Finance Write For Us – finance concept
Finance is the area of economics that studies the functioning of money and capital markets, the institutions that operate in them, the policies for attracting resources, the time value of money and the cost of capital.
Types of Finance
According to the area of specialization within, we can talk about three types:
1- Public Finance
However, the Public constitutes the economic activity of the public sector, with its particular and characteristic structure that coexists with the market economy, from which it obtains resources and to which it delivers an outline for action.
However, It includes the assets, revenue and debts that make up the assets and liabilities of the Nation and all other assets and income whose administration corresponds to the National Power through the different institutions created by the State for that purpose. To perform its functions and meet its public needs, the State must-have resources, obtained through other legally-established procedures and constitutional legal principles.
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Public establishes; studies the needs; create the resources, Income, and Expenses; the State uses the resources required from its political management to develop financial activities through the exploitation and delivery of wealth to satisfy public needs (individual and collective).
Create the appropriate education, health, and social security platform for developing new sources of work. Create your own technology inside a pluralistic and flexible executive system which articulates different mechanisms for collectively shaping the will. Guarantee greater social control over its management, improve the means and instruments that exist today for political and social representation and establish other ways of participation complementary to those of political representation, which strengthen, decentralize their power and transfer responsibilities and resources to state communities. And local and, finally, improve their political structures.
Develop concurrent action strategies and promote these actions aimed at protecting and developing citizen security, health, education, sports, culture, work, and ultimately, social welfare so that the country’s economy can develop and lead it towards a prosperous future. Fiscal policy as a stabilization and adjustment instrument; Heterodox and orthodox (traditional and non-traditional) public finance policies.
2 – Business Finance
They focused on the monetary or investment decisions that companies make (identification of investment opportunities and analysis of their economic viability, usually in terms of profitability) and the tools and calculations used to make those decisions.
The fundamental objective of a corporation is to maximize the company’s value for its shareholders.
3- Personal Finance
They are related to the ability of individuals to generate savings and obtain additional financial resources from, for example, financial institutions to cover their investment needs. In addition, they also encompass investment decisions for the surplus of available financial resources.
4-International Finance
Refers to the study of financial transactions internationally. His areas of study include:
Borrowing abroad.
The effects of exchange rate fluctuations on profitability.
The movements of foreign capital.
The risk is inherent in investing in a particular country.
finance resources
To study several tools achieve and analyze monetary resources and their use made of them. Here are some instances of these resources:
- Accounting a monetary resource used to manage a company’s expenses and income. It is a crucial tool to know the situation a company is in and, with this documentation, to establish the necessary strategies to recover its economic performance. Accounting can remain used to manage any group: corporate, Personal, Public Finances, and International Finance.
- Behavioural Finance: They are the field that analyzes from a mental point of view. It is born from the union of psychology, traditional economics and neuroeconomics. Describes how people act and how they make decisions.
Origin of Finance
The origin of backing can found around the 15th century, with the rise of capitalism. It is at this time when commercial banks that offer intermediation, loan and savings services begin to develop.
Over time, financial institutions and their products have evolved and modernized. New intermediaries other than traditional banks have appeared (such as portfolio management companies, collective investment institutions, etc.), and new financial products offer customers many options.
Regarding its theoretical development, it was not until the 20th century that Finance became an area of study in its own exact. Its origin can be found in Irving Fisher’s works in 1897, where he refers to finance as a new discipline.
Its field of study has refined over time, with the development of theories that try to explain the optimal determination of the price of assets, expected profitability, decisions in scenarios of uncertainty, etc.
innovative Finance
In a challenging financial context where traditional forms of development aid are under pressure, innovative financing has emerged as a complementary approach to generate sustainable sources of Finance to help achieve development goals.
What are finances for?
Finance is a branch of economics that studies money movement between people, companies or the State. It also examines how they obtain and manage the money they make to achieve their respective objectives, taking into account all the risks that this implies.
Interested in: What is the financial system?
The study has developed tools (such as basic concepts and quantitative models) that can be apply to all levels of decision-making: renting a car or starting a business to the decision of the CFO of a company. Big companies to enter the telecommunications industry or the conclusion of the World Bank about which development projects to finance.
For example, when deciding whether or not to have your own restaurant, it is necessary to compare the costs (such as the investment in setting up the premises and buying stoves, tables, chairs, and the rest of the equipment required) with the uncertain benefits (the future earnings) that you expect to earn over several years.
