager can trim expenses or ask the customers to pay faster.
The financial manager also chooses financing techniques. One of them is short term financing. Another is long term financing.
At the end of the fiscal year the financial manager reviews the company's financial status and plans the next year's financial strategy.
Words and Expressions
major - главный, основной
concern - забота, беспокойство
used to - имел обыкновение, обычно делал что-либо
to take care - заботиться, беспокоиться
to negotiate - вести переговоры, обговаривать
term-срок
terms - условия (договора)
to create - создавать
timing -согласование действий, операций
amount - объем, количество
to flow - течь
inflow – приток
outflow - выход
to develop - развивать
to forecast - прогнозировать
revenue - доход, доходные статьи
expenses - расходы
objective - цель
to determine - определять, устанавливать
to compare - сравнивать
to involve - привлекать, втягивать
to expect - ожидать
to predict предугадывать, предвидеть
available -имеющийся в наличии, доступный
to run out of - лишиться, истощить запас
solution - решение проблемы
to trim - здесь: уменьшать, ограничивать
fiscal year - финансовый год
to match - приводить в соответствие
Answer the questions:
Was financial management always a major problem for business?
What did a bank do in the past to help a company operate?
What did the company take care of?
Are there many companies today that leave it to the bank to take decisions on the financial problems?
Who of the company's personnel usually works with the bank?
What does financial management start and end with?
What does financial plan include?
What is the available cash?
What happens to the company if the outflow of funds exceeds the inflow?
What measures does the financial manager take to reduce the outflow?
What are the major financing techniques?
What is the financial manager's major concern at the end of the fiscal year?
Следующие пять функций являются основными в работе любого менеджера:
Planning
Organizing
Staffing
Directing
Controlling
В чем, по Вашему мнению, заключаются эти функции. Какие качества в первую очередь необходимы менеджеру.
General education
Punctuality
Flexibility
Foreign languages
Communication skills
Ability to make decisions
Motivation to work
Fantasy
Resistance to stress
Источник: Яшина Е.А. УМК "АНГЛИЙСКИЙ ЯЗЫК" для студентов заочного факультета специальностей: "Финансы и кредит", "Бухгалтерский учет, анализ и аудит", "Экономика и управление на предприятии"
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