DEPARTMENT:
BUSINESS ADMINISTRATION/ ENTREPRENEURIAL STUDIES
COURSE:
BUSINESS MANAGEMENT
TOPIC: FINANCIAL
BUSINESS AND CASH FLOW
FINANCING
BUSINESS AND CASH FLOW
Meaning of Financing
Financing:
means the act of providing money for a project or business.
Or
Financing
is the act of providing funds for business activities, making purchases or
investing.
Meaning
of Financing Business
Financing
Business is an act of providing money for your business in other to yield
profit or for profit making
Or
Business
finance is that business activity which is concerned with the acquisition and
conservation of capital funds in meeting financial needs and overall objectives
of business enterprise.
In
financing business three things are needed in other to function very
effectively. They are called 3As of financing business.
1st
A – Availability
2nd
A- Acquisition
3rd
A – Allocation
Availability
in business means how accessible the business you are about to enter is. Is it
a seasonal business or all weather business.
Acquisition
in business is to acquire assets needed for the business in other to excel.
Allocation
in business means to set business in a well designated area for the business in
other to get customers.
Types of Business
Finance.
Short
term finance, Medium term finance and Long term finances
Short
term finance is known as current liabilities because they will have to be paid
in the near future, usually in the current or next accounting period.
Short term finance. This must be repaid within
one year e.g trade credit, inventory financing, and family or friends etc
1.
Trade
credit are permitted a period of time between buying goods and having to pay
for them. This money owed to creditors can be used in the business until it has
to be paid. A business which over uses this source of finance is said to be
“leaning on the trade.”
Advantages of Trade
Credit
1. Interest does not have to be paid
2. No security has to be given for it
3. It helps in the growth of the business
Disadvantages of Trade Credit
1. Cash discounts available for prompt payment may
be forfeited.
2. Future credit or deliveries may be refused, if
the practice is continued.
3. No agreement was reached, so the debtor can easily go with the money without
paying for it.
4. Not paying at the right time may collapse the
business of the creditor.
2. Inventory financing: stock (inventory) can be
used as security for a loan the types of stock that can be used as security
include Jewelleries, wines and spirits, and cars. This may be done in one of
three ways
a.
Chattel
mortgage
b.
Trust
receipt
c.
Field
ware housing
1.
Chattel
mortgage is an itemized list of the stock used as security is given to the
lender by the borrower. If stock is sold and not replaced, finance from the
sale must be used to reduce the debt.
2.
Trust
receipt: stock is itemized in a legal document signed by the borrower, and as
listed goods are sold, the lender is repaid.
3.
Field
warehousing: The goods are placed in a specific warehouse. As they are sold,
permission is sought from the lender for their release. They money received is
used to repay the loan.
4.
Family
or friends: Some businesses get started with money from family or friends. It
makes sense. These people know you better than anyone else, and are aware of
your ability and weakness. They will also support you in what you want to do
(As long as your plans are reasonable). However, there are also potential
problems attached in using “friendly money” ignoring these problems might mean
that your business comes at too high cost you might lose your friendship. Some
of the problems that you must plan to avoid are:
a.
Don’t
be too relaxed about financial agreement
b.
Be
open to their advice.
a.
Don’t
be too relaxed about financial agreement: when you deal with family or friends
about money, they may feel awkward about discussing to many details. It’s like
a marriage no one wants to talk about divorce when they are getting married
without a contract can get terribly mess when it breaks up (especially
regarding money) so, prepare a written agreement between you and the lender,
and be as specific about everything as possible.
i.
Exactly
how much will you borrow?
ii.
Exactly how much will you pay back every mouth?
iii.
Which month will you begin repaying the loan?
iv.
What interest rate must you repay?
v.
What happens when the banks change their interest rate?
vi.
What if you can’t afford to repay for a mouth or two?
vii.
What if you want to pay it back quicker than agreed?
If
you can, get an adviser to help you talk through all the issues. A lawyer might
be too expensive, but you could ask a mutual friend who is already in business or
a financial adviser. Your bank may also be able to make a suitable person
available.
b.
Be
open to their advice: As an independent, self –starting kind of person, you may
expect yourself to have all the business problems. This is not realistic, and
may prevent you from making the best decisions. Let others hear your challenges
and suggest solutions; you don’t need to always take their advices, but be open
to it.
