Managing Financial Resources and Decisions

Task 1
With the economic appreciation within Dubai region, Mr. Mohammad intends to start a computer
trading business. Recent demands for globalization of businesses and institutions in the region have
greatly increased the demand for computer units and tools, either for administration or operation. Mr.
Mohammad sees this rich and not-yet-so-tapped market, which will eventually yield good investment
returns for him.
Mr. Mohammad, however, does not have the necessary investment capital or fund source to start up the
business. is lack of resources may lead to the defeat of the plan. !o, Mr. Mohammad looks on the
possible sources of finance that can be harvested for the realization of his computer trading business.
P1. Identify the sources of finance available to Mr. Mohammads business for the proposed costs.
Mr. Mohammad already identifies the start-up costs "license fee, economic department fee, labor
department fee, civil defense fee, etc.#, resources cost "office e$uipment, delivery van, furniture and
fi%ture#, and operating costs "salaries, insurance, advertisement fees, etc.# that must be addressed in his
endeavor. &hese costs are part of the short-term, medium-term, and long-term demands of the business.
&o pursue the business plan, Mr. Mohammad can possibly e%ploit the following resources that will be
discussed below'
Capital Investment. (t this point, Mr. Mohammad has not yet decided whether to maintain sole
ownership of the trading business or to share it with other individuals. !hould Mr. Mohammad intends
to maintain sole ownership of the business, he has the option to invest his personal assets and resources
on the business "Mc)achern, *+,*#. owever, if Mr. Mohammad does not have enough personal assets
to use, going for sole proprietorship is not recommended.
-ar better, asking for a partner to .oin the business venture is a good advantage to Mr. Mohammad. &he
partner can invest additional resources and capital to the venture, plus, it will reduce the liability of Mr.
Mohammad "Daily, *+,*#. /astly, forming a corporation is another option to consider. 0t will invite
investors to look at the profitability and feasibility of the plan, and it will make financing easier "ibid,
p. 1,#. 0n a corporation, more people can help finance the business venture and it will be an advantage
to avoid unlimited liability on the part of Mr. Mohammad and the rest of the stockholders.
usiness !peculators or "hird#Party Investments. Mr. Mohammad can handle setting or starting up
the business, however, his problem is how to ac$uire necessary resources for the business and the
operating cost. 2etting a loan from a bank is not likely to happen due to the high risk involved in
starting a business. 3ut Mr. Mohammad can seek the help of business speculators, venture capitalists or
third-party investors "4hatfield, *++1#. )ven before the computer trading business kicks off, Mr.
Mohammad can already receive funding from these investors, which can be used to set-up the office,
but necessary fi%tures, and so on.
&hird-party investment is better than loan because the business does not need to run after the repayment
of the debt. -unding from venture capitalist seeks interests only when the business is already stable and
the operation is going well.
"rade Credit. &he nature of the computer trading business allows Mr. Mohammad to stamp a deal with
manufacturers and distributors for a trade credit. -or some, consignment system is also considered to
be same category. 3asically, trade credit and consignment allow the business to sell products and goods
without even actually paying them yet. 5ayment is made only in the future, either when products are
sold or on a considerable period of time. 0n essence, trade credit allows low-capital businesses to
operate without raising capitalization.
$easing. &o reduce high cost of ac$uiring new vehicles and buying offices or store area, leasing is an
option to consider. &he computer trading business does not need to purchase needed resources for the
business operation, instead, the venture can lease these resources over a period of time.
&hese are the basic options that can be e%plored by Mr. Mohammad to finance the business start-up,
resources and operations. &here are other possible options that be e%plored as time and opportunities
permit, these include' bank overdraft "for operation, especially for salaries#, rent-to-own purchase
"resources#, and loans "for e%pansion#.
P%. &ssess the implications of the different sources of finance available to Mr. Mohammads
business.
0n the first $uestion, we have recommended four ma.or finance sources available for Mr. Mohammad.
&hese are capital investment, venture capitalists or third-party investments, trade credit, and leasing,
with the possible consideration of bank overdraft, rent-to-own purchase, and loans. 6f course, these
different sources of finance are sub.ected to opportunities and convenience, and as time tells.
-or purposes of understanding the merits of each, below is an analysis of the possible implications of
these different sources of finance.