The study and understanding of finances help to:
Manage personal resources.
Dealing with the business world.
Take advantage of exciting and satisfying professional opportunities.
Make well-founded decisions of public interest as a citizen.
Differences between Finance and economics
Simply put, Finance is a branch or a sector of the vast world of economics. Therefore, both disciplines are interrelated and affect each other.
However, economics has a much broader focus: it studies how human needs can be production methods available to them. Viewed this way, finances focus solely on what is related to money, especially what is connected to industry and the business world.
What is the Finance Area of a company?
All companies require an effective and adequately organized Finance Area to manage everything related to the company’s finances and budget management. This sector ensures the economic viability of the entity since it regulates the accounting balances and their results. Managing a company’s financial resources is a complex task that will determine, in turn, the investment of certain funds in human, material, symbolic, or social capital. We will now provide a more detailed description of this broad area.
Main problems that the Financial Area must face
Problems related to total capital management can often arise in companies. These drawbacks are more frequent in those companies that either emerge and still do not have adequate organizational planning or that, despite being divided into the correct areas, still do not have a functional or adequately formed financial team.
The most frequent problems the sector faces are, for example, insufficient money at the beginning of the commercial activity. In this regard, it must be remembered that profitability is not immediate: it can even take two years before obtaining a significant profit. You must have a reasonable repayment plan to overcome this first stage.
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Another sive obstacle that hinders the performance of new companies is that they try to beat the competition by offering their products at lower prices, which is noinpracticalecause their competitors already have a good relationship with their suppliers, who sell them at low prices. The best strategy is to price your products or services at fair market value and try to beat the competition by selling quality products. Price for large quantities.
Also on the list of problems is that customers do not pay the company on time, making it challenging to meet its contractual obligations. The solution is to request a loan a little higher than usual to amortize the inconveniences caused by payment delays. The number of personnel hired is also often the subject of a dilemma, for the solution of which it is essential to reflect, previously assessing the profits and costs based on the time spent on each activity.
Finally, it recommended that the information be correctly stored within appropriate programs that are updated over time. Otherwise, for example, it may happen that if it is a large company and customers make a purchase in instalments, the information on pending payments is lost. Good customer follow-up cannot carry out. Or the data may be dispersed, not very accessible, or not provide the necessary content to carry out a specific analysis. Therefore, it is important that the database is well organised, available to the people in charge and is managed responsibly. In addition, the software used must be able to cross data quickly and effectively.
Tips to keep in mind when planning the Finance Area of a company
The first advice for the Finance Team to be effective is to plan it conscientiously, according to the company’s business model, its productive capacity and global scale. If it is made up of properly trained members (by this, we mean that it is proven that recruiting staff by affinity and not by resume ends up hindering the development of the company in the long term). On this point, it is also crucial to regularly offer employee training in the accounting area, either about new technologies or through investment in improvement courses. General training also helps ensure that there is no shortage of staff.
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In turn, it recommended that the sector use state-of-the-art accounting systems to process data more accurately, agilely, and effectively. In this regard, it is also essential to carry out batch processing that prevents the work from falling on each particular invoice and receipt. At the same time, a system should be create that consolidates and centralizes all the documents so that they are processed together in one go, saving you time and effort. In this sense, process metrics will allow you to compare the company’s activity concerning previous periods of action and establish a reference point for your team to work on. Some metrics you can use our accounting relationships, cycle time, number of documents in process, etc.
It also suggested planning the delivery of balance reports by the accountants periodically, every certain period. This will allow a more accurate perspective of the economic operation of the company and make the appropriate forecasts.
Finally, small and medium business owners advised separating personal and business accounts. The proxy must have an external account specific to the industry to better control income and expenses. Likewise, the director must establish a fixed salary and respect the amount to not unbalance the accounts.
Conclusion
The Finance Area of a company is one of the most critical sectors because it dramatically impacts its fund movements. It is here where the big decisions will made in terms of spending resources, obtaining profits and the consequent balance of balances, as well as the accounting record of these processes.
Serious companies must work with reliable and quality data that must be adequately processed through the most appropriate software tools. Therefore, it is essential to train staff permanently, and they must consider investing in them and their training. On the other hand, it is critical for management that the accountant submit accounting reports regularly and that the documents use reliable metrics and parameters. The better the quality of the summaries, the faster the analysis will be done, and the better and sooner the resolution of the problems will. All these results in the optimal functioning of the organization is guaranteed.
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