In short term
loan you need to ask yourself these questions in other to avoid mistake.
·
P-A-R-T-S
·
P-
Purpose
·
A-Amount
·
R-Repayment
·
T-Terms
·
S-Security
If you ask
yourself all these questions and they are positive you go for the loan and if
the questions you ask yourself are negative you withdraw.
Medium-term
source of fiancé is finance that is available to a firm for a certain fixed
number of years, usually one to five years examples are: Hire-Purchase (HP),
Leasing an term loans.
a. Hire –Purchase (HP) enables a firm to acquire equipment without
over-stretching its financial resources, as the only outlay the firm is
committed to is the repayments. In Hire purchase the lending company owns the
goods until the final payment is made, so the goods can be repossessed if the
borrower defaults.
2. Leasing- a
firm may rent an expensive asset from a leasing company rather than buying it.
In this way it has use of the asset without having to pay the purchase price.
Leasing is used by a company to acquire expensive pieces of equipment, such as
computers, cars, vans and lorries the leasing company (a bank perhaps) buys the
equipment, getting any tax concessions that are on offer, and then leases it to
a firm the tax concessions reduce the rental charges. The person who owns
equipment being leased to another is called lessor while the person the
equipment is been leased is called lessee.
Advantage of HP
1. The firm has the use of the asset while still
paying for it by a monthly or annual payment
2. No security is necessary
3. At the end of the repayment period, the firm
owns the asset.
Disadvantage
1. The interest rate is high
2. By the time ownerships passes, the asset will
have depreciated considerably or indeed may be obsolete.
Advantages of Leasing
1. No capital is tied up, so there is no strain on
working capital
2. fixed assets are acquired
3. No security is required
4. All rentals are allowable for tax purpose
3.
Term Loans: A term loan is
one which is repaid by monthly installments. A term loan is provided by a bank
for a term of to five years. A special term-loan account is opened, and the
repayment is transferred to it each month by standing order.
CATEGORIES OF
BORROWERS FOR TERM LOAN
|
RATE OF
INTEREST CHARGED
|
AAA Govt./Charities/School
|
Lowest
Rate
|
AA Industry
|
Inter
mediate rate
|
A Personal borrowers
|
Highest
rate
|
The rate of
interest on a term loan is highest for a personal borrower.
Merits of Term Loans are
1.
Repayments
are based on the borrower’s ability to repay.
2.
the
loan provides a firm with large sum of money
3.
Asset
can be acquired by the firm as if for cash permitting the company to avail of
the benefits of cash transaction. this can done because the term loan finance
is transferred to the current account.
4.
The
interest rates may be reasonably attractive.
What is an Asset? An asset is
something that will bring in revenue to a business. eg cash, raw materials,
factory machinery, stocks and debtors. These assets can be grouped into fixed assets
and current assets.
Current
assets are the cash, raw materials and debtors. they constantly change and so
are also known as floating or circulating assets.
Fixed
assets are the machinery and factory building (also known as plant). Fixed
assets are sometimes referred to as fixed capital; current assets less
current liabilities are working capital.
Liabilities
are debts, but they are also the source of assets. The opposite of assets is
liabilities. Liabilities are really debts, which are owned either immediately
or at some time in the future. Liabilities are incurred so that assets or
capital can be acquired. For instance, you would usually need a loan in order
to buy a piece of machinery.
3.
Long term source of finance: a long-term source of finance is available to a
firm for a considerable period of time, more than five years. E.g owner’s
capital, shares, debentures, retained profits or earnings, government finance
sales, lease back and venture capital
1.
Shares.
This
source of finance could almost be called a permanent liability, as share
holders’ funds are repayable only in the event of the winding-up of the company
(except in the case of redeemable preference shares)
2.
Debentures involve long-term
borrowing of funds by a firm, usually for capital expansion. Debenture
borrowing for long period usually from banks at fixed rates. The legal document
governing the loan is called an indenture. It includes such details as the
interest payable and provisions for eventual repayment. Debentures are loans, not
shares, and interest has to be paid on them whether a company makes a profit or
not. Although debentures may be issued only by a limited liability company,
debenture holders have no direct control over the running of the company
(unless they have nominated one of their members to sit on the board of
directors).
The Following are
some Types of Debenture
1.
Naked
or simple debentures- not secured by any of the company’s assets.
2.