Legal
3asically, it is easier for Mr. Mohammad to start a business if he will go for sole proprietorship. &he
simplicity of this type of ownership also offers rela%ed government procedures. 7ou don8t have to file
necessary documents as compared with a corporation or a partnership "5akroo, *+,+#. &hat means
you8ve got to comply only with the local re$uirements of the local government unit in the region. 6n
the other hand, although, partnership is more comple% than sole proprietorship, you can still take
advantage of its rela%ed procedures. 0n terms of ta%ation and other government regulations, partnership
is easier to file and you don8t have to suffer the large ta% re$uirements. 3ut with today8s business arena,
there are sub-types of partnership that will allow customized control over the company and limitation
on liability.
6f course, most companies or organizations today are in form of 9corporation: because of its fle%ible
arm to raise capitalization or funding. Mr. Mohammad looks forward to founding a corporation for his
computer trading business with the involvement of other investors. owever, a corporation is ta%ed
higher compared to other forms of business, and there are several documents to be filed with the !)4
"5akroo, *++1; )manuel < )manuel, *++=#. &he business must be approved by the commission prior to
its establishment both as de facto and de jure.
(s per recommendation, Mr. Mohammad is encouraged to build a partnership, wherein he can have
unlimited number of partners to raise funding. (nd as the company goes, he and the partners can
reorganize to form a corporation.
With regards to third-party investments, the contract may be also sub.ect to scrutiny as to level of
involvement. 0t is necessary for Mr. Mohammad to ask the level of legal control of the venture
capitalist. 6f course, Mr. Mohammad looks for control and management of the company, but if legal
terms demand him to relin$uish control to third-party investors, he will become a sideline owner. &his
and the many aspects of the third-party investment contract is an important piece of legal document that
should be studied by Mr. Mohammad.
Financial and Dilution
(s mentioned above, the introduction of venture capitalist, partners, or stockholders may result to a
convenient dilution of control. !hould Mr. Mohammad raise financing capital of the business through
partnership, corporation, or third-party investments, it would result to reduced control of the business
"4handra, *++1, p. >*?#. &he intrusion of other entities reduces Mr. Mohammad8s power over control,
while it may raise other person8s power over control.
Due to the fact that Mr. Mohammad does not have the necessary resources to support the business
venture, he may resort to capitalization that will make him of less importance in a company he had
conceived. (nd as the company goes on, such power over control and management may eventually
reduced as new partners are admitted or new e$uities are issues to raise capitalization for the business.
0n essence, the desire to raise available finance for the business may lead to the dilution of power over
control on the part of Mr. Mohammad, even if he does some mitigation against it. 0n fact, the only thing
he can possibly do is to actively .oin in any issuance of e$uities or increased partner8s investments to
retain the biggest share of control.
(s much as Mr. Mohammad8s control dilutes, his financial interest may also dilute in the process. 6f
course, partnership and corporation follow a more specific method of dividing profits or retained
earnings, and commonly it is done in pro-rata to investment. ( diluted control is the same as a diluted
financial value. Much more, any business activity, such as merger, issuance of new e$uities, may also
result to financial dilution "@han, *++A#.
0n any stage of financing, dilution happens, and it is the very concern that should be put into thought by
Mr. Mohammad if he wants to retain management and financial clout on the computer trading business
he started "@han < Bain, *++1#.
Bankruptcy and Dilution
During bankruptcy, Mr. Mohammad8s and other partners8 or stockholders8 interests on the computer
trading business are not central to the business. &he fact that the business made use of the trade credit
system of financing and leasing raises the business liability. (nd under the business bankruptcy rules,
debtors8 interest on the assets of the business is priority. Cntil these interests are met, stockholders do
not have the right to ask for repayment and shares of the assets.
When the above-mentioned interests are met and the computer trading business assets are still
available, stockholders can now start claims. owever, it will come again to what form and what
substance. 0n partnership or a corporation, if Mr. Mohammad is part of the ruling group, say preferred,
he will get payment of his investment first. 3ut if he did not take part of the ruling group, he have to
wait until all other interests are met.
2enerally, in the bankruptcy situation, if the asset of the business has already been dissolved to meet
interest, owners are less likely to receive repayment of their capital. (nd under the sole proprietorship,
debtors can go after personal assets of Mr. Mohammad to meet their interest. 0t is to this fact that Mr.
