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budgetingall business owners should recognise and understand the importance of preparing and maintaining a financial budget for their businessbudgets
implementing systems effectivelymuch of the accounting process has been taken over by office automation systems whereas once the vast majority of
contingency planning once the events are evaluated and categorised and the levels of risk attaching to them have established the organisation
categorization of management riskonce each event has been evaluated and been classified as to its probability and impact the next step is to
assessing impactas with the assessment of likelihood a valuable way of assessing impact would be the creation of categories of impact as
evaluationonce all the possible events are identified the next step in the risk management process is to evaluate the events as stated previously the
identification the management riskthe first and most essential aspect of risk management is recognising what events may occur within a business
timing of financial reportsjust as the actual report requirements differ depending on the requirements of the stakeholder that will be using them so
aligning financial reportsthe primary purposes of financial systems are to provide information to interested parties any reports produced through
financial ratiosanother method of measuring and monitoring performance is through the use of financial ratios and other comparative toolsfinancial
financial evaluation and decision makingthe final major element of financial management is the evaluation of the information provided through the
budgeting and budgetary controlthe next element of financial management is budgeting and budgetary control budgeting is an integral part of the
management accountingmanagement accounting on the other hand tends to focus internally reports generated through management accounting processes will
financial accountingfinancial accounting attempts to establish the value of a particular organisation at a specific point in time and its earnings
accountingmany people believe financial management only relates to bookkeeping and the establishment of accounting reports which reflect those
elements of financial managementfinancial management is the term given to the overall management of an organisations finances it includes a number of
financial systemsthe overall financial management framework will include a number of elements such as financial systems designed to capture the
financial managementfinancial management is in its most basic interpretation the management of costs against revenue other management initiatives
following details are related to three companies which are identical except in terms of 3939r3939 company abc ltd mnc ltd xyz
award of contractin previous sub section you learnt in what situations you can negotiate now let us discuss the procedure for awarding the
negotiationyou can also negotiate with the bidders based on the requirements as mentioned belowyou can negotiate only with the lowest evaluated
evaluation of bids and determination of the lowest evaluated responsive and qualified bidderyou learnt how to receive and open bids in the
receipt of bids and bid openingwe discussed how to prepare the bids and to publish them in the earlier sub section now let us see how to receive and
invitation of bids and bid publicityin previous sub section we learnt how the bid capacity for works and goods are calculated we discussed how to
available bid capacitywe saw the criterion that qualifies the bidder now we will learn about the bid capacitythere are chances that a bidder might