Keeping abreast of the financial measures and metrics employed by a company allows employees to better understand its health and position at any given time. Using Campbellsville University library link or other libraries and the Internet:
1. Review at least three (3) articles on financial acuity. Summarize the articles in 400 – 600 words. Use APA formatting throughout including in-text citations and references.
2. Discuss the benefits of establishing solid financial acumen in a company? Discuss your personal experiences in a situation where financial acumen was either not supported as an organizational hallmark or, conversely, was built into the company’s culture.
Part 2: Sarbanes-Oxley (SOX)
Write a 200-word commentary on Sarbanes Oxley and the importance this act has for American businesses today. Your commentary should include the following:
A. Rationale for SOX
B. Provisions of SOX
C. Enforcement of SOX
2. Read and respond to 3 of your classmates’ posts. In your response to your classmates, consider comparing cash generation techniques at your company versus his or her company. Draw distinctions based on the industry and tell your colleagues why those distinctions are necessary for the management of cash flow. Below are additional suggestions on how to respond to your classmates’ discussions:
· Ask a probing question, substantiated with additional background information, evidence or research.
· Share an insight from having read your colleagues’ postings, synthesizing the information to provide new perspectives.
· Offer and support an alternative perspective using readings from the classroom or from your own research.
· Validate an idea with your own experience and additional research.
· Make a suggestion based on additional evidence drawn from readings or after synthesizing multiple postings.
· Expand on your colleagues’ postings by providing additional insights or contrasting perspectives based on readings and evidence.
Response student 1(rajendra tammbula) :
The aptitudes once obtained aides in positive activity and development of organizations or associations particularly with regards to managing organizations’ money related administration, contenders and building up the cost-adequacy of acquiring another item the market. The diverse in getting ready ventures are impelled for the delegates of budgetary authority. The agents like to share the particular endeavor plans to customers to share the spotlight that incorporates new customers with their knowledge. A portion of the guidelines incorporate devastation and misrepresentation of records, the maintenance time frame for putting away records and the sort of records which must be put away. The last being Global abilities which incorporate the understanding the worldwide and neighborhood markets and how the item or administration presented by the organization would happen in the particular markets.
There is amazingly more to cash related accomplishment than on a basic level incredible position. All choices will influence your business’ money related once-overs in at any rate two amazing ways. To turn into a money related keenness, it requires key abilities, for example, monetary aptitudes like budgetary measurements, education ideas, planning, foreseeing incomes, and detailing, business quality aptitudes, and worldwide abilities. It readies a spending limit, gauge, and settle on choices dependent on certainties, improve quality measures, devices, drive required outcomes, and increment the maintainability of a business. Finally, perhaps the most critical verbalization all in all site: don’t delay until tomorrow what should be conceivable today! With other establishment and rule we have seen horrendously habitually affiliations leave consistence until the latest couple of days and thusly suffer inimically results.
1. Amanet.org. (2019). 3 Financial Acumen Skills You Don’t Want to Ignore. [online] Available at: https://www.amanet.org/articles/3-financial-acumen-skills-you-dont-want-to-ignore/ [Accessed 21 Oct. 2019].
2nd student repsone (chandrababu karaku) :
Financial acuity refers to the needed skills required to make good judgment and quick decisions that concern financial issues in an organization. These skills are acquired through learning or gaining experience from an organization. The skills once acquired helps in positive operation and growth of companies or organizations especially when it comes to dealing with companies’ financial management, competitors and establishing the cost-effectiveness of bringing a new product in the market. Lack of financial acumen in an organization is shown when the organization is unable to make sound decisions to help it survive critical times leading to collapse. Different articles by different authors play an important role in helping the researcher to understand financial acuity.
These different articles presented similar understanding of financial acuity from different perspectives. An article named “3 Financial Acumen Skills You Don’t Want to Ignore”, for example, put into detail the significant and varied skills in financial acuity that people interested in running a successful organization based on profits must have. These skills include, financial skills which aim at strengthening important financial literacy metrics and concepts such as budgeting, reporting, forecasting and adhering to compliances. The second line of skills is the business skills. These skills enables people in the organization sharpen their abilities to keep the organization in order and work efficiently by managing resources and costs, focusing on quality and understanding trends in technology. The last category of skills is the global skills. They entail analyzing both local and global markets, untangling competitive intelligence, comprehending the importance of governance and developing a good corporate strategy. (AMA Staff, 2019)
Another article that explains financial acuity is “The importance of financial acumen in staff”. The article states that financial acumen must be created throughout the organization. Every employee must understand all that makes money for the organization for it to be a successful organization. It also states that untrained employees on financial acuity tend to make poor decisions. The article finally explains on ideas of how to introduce financial acuity in an organization. One important idea is that an organization should have training sessions for all department managers and after that the managers are assigned the tasks of speaking to the employees about financial acuity. Another highlighted idea is where staff members receive weekly e-newsletters on tips of improving financial acuity. (McGarvie, 2019)
The last article is “Linking Financial Acumen to Business Performance”. This article shows that attainment of financial acumen relies on a number of factors. These factors include the experience gained while in job and the continuous learning. It states that learning begins in the university and once employed, an employee also undergoes through specialized training that address specific training needs. The article conclude by stating that, for an organization to be successful, employees must have an understanding of what brings about profits in an organization. (Vorbach, 2017)
Financial acuity therefore is an important tool in any organization. All successful businesses employ financial acuity. For employees to make sound decision in their workplaces, financial acumen must come into play. To conclude with, financial acuity makes everyone in the organization understand how it makes money and what it entails in the decision making process. (Lund, 2019)
AMA Staff. (2019). 3 Financial Acumen Skills You Dont Want to Ignore. AMA Articles.
Lund, D. (2019). Why Financial Acumen is Important To Your Hospitality Career. INDUSTRY UPDATE.
McGarvie. (2019). The importance of financial acumen in staff. ICAEW.
Vorbach, P. (2017). Linking Financial Acumen to Business Performance. AG.