Answer to Question #65166 in Finance for jason

Question

2. When planning a financial management approach there are is a number of considerations that have be taken into account. Explain:

a. What information is required to plan and prepare the financial management approach for a business

b. The sources of the information to collect

c. Who you would need to consult


3. Outline an explanation of the following terms in relation an organisations budgetary requirements

g. Data backup and security of systems


4. Explain the ethical consideration you will make to ensure you are compliant and your behaviour is in line with financial legislation:

b. Confidentiality and disclosure requirements.

Answer 1

2. When planning a financial management approach there are is a number of considerations that have be taken into account.
a. Such information as size, type of industry, properties of the production process, managing model and other are required to plan and prepare the financial management approach for a business.
b. The sources of the information to collect should be cash-flow statement, income statement and balance sheet.
c. You would need to consult stakeholders about the performance of business.
3. g. Data backup and security of systems are very important to save and secure the important financial information.
4. b. Confidentiality and disclosure requirements are also very important for the financial management process.
Reference:
https://www.business.qld.gov.au/running-business/finances-cash-flow/managing-money/monitoring-performance