Question

Mention the activites in finance and accounting that are important to strategy implementation

Answer 1

Activities in finance and accounting that are important to strategy implementation are as follows-

A. Proper management of books of accounts will be highly helpful in management of strategies because these books of accounts will be regularly monitored in order to find out the definition from the standard for appropriate control.

B.proper financial planning is another step in order to achieve strategy implementation because these financial planning will be helpful in adequately allocating resources proactively to various departments and various persons in order to maximize the rate of return from the company through proper strategy implementation.

C. Diversification of strategies is another important factor for financial management because financial management stands on the principles of diversification of assets which will be helpful in mitigation of risk so it will be helpful in strategy implementation through diversification of strategies.

D. Assessment of cost of capital and return on capital is highly influential tool in financial management so it would be used in strategy implementation because it will be helpful in order to compare the cost of capital with a return on capital to find out the performance of this strategies in respect to overall organisation.

E. Segregation of duties is another important aspect of financial management because responsibilities are properly assigned in financial management and which are an important factor for strategy implementation because it would be help in better controlling of the project and maximization of the rate of return through allocation of proper duties to proper individuals.

F. Assessment of the past performance of the company in order to determine the future performance is the company is one of the tool which is known as forecasting in financing and which will be very impactful in formulation of Strategies and implementation of strategy because it would be better to compare the strategies budgeted figures with the actual figures in order to find out the deviations.

These are the studies which can be quickly adopted by the management in order to analyse Return through proper strategy implementation.