Fixed
Charge debentures– Secured by a mortgage on some of the company’s assets.
3.
Floating
charge (mortgage) debentures- backed by all the assets of the firm.
4.
Convertible
debentures – the holder has the option of purchasing some of the company’s
ordinary shares in the future.
Merits of Debentures
1.
Debentures
may be a cheap source of finance, as in the event of large profits being made,
the debenture holders will still get only their fixed rate of return.
2.
The
interest paid to debenture holders is tax deductible
Demerits of debentures
1.
Debentures
are strictly controlled by the indenture.
2.
They
must be paid before any dividends are paid and regardless of the level of
profits.
3.
Where
debentures are secured by assets, the company may be restricted in its disposal
of these.
(3) Owner’s capital:
is a fund provided by the entrepreneur(s) (sole trader or partners) for the
business as long as the business continues in operation, or until a partner
wishes to leave.
4. Retained Profits
or Earning:
Retained profits are sometimes known as reserve capital. These are profits
which really belong to the shareholders, but which are not distributed as
dividends because they are needed for the long-term expansion of the firm. This
practice is referred to as “ploughing back profits” (put money back to business).
Merits of Retained Profits or Earnings
1.
The
control of the company is not affected
2.
It
reduces the financial risk to the business, since they are owned to the
shareholders of the company and not to some outside body
3.
There
are no interest charges
4.
They
don’t have to be repaid.
Demerits of Retained
Profits or Earnings
1.
It reduces the dividends paid to shareholders,
which may make shareholders dissatisfied
2.
Reduced dividends may reduce share prices, and
may make the company susceptible to a take over bid.
(5) Venture
capitals: Venture capital is provided by venture capital companies. They give
both “seed”, or start up capital, and development capital. Providing seed
capital is risk because it will be used in an untried venture. Development
capital will help an existing company to develop and grow.
(6) Government
finance: finance is provided for firms in Nigeria by many state agencies
including (1) Bank of Agriculture (BOA) (2) Federal government grants through
registering www.youwin.org.ng
(7)Sale and Leaseback: where a firm with a
considerable investment in land or buildings funds itself short of finance, it
may sell its premises for a capital sum and then lease them back. Some finance
house specialize in this type of finance. Leases usually run for a period of
twenty one years, with an option to renew at the end of that period. Rents are
usually reviewed at seven years intervals.
Merits of Sale and Leaseback
1.
The
company can continue in business in the existing premises
2.
Rent
is tax- deductible
3.
Control
of the company is not changed
4.
Capital
tied up in land and premises is released for use
5.
The
company receives an immediate injection of capital without having to borrow
from a bank
Demerit of Sale and Leaseback
1.
A
valuable appreciating assets is cost to the company.
2.
The
balance sheet can no longer show the premises as a fixed asset.
3.
Rent
must be paid on the property, and this is subject to review.
4.
The
property cannot be used a security for a future loan
5.
There
may be limitations as to use of the building by the company.
Summary: Source of Finance
Short
–term finance
|
Medium-term
finance
|
Long-
trem finance
|
0-1year
|
1-5years
|
5+
|
Trade credit
|
Hire-
Purchases
|
Shares
|
Family or
friends
|
Leasing
|
Debentures
|
Inventory
financing taxation etc
|
Term loans
|
Retained
profits sale and leaseback
govt. finance
venture capital
owner’s capital
|
Choosing a Source of Capital
Factors to take
into consideration when choosing a source of finance
- Repayments
- Risk
- Control
- Cost
- The firm
- Security
- Tax
- The asset
- Amount
Repayment: The amount to be paid each year in
interest and principal repayments will affect the income of the business if
repayments on a particular source of finance are high, then the income of the
business will be reduced, leaving less for (a) future expansion, and
(b)shareholders’ returns (dividends).
Risk: The risk attaching to a source of
finance must be assessed. If a company borrows large amounts, particularly at
high rates, then it may have trouble meeting the repayments.
Control: If existing owners of a business do
not want to see control slipping away from them they will arrange a source of
finance which will minimise the risk of this. Two cases where control of a
business might be lost by the owner would be.
a.
A
large loan from a Merchant bank which insists on adherence to stringent
conditions.
b.
The
issue of extra voting shares in the business
Cost: The cost factor is very important in
securing finance. The higher the cost of the finance, the less attractive it
becomes.
