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Essentials of Working Capital Management

ISBN: 978-0-470-87998-6
272 pages
November 2010
Essentials of Working Capital Management (047087998X) cover image
A comprehensive primer for executives and managers on working capital management

With limited access to credit and short term funding, it is increasingly important that companies focus on working capital management to free up funds and optimize liqidity. Written in the easy-to-follow Essentials Series style, Essentials of Working Capital Management covers the main components of working capital.

  • Covers the latest trends around working capital
  • Discusses a range of working capital topics, including cash management, banking relations, accounts receivable, inventory, accounts payable, and foreign exchange
  • Analyzes the efficient utilization of current assets and liabilities of a business through each phase of the operating cycle
  • Examines the planning, monitoring, and management of the company's collections, disbursements and concentration banking
  • Explores the gathering and management of information and forecast data to effectively use funds and identify risk

Focused on how businesses can continue to be successful in these difficult times, specifically in relation to the limited credit available to businesses, this book puts practical guidance at your fingertips so you can put them to work right away. A comprehensive case introduces each major section of the book, and suggested solutions are included in a book appendix.

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Preface.

Acknowledgments.

Chapter 1 Concepts in Working Capital Management.

Working Capital Concepts.

Ratio Analysis.

Working Capital Ratios.

Significance of Working Capital.

Applying These Ideas to a Real Business.

Summary.

PART I CASH—TRANSACTIONS, BANKING AND CREDIT, AND FINANCIAL INSTRUMENTS.

Comprehensive Case: Widget Manufacturing Case I.

Chapter 2 Cash: Management and Fraud Prevention.

Forms of Cash.

Lockboxing.

Controlled Disbursement.

Bank Products Used for Electronic Transactions.

Summary.

Chapter 3 Cash, Credit, and Short-Term Financial Instruments.

Developing a Short-Term Forecast.

Preparing a Cash Budget.

Credit Financing.

Short-Term Investments.

Summary.

Chapter 4 Concentration Banking and Financial Institution Relationships.

Changing Financial Landscape.

Bank Relationship Management.

Concentration Banking.

Request-for-Proposals.

RFP Evaluation.

Bank Relationship Reviews.

Summary.

PART II OTHER WORKING CAPITAL ACCOUNTS—RECEIVABLES, INVENTORY, AND PAYABLES.

Comprehensive Case: Widget Manufacturing Case II.

Chapter 5 Accounts Receivable and Working Capital Issues.

Elements of Receivables Management.

Receivables Cycle Monitoring: Ratios.

Receivables Cycle Monitoring: The Aging Schedule.

Sales Financing.

Credit Reporting.

Terms of Sale.

Invoice Generation.

Asset-Based Financing: Receivables.

Debt Collection Agencies.

Summary.

Chapter 6 Inventory and Working Capital Issues.

Elements of Inventory Management.

Inventory Cycle Monitoring: Ratios.

Inventory Cycle Monitoring: Metrics.

Purchasing.

EOQ and JIT.

Work-in-Process.

Asset-Based Financing: Inventory.

Summary.

Chapter 7 Payables and Working Capital Issues.

Elements of Payables Management.

Payables Cycle Monitoring: Ratios.

Accounts Payable Function.

Payables Using Internal Processes.

Payables Outsourcing.

Payroll Alternatives.

Summary.

PART III ISSUES IN WORKING CAPITAL MANAGEMENT.

Comprehensive Case: Widget Manufacturing Case III.

Chapter 8 International Working Capital.

Capitalism Goes Global.

Elements of International Working Capital.

Financing of International Transactions.

Foreign Exchange Markets.

Analysis of Country Risk.

Other Significant Issues in International Working Capital.

Cultural and Corporate Practices Affecting Working Capital.

Summary.

Chapter 9 Information and Working Capital.

Information Technology.

Bank Information Technology.

Internet Bank Technology.

Enterprise Resource Planning: An Alternative Approach.

Choosing Working Capital Information Systems.

Summary.

Chapter 10 Managing the Working Capital Cycle.

Risk and Working Capital.

Enterprise Risk Management.

Efficiency and Working Capital.

Liquidity and Working Capital.

Suggested Actions.

Developments in Working Capital Management.

The Cost of a Transaction.

Summary.

Appendix A: Suggested Solutions to Widget Manufacturing Company Case—Parts I, II, and III.

Appendix B: Basic Financial Concepts.

Appendix C: Web Sites of Working Capital Market Participants.

Appendix D: Glossary.

About the Author.

Index.

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