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Managing Financial Resources and Decisions: Self-Evaluation - Essay Example
Self-Evaluation I learnt a number of practical aspects of businesses and also faced some challenges. First, I learnt how to make and maintain a cash budget in a real business scenario. Here, the most important aspect was the month end balances and their subsequent conversion into the opening balances of the subsequent months…
In my scenario, I used First In, First Out (FIFO) method due to its relevancy in the industry. And, a number of small companies in the bakery and confectionery industry prefer to avail this method. In addition to that, I found the significance of the cash budget for a small business as well. For example, if a small business owner does not maintain a cash budget, he or she would not be in a position to know how much cash is remaining and how much it is going to be expensed. Moreover, I also gained an access to the notion that it is development of a cash budget that enables the owner to make economic decisions and at the same time control and manage its expenses by maintaining a balance between the cash inflows and outflows.