The firm: the
type and size of firm seeking the finance to some extent dictates the type of
finance to be used example, a large cassava exploration company would seek
large sums of money in different was eg) Banking of Agriculture (BOA) than a
medium- sized company which is manufacturing shirts.
Security: the assets which are available to be
given as security for a loan will affect the type of loan that can be sought.
Tax: the tax effects are important some
loans are tax- deducible. Issuing extra shares, for examples, is not a tax
write-off.
The asset being
acquired. The firm will try to match the asset with a suitable source of
finance, (a firm must match source and use, eg to acquire a building use a long
term loan).
Amount: the sum needing to be borrowed will
dictate the manner in which it is borrowed eg a reasonably large firm borrowing
N50,000,000,00 for 5years is more likely to use long term loan not short term
loan.
Source of Long Term Funds
Firms need
long-term funds through debt finance (that is, fund from outside the firm) or
through equity financing (by drawing on internal sources).
1.
Debt
financing: long term borrowing from sources outside the company debt finance-
is a major component of most firms’ long-term financial planning. Long-term
debts are obligations that are payable more than one year after they were
originally Issued. The two primary
sources of such funding are long-term loans and the sale of corporate bonds.
Corporate bonds
is a contract, a promise by the issuer to pay the holder a certain amount of
money on a specified date. Bond issuer do not pay off quickly. In many cases,
bonds may not be redeemable for 10years, bonds involves interest. Bonds are the
major source of long term debt financing for most corporations. Long-term loans
are attractive to borrowers for several reasons
(Merits)
1.
If
the firms need changes, loans usually contain clauses making it possible to
change terms.
2.
The
duration of the loan can easily be matched to the borrowers needs.
3.
The
firm need not make disclosure of its business plans or the purpose for it is
acquire the loan (in contrast, the issuance of corporate bonds requires such
disclosure).
Demerits
1.
Long
term borrowers may also face restrictions as conditions of the loan. For
example, they may have to pledge long term assets as collateral or agree to
take on no more debt until the loan is paid
2.
Borrowers
may have trouble finding lenders to supply large sums.
(2) Equity
financing means use of common stock and/ or retained earnings to raise long
term funding.
For example,
founders may increase personal investment in their own firms. Sometimes equity
financing is preferable
a) Common stock
In common stock
people who purchase it seeks profits into forms, the dividends and
appreciation. Over all, shareholders hope for an increase in the market value
of their stock (appreciation) because the firm has profited and grown. By
issuing shares of stock, the company gets the funds it needs for buying land,
building and equipment.
b) Retained Earnings:
Retained
earnings are profits retained for the firms use rather than paid out in
dividends: If a company uses retained earning as capital, it will not have to
borrow money and buy interest. If a company has a history of reaping profits by
reinvesting retaining earnings, it may 'very attractive to some investors.
However, Retained earnings means smaller dividends for shareholders. In this
sense, then, the practice may decrease the demand for and thus the price of the
company's stock.
Hybrid Financing: Preferred Stock
A middle ground
between debt financing and equity financing is the use of preferred stock.
Preferred stock is a “hybrid” because it has some of the features of both
corporate bounds and common stocks. As with bounds, for instance, payments on
preferred stock are fixed amounts such as #100 per share per year. Unlike
bonds, however, preferred stock never matures; like common stock, it can be
held indefinitely. In addition, preferred stocks have first rights (over common
stock) to dividends.
A major advantage to the issuer is the
flexibility of preferred stock. Because preferred stockholders have no voting
rights, the stock secures funds for the firm without jeopardizing corporations
is not obligated to repay the principle and can withhold payment of dividends
in lean times.
Choosing
Between Debt and Equity Financing
Needless to say, an aspect of financing
planning is striking a balance between debt and equity financing because a firm
relies on a mix of debt and equity to raise the cash needed for capital
outlays, that mix is called its capital structure. Financial plans, thus,
contain targets for capital structure; an example would be 40 percent debt and
60 percent equity. But choosing a target is not easy. A wide range of mixes is
possible, and strategies range from conservative to risky.
The most conservative strategy is all equity
financing and on debt: A company has no formal obligations to make financial
payouts. As we have seen, however, equity is an expensive source of capital.
