Examples of external information sources are:
Money is most important because without it, how can anything become an investment. We have to learn the four basic financial statements to set ourselves for a future.
Even if there are ones who are going to be internal users- such as managers or external users- ones who are creditors and investors that may use financial statements to use as a tool of decision making. In this essay, I have discussed the importance of financial statements and the usefulness that it is to both internal and external users.
The backbone of financial accounting is arranged in four different financial statements. The first would be a balance sheet, in which the purpose of this financial statement is presenting a picture at a point in time of what the business owns assets and what it owes its liabilities.
These statements are very useful to both internal and external users The second, an income statement, which shows how successful your business is performed during a period of time and this is where you report all the revenues and expenses.
Third, the retained earnings statement, which indicates how much of previous income was distributed to you and the other owners of your business in the form of dividends- shares, and how much was retained in the business to allow for further growth and increase.
Lastly, a statement of cash flows, which shows where your business obtained cash during a period of time and how much cash was used. How financial statements can be useful to internal users. Financial statements would be useful to internal users because managers are those who plan, organize, and run an entire business; they have to be able to present summarized financial information, which is a financial statement.
It is important for them to know because numbers matters when it comes down to any type of business.
All the information has to be detailed on a timely basis. Also, for internal users, accounting provides internal reports, such as forecasts of cash needs for the next year.
How financial statements can be useful to external users. External users are investors- owners, creditors, and investors. Financial statements are very important when it comes down to external users. It takes money to make money.
Business Unit Strategy — is concerned more with how a business competes successfully in a Tools for business making 6th ed.Source: Yahoo Finance Figure 2: Apple’s cell phone competitors: Source: Kantar Media/ The Wall Street Journal 7 Analysis of industry competition Competition in a given industry is defined by the Micheal Porter’s five competitive forces shown in figure 3.
Week 4 - Internal/External Sourcing. ISCOM - Strategic Supply Chain Management. April 12, Internal/External Sourcing Strategies. Outsourcing customer service has become a more common approach for most companies for many reasons with the most important being cost savings.
Sources of finance can be: We will write a custom essay sample on. Sources of Finance specifically for you. for only $/page. Order Now * Internal * External.
Internal sources of finance are usually a cheaper way to raise working capital e.g. sales revenue, partners, owner's funds and retained profit. External Analysis Ge An external analysis is one of the most important tasks to complete when completing a strategic analysis for a given corporation.
By looking at our Internal Analysis of General Electric (GE) we identified Strengths and Weaknesses and we were able to recognize the Distinctive and Core Competencies that exist within the. Running Head: Internal & External Sourcing Strategies Internal & External Sourcing Strategies Paper University of Phoenix March 7, The decision whether and organization chooses to source internally or outsource depends on the overall need of the organization.
Jun 29, · To be successful, companies must establish a strategic plan that reviews internal and external factors. A SWOT analysis is the most common method used to .