Some Words About Financial Planning…

The most important element of business is planning, including financial. Effective financial management is only possible with the planning of financial flows, processes and relations of the company.

The company determines goals of the development and operation of a specific period of time, as well as ways of use the funds to achieve its goals, i.e. company develops its own financial strategy.

The essence of financial planning in a market economy lies in the fact that the basis of financial performance of the company is a financial plan, developed by financial service under the guidance of Finance Director and is aimed at achieving a common goal – profit.

Financial planning is the process of developing a system of financial plans and planning (normative) indicators for the development of entrepreneurial companies with the necessary financial resources and for improving its financial performance in the future period. This is a planning of all its incomes and directions of funds expenditures for enterprise development. The main form of financial planning is a balance of incomes and expenditures.

The importance of financial plann
an with industrial, commercial, investment, construction and other plans and programs developed by entrepreneurial firms.
Fifth stage – is the implementation of operational financial planning through the development of operational financial plans.

The process of financial planning at the firm finishes by the analysis and monitoring of implementation of financial plans. On this step we should determine the actual final financial results of companies, compared with the planned indicators, and identify the causes of deviations from targets, and develop measures to eliminate the negative effects.

All subsystems of planning are interrelated and implemented in a certain sequence. The initial stage of planning is the prediction of the core businesses of the company during the process of forward planning at this stage, the tasks and the parameters of the current financial planning. In turn, the basis for the development of operational financial plans is formed precisely at the stage of the current financial planning.
ing for the company lies in the fact that it embodies the comprehensive strategic goals in the form of specific financial indicators, it provides the possibility of determining the financial viability of projects, it serves as a tool for obtaining external funding.

The first phase is analysis of the financial performance of the company for the previous period on the basis of important financial documents, balance sheet, income statement, statement of cash flows. The main attention we should pay on such indicators as sales, costs, size of profits. This analysis gives us possibility to estimate financial performances of firm’s activity and to identify its problems.
The second stage – is a developing of financial strategy and financial policy in key areas of financial activity of the company. At this stage, we should constitute basic forecast documents that relate to long term financial plans and are included in the structure of the business plan if it is developed at the company.
During the third phase we should clarify and elaborate the basic indicators of forecast financial documents through the development of current plans.
The fourth step – is articulation of the financial planning.

Economic recession has made lots of people search for different ways to save money and saving money expert. Other guys who already made some cash and would like to make more, for sure might need mutual funds investment advice. Moreover, financial planning might be of great interest to young people as they need to manage with many things in their lives, and here financial advice for young people site can help them.

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