The riskiest strategy is all debt financing. Although less expensive than
equity funding. Indebtedness increases the risk that a firm will be unable to
meet its obligations (and even go bankrupt). Somewhere between the two
extremes, financial planners try to find mixes that will increase stockholders'
wealth with reasonable exposure to risk.
CASH
FLOW
Cash flow is the
movement of money into or out of business, project or financial product. It is
usually measured during a specified, limited period of time. Measurement of
cash flow can be used for calculating other parameters that give information on
a company's value and situation.
Cash flow can be
used, for example, for calculating Parameters: It describes cash movements over
the period.
WHY WE CALCULATE OR USE CASH FLOW IN BUSINESS
1) To determine a
project’s rate of return or value. The time of cash flows into and out of
projects are used as inputs in financial modes such as internal rate of return
and net present valve.
2) To determine problems with a business’s
liquidity. Being profitable does not necessarily mean being liquid. A company
can fail because of a shortage of cash even while profitable.
3) As an
alternative measure of a business’s profits when it is believed that accrual
accounting concepts do not represent economic realities.
For example: A
company may be notionally profitable but generating little operational cash (as
may be the case for a company that barters its products rather than selling for
cash). In such a case, the company may be deriving additional operating cash by
using shares or raising additional debt finance
4) Cash flow can be
used to evaluate the ‛quantity’ of income generated by accrual accounting. When
net income is composed of large non–cash items it is considered low quantity.
5) To evaluate the
risks within a financial product,
Cash
flow notion is based loosely on cash flow statement accounting standards. It’s
flexible as it can refer to time intervals spanning over past future. It can refer
to the total of all flows involved or a subset of those flows.
CASH
FLOW COMPONENTS
Corporate cash
flow statements include three components
a) Cash flow from
operating activities
b) Cash flow from
investing activities
c) Cash flow from
financing activities.
a)
Cash
flow from operating activities refers to money generated by a company’s core
business activities. This number highlights the firm’s ability core inability
to make a profit. While it provides good insight into whether or not the firm
is making money , the other components of the cash flow statement also needed
to be taken into consideration in order
to develop more complete picture of the company’s health
b)
Cash
flows from investing: Cash floe from investing may sounds like the amount of
money a company generates from investments it has made, but the accountants who
fill out corporate balance sheets are generally not referring to the number of
shares of the company has bought or the number of municipal it has sold.
Rather, from a corporate perspective, they are generally referring to money
made or spent on long–term assets the company has purchased or sold. Upgrading
equipment and buying another company to take over its operations and gains
access to its clients and technology are investment activities from a
corporation’s point of view. Both of these activities cause companies to spent
money, which is captured on a cash flow statement as negative cash flow.
Similarly, if a company sells off old equipment or sells a division of its operations to another
firm, these activities are also captured on paper as income from investment.
c)
Cash
flow from financing activities measures the flow of cash between a firm and its
owners and creditors. Corporations often borrow money to fund their operations,
acquire another company or make other major purchases. Timely operational
expenditures, such as meeting payee requirements, would be one reason for
cash–flow financing. Companies are essentially borrowing from cash flow they
expect to receive in the future by giving another company the rights to an
agreed portion of their receivables. This allows companies to obtain financing
today, rather than at some point in the future.
WAYS TO
IMPROVE CASH FLOW
1) Controlling Expenses: one of the most
effective ways for you to improve cash flow is to control expenses. Business
owner agree the best single action they can take to save their businesses
money, improve cash flow and stay on solid ground is to create and adhere to a
monthly budget.
2. Cost-cutting Strategies: challenges
every expense and assume your business is spending two much. Here are three
specific actions:
a. know your
strategic costs: you should understand the things that make and save the most
money and try to aggressively cut everything else. Costs directly linked to
product quality, excellent customer service,, profitable new sales or your
defined competitive edge are strategic. You should consider everything else
overhead.
b. Never let
expenses become routine: periodically dive into non-strategic costs to find
savings. Search a couple of nonstrategic expense accounts each month for
expenses you can remove or slash.
c. review all
expenses and costs: according to a study of the 80 most productive companies in
the world in the book less is more: how great companies use productively a
competitive tool in business, project oriented executives ask one simple
question before they make any decision: what’s the good business reason to do
this? If there’s no easy answer to this question, reconsider those costs.
3. Build
a Smarter Budget:
To make solid
determinations as to what expenses can be eliminated, you should understand and
track monthly expenditure. Here are three actions you can take related to
effective budgeting.
a.
