财务策划步骤和办法.pptx

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Financial Planning and ForecastingFinancial plans evaluate the economics behind the strategy and operations. They consist of six steps:Projected financial statements: to analyze the effects of the operating plan on projected profits and financial ratios.Determine the funds needed to support the plan.Forecast funds availability.Establish and maintain a system of controls to govern the allocation and use of funds within the firm.Develop procedures for adjusting the basic plan if the economic forecasts upon which the plan was based do not materializeEstablish a performance-based management compensation system.Financial PlansSales forecasts are usually based on the analysis of historic data.An accurate sale forecast is critical to the firm’s profitability:Sales ForecastUnder-optimistic Company will fail to meet demandMarket share will be lostOver-optimistic Too much inventoryand/or fixed assetsLow turnover ratioHigh cost of depreciation and storageWrite-offs of obsolete inventoryLow profitLow rate of return on equityLow free cash flowDepressed stock priceSales ForecastThis is the most common method, which begins with the sales forecast expressed as an annual growth rate in dollar sale revenue.Many items on the balance sheet and income statement are assumed to change proportionally with sales.The Percent of Sales MethodAll assets are spontaneous. On the liability and equity side, Accounts Payable and Accruals are the only spontaneous funds.During the next year, sales increase by 15% resulting in a 15% increase in Total Assets (4,374). Hence, the asset side on next year’s balance sheet must go up by 15%. Also, the spontaneous funds on the liability side must also increase by 15%.*Denotes spontaneous, which means increase spontaneously with sales.The Percent of Sales Method: An ExampleThe spontaneous items on the liabilities side of the projected balance sheet must also increase by 15%.Example (cont’d):Example (cont’d):Retained earnings will also increase but not at

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