Mohammad is encouraged to consider limited partnership and corporation to avoid this scenario.
P'. (valuate the appropriate sources of finance for Mr. Mohammads business considering the
follo)ing aspects.
With the following available sources of finance cited in the first part of this task, Mr. Mohammad8s
options are wide and tremendous. owever, not all options will work .ust as fine. 0t is essential to
evaluate at least three appropriate sources of finance based on suitability of purpose, advantages, and
disadvantages.
&. Partnership.
&aken everything into account and consideration, Mr. Mohammad will fair well if he goes for a
partnership than sole proprietorship or a corporation. ( limited partnership brings the most investment
possible for the business. 0nstead of being tied up with the demands and re$uirements of a corporation,
a partnership offers an ine%pensive and convenient way to start up a computer trading business
"3evans, *++D, p.?*#.
With an unlimited number of partners admitted, Mr. Mohammad can easily raise the needed
capitalization for the venture. &he income of the business will be divided in a pro-rata basis, which will
be based on the amount of investment "3righam < ouston, *++=, p.?#. &his also provides an e%it out
of the high corporate income ta%es, as partners8 income will be ta%ed individually and according to their
earnings. (nd partners can invest to the e%tent of their capability, which will be of great advantage to
attract more investors.
owever, investors may get wary or may have some doubts over the liability e%tent of a partnership.
(n action of a partner may affect the capability and future of other partners. &o avoid this situation and
eliminate investors8 fear, it is necessary to form limited partnership that will safeguard the personal
assets of investors "Madura, *++?#. (nother disadvantage is when partners leave the business, it may
place disruption to the smooth organization procedures. &he dismissal or death of a partner re$uires the
partnership to reorganize E and this may prove too inconvenient and difficult for the partnership.
Moreover, Mr. Mohammad can always retain management control being both an investment and
managing partner. Without this leverage, Mr. Mohammad can maintain the way the business will move.
0t is a great advantage for any person who is looking forward to managing and planning for a business,
but lacks the necessary resources to kick the business.
Fonetheless, the partnership can easily reorganize to form a corporation when deemed necessary. &he
forming of the corporation will be an advantage as the business grows and e%pansion is imminent.
. "rade Credit.
(s much as forming a partnership will raise finances to start the business, making much of trade credit
is a big thing. &rade credit allows computer goods or products to be 9purchased or delivered but
payments are postponed to an agreed future date "ussain, ,=1=#.: &his arrangement will allow the
business to operate with less cost. &hus, it will allow Mr. Mohammad to work things out without the
worry of loss of operating finances.
0n the same respect, trade credit allows the business to engage in a credit "in form# without the interest.
0t is as if goods or products are purchased in cash. &his advantage eliminates the high credit interest
that are usually charged on loans. owever, according to 3habatosh, the supplier may add or hide the
interest on the price of goods. (s a result, the selling price of the computer trading business may be
higher than the rest of the competitors.
&he underlying premise behind the trade credit is for the business to sell the units before the agreed
date of payment. 0n this scenario, the business can gain profit from the trade credit without e%posing its
available funds to finance the said operation. &he opposite, however, re$uires the business to shell out
some of its assets or available funds to finance the operation, which is not beneficial to the business,
especially when goods are not sold in a short period of time. 0n such situation, available funds may be
e%hausted and operation may be halted.
C. *ire Purchase.
(s much as the business needs necessary e$uipment and tools, such as vehicles, to operate, Mr.
Mohammad needs to find a perfect source of finance, and the rescue is through hire purchase.
(lthough, in the first assignment, leasing is recommended, but such would not be beneficial. /easing
will only the business to rent the resource for a time and lose ownership thereof. Fot with hire
purchase, this would allow the business to lease the resource and eventually own it on a proper time.
Mr. Mohammad can sign a hire-purchase agreement that will e%pire in a period of time. (t the last
installment, the computer trading business receives ownership of the property. (lthough the property
by then is already used and may have depreciated in value, the computer trading business adds up a
new asset to the balance sheet "ussain, ,=1=#. (nd as time permits, the business can re-sell the
property to gain out of it. Whichever is the best way, hire-purchase would allow the business to operate
without e%posing its cash.
&he essence of leasing is buying time for the business until it has the capacity to buy its own
e$uipment. &his still works with hire-purchase, the only difference is the ownership title to the property
when terms of the agreements are met.