Create
a monthly budget, and stick to it: you can’t manage what you can’t measure,
although two- thirds of owners agree they are responsible for cost control,
many don’t have monthly budgets according to a report of small business. Owners
by the national foundation of independent business. According to Bob fifer, the
author of the book double your profits, if you want to save a lot of money in
every little time set a budget. It can save you a significant amount of money
every month.
b.
Start
your budget with zero: profit- oriented managers create zero- based budgets”
where they start with a clean slate every year: spending a weekend adding up
all of your monthly cost and looking for duplication, waste or purchasing
savings may sound boring, but it likely will identify 10 percent cost saving.
c.
Use
your gut: one key to setting budgets is to avoid “analysis paralysis” and
consensus when setting cost cutting goals. In terms of saving your time and
money a back-of –the-envelope cost- cutting goal for your budget from the top
down beats a detailed budget based on last year’s expenses, excesses and faulty
assumptions. If you cut too far, you will know pretty quickly and can adjust.
3.
Compare your Expenses: small business
owners build strong relationships with their vendors and service providers, but
that doesn’t mean they should strong relationships with their vendors and
services providers, but that doesn’t mean they shouldn’t consider benchmarking
and bidding out all of their top expenses. Here are two related strategies.
a.
Bid
out costs regularly: Any cost that does not go out for bid is a wasted cost-
saving opportunity. Don’t accept price increases without seeking competitive
bids even telling a supplier you are considering putting work out to bid can
generate cost- saving ideas.
b.
Benchmark
your cost: ask your peers where you can find a better deal. If they cannot buy
your product or help you find customers, they can often help you shop find out
where your competitors buy and what they pay.
4.
Get Solid Control- In addition to cutting expenses
out right, building a budget and consulting with your peers, controlling
expenses often starts with the right systems in place. Here are four strategies
to obtain improved cost control.
a.
Approval
all expenses: Set approval by expense category and employee. The secret is
doing this without spending a lot of time. One way is to use corporate credit
cards equipped with sophisticated, employee –specific expense – control
features. Another is to require employees to ask permission personally, or in
writing, on high value expense categories.
b.
Automate
expense control: you can better control most of your company’s expenses by
spending a little time using basic online banking tools and controls. Set the
authority to approve all expenditures and restrict others using automated
entitlements, authorization and spending limits, particularly for strategic or
high value expense categories.
c.
Track
expenses regularly: create a flash report to directly measure cash, profits and
net worth. Watch them monthly, weekly, weekly or even daily turn your
accountant into a “virtual CFO” who can generate the regular you need to manage
profits give your CPA selective access to your online financial to effetely
generate the reports you need to manage cost and profits.
d.
Use
online and real-time tools. Your bank can help
you set-up a range of alerts and reminders related to ash consuming
transitions with online banking, bill pay, tax payment, tax payment, direct
deposit, pay roll and cash- management system these cost- control measures
improve visibility related to expenses and allow you to gain better control
over tomorrow’s projects.
REFERENCES
Financing
business/investopedia
www.investopedia.comfterms/f/financing.asp
Meaning of
business finance by slideshare
www.slidesshare.net/yashpal01/meaning
of business finance Apr.4, 2008.
Business
essentials fifth edition Ronald J. Ebert University of Missouri Colombia and
Risky W. Griffin
Taxas A & M. University copyright@2005,2003,2000,1998,1995 by Pearson
education, inc, upper sanddle river, new jersey, 07458, USA Source of long term
fund. Page 485 and 486
Connor G. (1989)
business now Dublin: CJ Fallon business finance.
Cashflow-Wikipedia,
the free encyclopedia- htt://en.m. wikipedia.org/wiki/cash flow.
Cash flow investing
http:/www.inveshopedia.com/articles/financial- theory /11/ cash-flow-from
investing asp- components of cash flow.
SunTrust: Twelve ways to improve cash
flow by controlling expenses/resource center –https://www.suntrust.com/
resourcecenter/article/expenses-2012/204#.VLV97xOo-2c(ways to improve cash
flow)
DEPARTMENT: BUSINESS ADMINISTRATION/ ENTREPRENEURIAL STUDIES.
COURSE:
BUSINESS MANAGEMENT
TOPIC:
FINANCIAL BUSINESS AND CASH FLOW