Kinh doanh marketing - Chapter 15: Budgeting and controlling operations and taxes

Chapter 15Budgeting and Controlling Operations and TaxesMcGraw-Hill/Irwin Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved.Budgeting And Controlling Operations And TaxesSmall Business ControlTypes Of BudgetsObtaining Information & RatiosTaxes & Tax SystemRecord Keeping & Tax ReportingFactors/Problems In Getting CreditPhotodisc Collection/Getty Images15 - 2McGraw-Hill/IrwinControl“the process of ensuring that organizational goals are achieved.”Control Process1. Setup Standards2. Measure Performance3. Actual vs. Planned4. Deviations Excessive?5. Take Corrective ActionSet StandardsUnits Consumer/ProducedStandard Hours Per UnitMiles Per GallonPrice Paid/Charged- Price Per UnitRequiresIntuitionPast PerformanceMeasurementComparisonCommunicationKeith Brofsky/Getty ImagesEffective ControlsTimelyCost EffectiveAccurateQuantifiableMeasurableIndicate Cause/EffectResponsibilityAcceptablePhotoDisc Imaging/Getty ImagesBudget“a detailed statement of financial results expected for a given future period.”Types Of BudgetsCapitalOperatingCash FlowSteve Cole/Getty ImagesOperating BudgetSalesProductionPersonnelRoyalty-Free/CORBISCash Flow BudgetPlan Daily/Weekly Cash NeedsPlan Monthly Cash NeedsPrepare For Cash Flow CrisisEstablish/Maintain Good CreditSet Aside Funds To Earn InterestSchedule PaymentsKeep Fixed Costs Low & Tie Variable Costs To RevenueCash Budget FormatBudgetActualExpected Cash Receipts$$$$$$$$Expected Cash Payments$$$$$$$$Cash Balances$$$$$$$$Cash- Capital Investment$$$$$$$$Cash Balance Beg. Of Month- Balance+ Total Cash Receipts - Total Cash Payments End Of Month- BalanceBudgetary Control“the system of budgets used to control a company’s financial activities.”Credit, Collections,& A/R ControlIdentify Slow PayersInvestigate Customer’s Ability & Willingness To PayMonitor Past DueWrite-Off UncollectiblesSteve Cole/Getty ImagesAudit“a formalized examination and/or review of a company’s financial records.”Types Of AuditsFinancialInternalOperationsFeedbackObtain InformationObservationOral ReportsWritten Memos/ReportsCompare Actual vs. StandardsJacobs Stock Photography/Getty ImagesCauses OfPoor PerformanceWrong ObjectivesCustomers Not BuyingPoor SchedulingTheft/SpoilageToo Many EmployeesLost OpportunitiesToo Much Free Service/DonationsRatios“relationships between two or more variables.RatioComparison ValuesFirm’sCurrent ValuePast ValueFirm’sCurrent ValueIndustry ValuesCan Be InterrelatedFinancial RatiosProfits Satisfactory?Net Profit To Owners’ EquityNet Profit To Net SalesAssets Productive?Net Sales To Fixed AssetsNet Sales To Owners’ EquityRyan McVay/Getty ImagesDebt Payments?CurrentAcid Test (Quick)Working CapitalAccounts Receivable To Working CapitalInventory To Working CapitalBusiness Assets?Collection PeriodNet Sales To Inventory (Inventory Turnover)Net Sales To Working CapitalRoyalty-Free/CORBISEquity Satisfactory?Long-Term Liabilities To Working CapitalDebt To Owners’ EquityCurrent Liabilities To Owners’ EquityFixed Assets To Owners’ EquityU.S. Tax SystemDetermines Taxes & Who Will PayCollection Of TaxesInternal Revenue Service- www.irs.ustreas.gov TaxesIndirectDirectSelected Direct TaxesTax EffectsIncome Tax On ProfitsEmployer Withhold/MatchOwner Personal TaxesTransfer Of OwnershipBusiness DecisionsGovernment Administrative Cost Of CollectionTypes Of TaxesExcise/Intangible PropertySales & UseFederal, State, & Local IncomeS. Meltzer/PhotoLink/Getty ImagesState Sales TaxesTaxable Income“total revenues minus deductible expenses.”Deductible ExpensesCost Of Goods SoldSellingAdministrativePhotoDisc/Getty ImagesCost of Goods Sold& Inventory ValuationFirst-In, First-Out (FIFO)Last-In, First-Out (LIFO)Average CostKim Steele/Getty ImagesEmployment-Related TaxesIncome Tax WithholdingSocial Security/MedicareUnemployment CompensationFederal AdministrationStateWorkers’ CompensationOwners’ Personal TaxesSalaries & Bonuses Withdrawn From CompanyDividendsContract For Business SaleNoncompete ClauseSeller Warranties & RepresentationsPurchase PriceRetro AmericanaCredit ManagementDecide Method Of Customer PaymentCashCheck/DebitCreditSet Credit Policies & PracticesAdminister Credit OperationsJack Star/PhotoLink/Getty ImagesCredit vs. Debit Card UseSales Volume (in trillions)