As part of my personal development, I will first analyze thefinancial statements of the company for the previous fiscal years.Then, I will evaluate the sources of funding and the budgeting systemadopted by the company in its operations. I will also assess thenature of cash flow and working capital management in the businessoperations that eventually generate revenue. After the analysis, Iwill list all the accounting standards, regulations of accountingpolicy, requirements for public reporting and external reports aswell as the US generally accepted accounting policies (GAAP). In thisway, I can apply the coursework to the workplace by developingstrategies and action plans that will ensure that all standards aremet. Additionally, I will review the necessary requirements forbudgeting system design and advise the people involved on the bestapproach to financing and budgeting for company’s operations. Iwill also provide the appropriate methods of cash flow management andadvise the company officials on the best financing option such asleasing.
The module explaining how to manage financial resources can belinked to the principles and concepts underlying the health andsafety requirements for companies. Companies usually incur expensesin ensuring the safety and health of the workers. Thus, these costsshould be planned for in the budgets because most of the risks thatdeprive the workers’ safety are unforeseeable. Therefore, there isa relationship between what I studied in the previous modules withthe current module regarding the management of financial resources.It is notable that there is a need for financing the purchase ofemergency tool kits, overalls, installations of fire extinguishers. Therefore, in the evaluation of the cost of capital, the expensesincurred in ensuring the health and safety of workers should beaccounted for in the books of accounts. This is an aspect discussedin the presently studied module regarding the evaluation of the costof capital and working capital management.