Mr. Mohammad8s dilemma on finding appropriate sources of finance is now solved. 0t must be noted,
however, that as the business grows and e%pands, new forms and sources of finances can be tapped to
supply the needs and demands of the business. (s always, business is about creativity and timing.
P+. Cost of the Different !ources of Finance
&he recommended sources of finance that Mr. Mohammad should e%plore do not count much of a cost.
3asically, the formation of a partnership is of convenience and simplicity. Without the demand and
re$uirement of a corporation, partners can easily write the agreement between them to form the
business partnership. &his would reduce the cost of government and business compliance in almost a
half E and this would gain enough assets to use for the business than to secure a corporation status.
&he convenience of a trade credit is of great advantage, though only for a time. 0f the computer trading
business can stamp a deal that will secure a credit for =+ days, the business needs to sell goods prior to
that date. 6therwise, it would cost available funds to settle the credit after =+ days. 3ut with the
growing economic appreciation in Dubai region, it is easy for the business to gain clients or customers,
and trade credit would not be a problem. 6n the other hand, the hire purchase will re$uire the business
to pay monthly or period installments. &his would take available funds from the account of the
business. 3ut this can be met when the business operates well in the ne%t coming months.
Task 2
-or over the past years, )mirates /aw (ssociates ")/(# has provided legal services to individuals,
corporates, and other clienteles in the Dubai region, and the vastness of Cnited (rab )mirates. 0n
accordance with government regulations, the chairman of )/(, Mr. (li hires the auditing services of
&alal (bu 2azalah to keep the record straight and prepare the books of the law office. &his audit report
will also be used by Mr. (li to improve the financial performance of the law office to the year *+,G,
and to formulate new approach to their financial sheets that will better their financial status at the
moment.
P1. Importance of Financial Planning for Financial Performance and Position Improvement >++
-inancial planning is defined as the future-oriented engagement of the financial status of the business
to form a concrete prognosis of the future that will be the basis for the actions and activities of the
business or organization "4ortes, *++=#. 0t serves as the guidance of the business on how it will handle
its finances to effectively adapt a cost-effective and profit-oriented plan. 0n layman8s term, financial
planning is the effective overview on the cash inflow and outflow of the business that will translate
better understanding on how profit can be obtained. -inancial planning supports the general principle
that a business works on to ac$uire and generate profit.
(ccording to !heeba, financial planning 9determines the direction for future growth of the
business...which helps to establish future business plans for the firm like e%pansion, diversification or
restructuring.: 4entral to financial planning is looking at past performances of the organization to make
sound .udgment on pro.ecting e%penses, monitoring revenues, and taking the right intervention action
for the improvement of the performance.
&o understand how financial planning improves financial performance, it is essential to review the
steps that must be taken. -orecast plans are created to evaluate financial statements 9under alternative
versions of the operating plan in order to analyze the effects of different operating procedures on
pro.ected profits and financial ratios "3righam < )hrhardt, *+,,#.: 3y looking at the different angles
of the financial statement forecasts, Mr. (li can test the right strategy that will translate better financial
results.
&he core of the financial plan is the cash flow of the organization "onadle < owitt, ,=1D, p.,+?#.
With )mirates /aw (ssociates business pro.ects and activities, it is necessary for Mr. (li to review the
capital that will be needed. Will the pro.ect use readily available resourcesH 6r will investment on new
resources be beneficial and financially feasibleH With the evaluation of the investment and the
pro.ected return, )mirates /aw (ssociates can raise its revenues while cutting unnecessary e%penses.
Moreover, with the pro.ection, if the resources and funds of the law office cannot meet demands of the
business activity, the $uestion boils down to the capability of the law office to raise investments and
finances, with the consideration as to how the law office can meet repayment in the future.
0n this consideration, to position the company properly based on the financial term, it is very important
to check how it fairs with the market. )mirates /aw (ssociates must review its commitment to its
clients by looking at internal factors. &he performance of the law office depends on the perception of
clients which is focused on e%ception customer service. 0nternally, the law office must use the human
resource to meet this goal of market positioning. 0n this instance, it is necessary to review the human
resource planning of the law office, as the provision of services will be improved by a reward and
compensation system.
