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11.1IntroductiontoWorkingCapitalManagement11.2CashManagement11.3AccountsReceivableManagement11.4InventoryManagementIntroductiontoWorkingCapitalManagementWorkingcapitalmanagementistheadministrationofthefirm’scurrentassetsandcurrentliabilities.Determiningthefirm’soptimalinvestmentinworkingcapitalinvolvesatrade-offbetweenliquidityandprofitability.Financialmanagersshouldminimizethecostsassociatedwithworkingcapitalwithoutjeopardizingtheliquidityneedforcontinuingoperations.IntroductiontoWorkingCapitalManagementApproachestoWorkingCapitalManagementrelaxedorconservativeapproachrestrictedoraggressiveapproachmoderateapproachCashManagement
1.Determiningappropriatecashbalances;2.Investingidlecash;3.Managingcollectionsanddisbursements.CashManagement
ThreeMotivesforHoldingCashSpeculativeMotivePrecautionaryMotiveTransactionMotive
CashManagement
DeterminingAppropriateCashBalancesBaumolcashmanagementmodel
Miller-Orrcashmanagementmodel
CashManagement
InvestingIdleCashFactorswhenchoosingamongthevarietyofshort-termsecuritiesavailableMarketabilityMaturityDefaultriskTaxesCashManagement
TypesofMoneyMarketSecuritiesUSTreasuryBillsShort-termtaxexemptinstrumentsCommercialpaperNegotiablecertificatesofdeposit(CDs)Bankers’acceptancesRepurchaseagreementCashManagement
ManagingCollectionsandDisbursementsFloatarisesfromadelayinthepaymentsystem.Thethreeprincipalsourcesofdelayare:1.Mailfloat:thetimewhenacheckisinthemail;2.Processingfloat:thetimerequiredtoprocessacheckafteritisreceived;3.Clearingtimefloat:thetimerequiredforachecktoclearthroughthebankingsystemandtoreducethepayingfirm’saccount.CashManagement
ManagingCollectionsandDisbursementsAcceleratingCollectionslockboxsystemconcentrationbanking
SlowingDisbursementCentralizepayablesEstablishazerobalancesystem
AccountsReceivableManagement
Creditpolicy1.Isthecompanypreparedtooffercredit?2.Assumingthatcreditistobeoffered,whatstandardswillbeappliedinthedecisiontograntcredittoacustom?3.Howmuchcreditshouldacustomerbegranted?4.Whatcredittermswillbeoffered?AccountsReceivableManagement
Creditpolicy1.Isthecompanypreparedtooffercredit?2.Assumingthatcreditistobeoffered,whatstandardswillbeappliedinthedecisiontograntcredittoacustom?3.Howmuchcreditshouldacustomerbegranted?4.Whatcredittermswillbeoffered?
Collectionpolicy1.Whichprocedureswillbeusedtoencouragepayment?2.Forhowlongtheseproceduresshouldbefollowed?AccountsReceivableManagement
CreditpolicyTheDecisiontoOfferCreditSelectionofcredit-worthycustomersCreditTerms——creditperiod,anddiscountperiodanddiscountrate.AccountsReceivableManagement
Collectionpolicymonitoringofitsaccountsreceivabletodetecttroubledaccountsandpast-dueaccounts agingscheduletheneedtorecognizewhenanaccountwarrantsspecialattention.
InventoryManagement
SuccessfulInventoryManagement
1.Maintainingawideassortmentofstock,—butnotspreadingtherapidlymovingonestoothin;2.Increasinginventoryturnover,—butnotsacrificingtheservicelevel;3.Keepingstocklow,—butnotsacrificingserviceorperformance;4.Obtaininglowerpricesbymakingvolumepurchases,—butnotendingupwithslow-movinginventory;and5.Havinganadequateinventoryonhand,—butnotgettingcaughtwithobsoleteitems.InventoryManagement
ThePurchasingPlan
1.Whencommitmentsshouldbeplaced;2.Whenthefirstdeliveryshouldbereceived;3.Whentheinventoryshouldbepeaked;4.Whenreordersshouldnolongerbeplaced;and5.Whentheitemsh
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