working capital and strategic debtor management

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working capital and strategic debtor management

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Working Capital and Strategic Debtor Management Robert Alan Hill Download free books at Robert Alan Hill Working Capital and Strategic Debtor Management Download free eBooks at bookboon.com Working Capital and Strategic Debtor Management 1st edition © 2013 Robert Alan Hill & bookboon.com ISBN 978-87-403-0335-3 Download free eBooks at bookboon.com Working Capital and Strategic Debtor Management Contents Contents Précis – Working Capital Management And Strategic Debtor Investment Part One: An Introduction An Overview 10 1.1 Introduction 10 1.2 Objectives of the Text 10 1.3 Outline of the Text 11 1.4 Summary and Conclusions 14 1.5 Selected References 14 Part Two: Working Capital Management 16 he Objectives and Structure of Working Capital Management 17 2.1 Introduction 17 2.2 he Objectives of Working Capital Management 19 2.3 he Structure of Working Capital 20 Potential for exploration ENGINEERS, UNIVERSITY GRADUATES & SALES PROFESSIONALS Junior and experienced F/M Total will hire 10,000 people in 2013 Why not you? 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Potential for development Download free eBooks at bookboon.com Click on the ad to read more Copyright : Total/Corbis www.careers.total.com Working Capital and Strategic Debtor Management Contents 2.4 Summary and Conclusions 23 2.5 Selected References 24 he Accounting Concept of Working Capital: A Critique 25 3.1 Introduction 25 3.2 he Accounting Notion of Solvency 26 3.3 Liquidity and Accounting Proitability 28 3.4 Financial Interpretation: An Overview 29 3.5 Liquidity and Turnover 32 3.6 Summary and Conclusions 37 he Working Capital Cycle and Operating Eiciency 39 4.1 Introduction 39 4.2 he Working Capital Cycle 39 4.3 Operating Eiciency 41 4.4 Summary and Conclusions 46 Real World Considerations and the Credit Related Funds System 47 5.1 Introduction 47 5.2 Real World Considerations 48 www.sylvania.com We not reinvent the wheel we reinvent light Fascinating lighting offers an ininite spectrum of possibilities: Innovative technologies and new markets provide both opportunities and 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Conclusions 74 7.6 Selected References 75 CHALLENGING PERSPECTIVES Internship opportunities EADS unites a leading aircraft manufacturer, the world’s largest helicopter supplier, a global leader in space programmes and a worldwide leader in global security solutions and systems to form Europe’s largest defence and aerospace group More than 140,000 people work at Airbus, Astrium, Cassidian and Eurocopter, in 90 locations globally, to deliver some of the industry’s most exciting projects An EADS internship offers the chance to use your theoretical knowledge and apply it first-hand to real situations and assignments during your studies Given a high level of responsibility, plenty of learning and development opportunities, and all the support you need, you will tackle interesting challenges on state-of-the-art products We welcome more than 5,000 interns every year across disciplines ranging from engineering, IT, procurement and finance, to strategy, customer support, marketing and sales Positions are available in France, Germany, Spain and the UK To find out more and apply, visit www.jobs.eads.com You can also find out more on our EADS Careers Facebook page Download free eBooks at bookboon.com Click on the ad to read more Working Capital and Strategic Debtor Management Contents he Strategic Impact of Alternative Credit Policies on Working Capital and Company Proitability 76 8.1 Introduction 76 8.2 Efective Prices and the Creditor Firm 77 8.3 Alternative Credit Policies, Working Capital Investment and Corporate Proitability 80 Summary and Conclusions 84 Part Four: Summary and Conclusions 85 Empirical Evidence and heoretical Review 86 9.1 Introduction 86 9.2 he heory 86 9.3 he Empirical Evidence 89 9.4 Late Payment and the Case for Legislation 95 9.5 Summary and Conclusions 99 9.6 Selected References 8.4 101 360° thinking Discover the truth at www.deloitte.ca/careers © Deloitte & Touche LLP and affiliated entities Download free eBooks at bookboon.com Click on the ad to read more Working Capital and Strategic Debtor Management Précis Précis – Working Capital Management And Strategic Debtor Investment his free book critically evaluates working capital management and the strategic marketing function of credit terms within a theoretical context of wealth maximisation and empirical research he accounting convention that management must present an image of solvency and liquidity to the outside world by maintaining an excess of current assets over current liabilities is seriously questioned A irm’s objectives should be to minimise current assets and maximise current liabilities compatible with its debt paying ability, based upon future cash proitability dictated by optimum terms of sale, which may be unique Download free eBooks at bookboon.com Part One: An Introduction Download free eBooks at bookboon.com Working Capital and Strategic Debtor Management An Overview An Overview 1.1 Introduction hroughout all the previous texts in my bookboon series (referenced at the end of this Chapter) we deined Strategic Financial Management in terms of two inter-related policies: The determination of a maximum net cash inlow from investment opportunities at an acceptable level of risk, underpinned by the acquisition of funds required to support this activity at minimum cost You will also recall that if management employ capital budgeting techniques, which maximise the expected net present value (NPV) of all a company’s investment projects, these inter-related policies should conform to the normative objective of business inance, namely, the maximisation of shareholders wealth Having dealt comprehensively with the pivotal role of capital budgeting and ixed asset formation elsewhere in the “Strategic Financial Management” texts of the bookboon series, the initial purpose of this study is to focus on current asset investment and the strategic importance of working capital management Not only current assets comprise more than 50 per cent of many irms’ total asset structure, but their inancing is also an integral part of project appraisal that is frequently overlooked We shall then explain why the “terms of sale” (credit terms) ofered to customers determine a company’s sales turnover and hence the debtor, inventory and cash balances, which deine its working capital requirements Properly conceived, debtor (accounts receivable) policies should underpin the proitability of ixed asset formation, without straining liquidity or compromising a irm’s future plans Comprehensive, yet concise, all the material is presented logically as a guide to further study, using the time- honoured approach adopted throughout all my bookboon series Each Chapter begins with theory, followed by its application and an aprropriate critique From Chapter to Chapter, summaries of the text so far are presented to reinforce the major points Each Chapter also contains Activities (with indicative solutions) to test understanding at your own pace 1.2 Objectives of the Text he text assumes that you have prior knowledge of Financial Accounting and an ability to interpret corporate inancial statements using ratio analysis So, at the outset, you should be familiar with the following glossary of terms: Working capital: a company’s surplus of current assets over current liabilities, which measures the extent to which it can inance any increase in turnover from other fund sources Download free eBooks at bookboon.com 10 ...Robert Alan Hill Working Capital and Strategic Debtor Management Download free eBooks at bookboon.com Working Capital and Strategic Debtor Management 1st edition © 2013 Robert... Download free eBooks at bookboon.com Working Capital and Strategic Debtor Management Contents Contents Précis – Working Capital Management And Strategic Debtor Investment Part One: An Introduction... LLP and affiliated entities Download free eBooks at bookboon.com Click on the ad to read more Working Capital and Strategic Debtor Management Précis Précis – Working Capital Management And Strategic

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