/astly, financial planning works on an effective monitoring and evaluation system that will keep the
performance and financial position of the law office on check. 0ntervention or interference is a very
important of the financial plan E and businesses should clearly outline how alternate routes of financial
plans will work to avoid loses or any financial dilution.
P%. Financial Information ,ecessary for (ffective Decisions.
(s understood, financial planning is an essential part of a business strategic plan. 0t provides a $uick
overview of the entire business processes and how the organization should be directed to accomplish its
financial goals and ob.ectives. (n effective financial plan involves careful analysis of financial
information that are relevant to the day to day activity of the business. 3asically, the information can be
obtained by understanding the rudiments or elements of financial statements. owever, there are
important financial information that can be obtained from the basic components of the following
documents that will be discussed.
Sales Forecast
(lthough )mirates /aw (ssociates is a service-oriented business, sales forecast can still be made
which will be focused on the number of clients they received in a period and the revenue they
accumulate from these said clients. (ccording to Bohn D. /uth, as cited by Iieceli < Ialos, 9a good
sales forecast is undoubtedly the most important single planning tool.: -rom the overview of the sales
forecast of )mirates /aw (ssociates, Mr. (li can easily assess promotion, management decisions,
future needs, and the achievement of business goals.
Balance Sheet
4onsidered as the complete picture of the company, the balance sheet provides information as to what
the business owns, what it owes, and the balance for owners or stockholders. Without clear
understanding of how much the company owes may result to an e%cessive loan which may hurt the
company in the process. Mr. (li should consult the balance sheet to see the available assets for the
business and its current obligations.
Cash Flow ,>+
Mr. (li, as the e%ecutive of )mirates /aw (ssociates, should know what and where the asset is spent,
and in the same way, what and where the money is received. With the aid of the cash flow, managers
get an overview over purchases of assets, payment to employees, and revenues received from rendering
services. 2etting a clear knowledge of the e%penses and revenue of the business provides information
as to how the business must be directed to ensure profitability.
2enerally, there are other financial information or documents that can help Mr. (li to make a financial
plan for the business. &hese information should be regarded and evaluated from time to time to reflect a
real-time and reliable knowledge for management decisions.
P'. "he Impact of finance on the financial statement of (mirates $a) &ssociates.
When the management gets a clear understanding of the business direction, it is easy for them to make
decisions that are effective, positive, and timely. 6f course, the implemented financial plan can only be
fully evaluated based on its results, though performance monitor can be made during the process. 0n
this regard, financial planning can be a two-way result. 0t can either provide growth and financial
performance improvement or it can undo the progress of the business.
0mperatively, however, a financial plan that takes into account every single financial information
available can always provide relevant and reliable strategies. 0n the end, the impact of financial on the
financial statement of )mirates /aw (ssociates is provide management an overview on how to increase
revenue through massive e%pansion on market, reduction of unnecessary e%penses, and positioning the
law office in the market.
(s an accountant for &alal (bu 2azalah, 0 don8t have the position to dictate Mr. (li on how to manage
the law office. 3ut 0 can provide him the necessary overview of the business that will help him decide
issues. !imply, a financial plan or the business plan still resides on the business manager and not on
accountants.
Task 3
(mirates $a) -ffice Potential Problems
Concern Financial &ccount 5roblem !olution
Revenue &oo /ow 0ncreased 4lient )ngagement
!alaries )%cessive )%penses 5ro-Rata to ours Rendered
Method
(dvertisement /ow Returns )limination or Re-5ositioning
0nsurance &oo /ow 2roup 0nsurance for -uture Risk
(ccounts Receivable /ow 4ollection !trict &erms and 4onditions to
0mprove 4ollection
3ank /oan &oo igh "compared to (4# 5ay off Debt by 6ffsetting with
(4
4ash &oo /ow 4onverting of (ssets into
-loating and Readily (vailable
4ash
Dividends /ow Cnappropriated Retained
)arnings
0mproved -inancial !tability to
0ncrease !tockholders8
4onfidence
Table 1: Potential Financial Problems of Emirates Law Office
P1. Potential financial problems (mirates $a) &ssociates might e.perience in the business.
3ased on the review of the financial information of )mirates /aw (ssociates, there are possible
problems that are already hindering the financial performance of the business. 0f not resolved, these
problems may result to tremendous downgrade or dilution of the law office.
