Need for Financial Planning Homework Help
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A company’s success is determined by its efficiency in achieving the goals set for the company and the above stated task is accomplished with the help of financial planning. Financial planning determines if the company would be able to afford meeting the parameter set for it and fulfill its’ objectives. As soon as the objectives and vision for the company are set financial planning has to be prepared which should include the description about the activities, resources, equipments and materials needed to achieve those objectives in the time frame allotted. For better depth in the concept of financial planning refer Need for Financial Planning Homework Help.
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Activities and role of financial planning
The various activities and need for financial planning explained in Need for Financial Planning Homework Help are given below
• Object fulfilment-Financial planning needs to perform a range of tasks for completion of the goals given to the company. Mainly it comprises of assessing the business environment and confirming the business vision and objective. It also identifies the types of resources like labour, equipments and materials etc etera required to fulfill the objectives. For better understanding about roles performed by financial planning kindly refer Need for Financial Planning Homework Help.
• Resourcing- The quantity of resources is determined by financial planning as well which ultimately helps in estimating the budget and capital required for accomplishing the objective and hence with proper funding better efficiency can be achieved.It also helps in identifying the risks and issues associated with the budget set. Every financial goal has unique requirement of resources and hence those have to be chosen tactfully such that they meet the objectives of the company.
• Management- As the all round success of the company completely depends on how efficiently it functions with the limited budget assigned therefore it is very critical to perform financial planning for any organisation. Financial planning provides business planning by confirming the achievability of the objectives from financial point of view and also helps the executives to set the target financially and give bonuses to the staff when the target is met within the budget set.
• Drafting the plan-Role of financial planning mainly is categorized into three divisions such as objectives of financial management, Strategic role of financial management, planning cycle. The company should always set a planning horizon while drafting a financial plan that is setting the time within which the plan has to be implemented i.e. whether it would be on a short-term or long-term basis.The company should also look after aggregation of the individual and proposals of each operational unit by totaling them and den treating them as one massive project. For further apprehension on financial planning look up to Need for Financial Planning Homework Help.
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