Managing liquidity by Lance Moir

By Lance Moir

Coping with funds movement, rates of interest and relatives with the financial institution are essentially matters for each enterprise. This transparent and concise consultant is in particular designed to explain the basic judgements in liquidity administration and set them in an total enterprise context.

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B a s e r a t e s a r e c u r r e n t l y 1 2 % (1 S e p t e m b e r 1 9 9 X ) a n d R o b ­ i n s finances itself f r o m o v e r d r a f t s , e x c e p t f o r a fully d r a w n t e r m facility a t 1 3 % p a o f £2 m i l l i o n w h i c h e x p i r e s o n 3 1 D e c e m b e r 1 9 9 X + 1. 0 m i l l i o n a n d M M S will p a y 5 0 % o f t h e c o n t r a c t p r i c e o n 3 0 N o v e m b e r 1 9 9 X a n d t h e b a l a n c e o n 2 8 F e b r u a r y 1 9 9 X + 1. T h e c o n t r a c t b e g i n s o n 1 S e p t e m b e r 1 9 9 X a n d r u n s for 6 months.

If this d o e s n o t h a p p e n , t h e r e c o u l d b e t h e e m b a r r a s s i n g position of a substantial difference b e t w e e n the treasurer's view of the future cash position of the g r o u p a n d that of the financial controller! Informal arrangements and group politics T h e t r e a s u r e r h a s a different function in a g r o u p from t h a t of the controller or divisional finance d i r e c t o r . A p r i m e n e e d for t h e t r e a s u r e r is t o u n d e r s t a n d e x a c t l y w h a t will h a p p e n t o t h e cash position o n a n y given d a y - others m a y be m o r e con­ c e r n e d w i t h s e t t i n g a n d m e e t i n g t a r g e t s .

It c a n often b e tied in t o k n o w n c h e q u e r u n s o r receipts f r o m sales a l r e a d y m a d e . H o w e v e r , t h e t e c h n i q u e of forecasting the cash position from individual items means t h a t these items a r e c o n s i d e r e d in isolation f r o m e a c h o t h e r , t h e r e f o r e a p a r t i c u l a r b i a s in o n e figure c a n l e a d to a n o n s e n s e o v e r a l o n g e r f o r e c a s t . F o r e x a m p l e , if a c o n s e r v a t i v e a p p r o a c h is t a k e n t o f u t u r e s a l e s ( a n d t h i s is o f t e n v e r y s e n s i b l e ) , t h e n a 21 Managing liquidity forecast r e a d o n this basis o v e r a y e a r m a y lead t o a ridiculously h i g h stock position.

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