Expenses. )mirates /aw (ssociates is a service-oriented business that provides legal services to
clients. With this business nature, it is a big wonder why the law office is spending too much E and it is
a wonder why the return of their e%penditure is not remarkable.
!tand supreme of these e%penses is the salary and wages. 6f course, lawyers should be paid high as the
.ob demands that. owever, if you pro-rate the salaries against the revenue, you will find that not all
lawyers are accumulating income for the business. ( legal business as the )/(, it is very important that
lawyers be paid according to the amount they bring to the business.
Moreover, other e%penses seem to top the bill. &ake into account the advertisement and supplies of the
business. 6f course, the business should see to it that they get enough promotion, but these
advertisements are not returning well based on revenue numbers.
Insurance. (s much as )/( spends big on salaries of lawyers and staffs, it spends less on insurance of
employees, the office, or the firm. -or a firm in a legal service industry which has tremendous risk, a
,+, +++ ()D is too low from the normal insurance allowance. !hould something happen to one of its
lawyers during a stint of legal services, the insurance may be able to cover the liability and )/( should
take from its own savings.
Accounts Receivale! /ooking at the balance sheet of )/(, we can find that the accounts receivable is
too high at ,, 1++, +++ ()D. Roughly, )/( has a poor collection system. With such high ceiling for
(J84, )/( maintains high risk of floating and unused assets, and the transfer of these (4s into
(llowance for 3ad Debts. &his is also a big problem if the business needs enough cash in hand for any
une%pected e%penses.
Loan. Fonetheless, it must be noted that the business has a very big loan of ,, +++, +++ ()D. &his
perhaps stops the business from moving forward. 0n fact, the unappropriated retained earnings is too
low due to the fact that there are lot of obligations and allocations that should be considered.
0n summary, )mirates /aw (ssociates has a very weak financial performance that it will not stand if
something happens in the market. With a ?++, +++ ()D in hand after the year ended, une%pected turns
of the economic behavior of the region may hurt the law office that much. (lthough this scenario is not
likely to happen due to the economic appreciation in the region, )mirates /aw (ssociates can still
improve its financial status to ascertain stability.
P%. !uggest actions (mirates $a) &ssociates might tale )hen e.periencing financial problems in
the business.
With the following problems cited in the first part of this task, solutions can be implemented to resolve
these issues and speed up the business and financial performance of )/(. &hese recommendations
address each specific issues at hand.
Cost"Cutting. During the collapse of the C! economy, businesses went to a radical cost-cutting
approach. 0t was a drastic change due to the fact that they were not ready for such. (ssuming that no
economic downgrade will happen in the region, it is still necessary to reduce e%penses to improve
financial status.
Mainly, it is very important for Mr. (li to check the salaries received by the law office8s lawyers. (re
they paid according to what they bring inH &he fact the clients pay in hours billed by the lawyer makes
it easier for the law office to check how much the lawyer brings in. 0t won8t be difficult for the law
office to assess the performance of each lawyer and how they work for )/(.
6n the other hand, it is also essential to check how these advertisements are working for the company.
&he return and impact of these advertisements are too minimal while the business spends more for it.
7ou cannot .ust spend on something with getting out of it. 0f the business is not receiving something
from these advertisements, it is better to drop them, and work on the word-of-mouth marketing.
Future Risk"Reduction. )mirates /aw 6ffice works with people and by people. (nd humans are more
risky than e$uipment. 4losing the gap of future financial obligation can be done by raising insurance. 0t
is something that )/( should work. &here are group insurance plans, office insurance plans, and other
financial insurance options available that can be e%plored by the law office to insurance everyone and
everything to avoid financial obligations that may cripple the business.
Better Business #rocedures. &he (4 problem can be traced back to the )/( terms and agreements. 0f
Mr. (li wants to raise its financial capacity and performance, the terms and agreements must be
reviewed to effectively control collection from clients. &he business cannot possibly survive with so
much receivable.
#ay$ent o% Loans. 0n fact, if )/( will work on its (4 problem, it is easier for them to offset the loan.
&his would provide financial freedom for the business, which will increase stability and can provide
chances on e%pansion.
owever, these recommendations are not standards. &hese can be changed as the time permits. &imely
ad.ustments must be made by )/(. Monthly review of the performance is recommended to detail a
real-time response on financial issues.
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