Bahan kuliah sesi 3
Mata Kuliah: Manajemen Keuangan - MM UMB Dosen : Matrodji Mustafa Ph.D.
PERENCANAAN KEUANGAN
Langkah-langkah yang diperlukan untuk membuat proyeksi kebutuhan dana:
1. Membuat proyeksi penjualan karena anggaran yang lain mengacu kepada proyeksi penjualan. 2. Membuat proyeksi biaya-biaya yang besarnya tergantung pada besarnya sales
3. Menaksir jumlah investasi yang diperlukan untuk mendukung jumlah penjualan yang diproyeksikan
4. Menghitung kebutuhan dananya
Proforma atau projected financial statements (neraca dan laporan rugi-laba) dibuat oleh financial manager dan digunakan untuk (1) mengevaluasi bagaimana kondisi financial perusahaan dimasa datang, (2) membuat taksiran tambahan dana yang diperlukan, (3) melihat dampak dari berbagai alternatip tindakan atas kondisi keuangan perusahaan, dan (4) mengevaluasi kinerja (performance) dengan membandingkan antara actual dan projeksi.
Financial Statement Forecasting dengan Percent of Sales Method
Hasil forecasting sales dijadikan dasar untuk membuat forecasting neraca (balance sheet) dan income statement. Langkah pertama adalah menganalisa historical ratio. Didalam metode percent of sales, berbagai pos biaya, aktiva, dan hutang untuk tahun yang akan datang diestimasi atas dasar sekian percent dari sales
Table 1
PERCENT OF SALES METHOD Dec 31, 2006 Percent of Sales Sales 2006 = $ 20,000 Projected Sales 2007 = $24,000 Assets -Current assets $ 2000 10% $ 2400 -Fixed assets 4000 20% 4800 Total assets 6000 7200
Liabilities and Equity
-Current liabilities 2000 10% 2400
-Long-term debt 2500 n.a*) 2500
Total liabilities 4500 4900
Common stocks 100 n.a*) 100
Capital surplus 200 n.a*) 200
Retained earnings 1200 1920
Total equity 1500 2220
Total liabilities & Equity 6000 7120
Catatan: *) pos-pos ini tidak bervariasi langsung dengan variasi sales
External financing needed = projected total assets – projected (liabilities and equity) = 7200 – 7120 = 80
Projected net income = 5% of sales. Cash dividend paid = 40% of net income. Projected retained earnings = 1200 + 5%(24) – 40%(5% x 24) = 1920
External funds needed = Required increase in assets – Spontaneous increase in liabilities – Increase in retained earnings
The $80 external financing dapat diperoleh dengan menerbitkan notes payable, bonds, or stocks, singly or in combination.
Contoh lain: Percentage of Sales Table 2 2006 Percent of 2006 Sales 2007 Projection Net sales $ 500 100.00 % $ 750
Cost of goods sold 400 80.00 600
Selling and Adm expenses 52 10.40 78
EBIT 48 9.60 72
Interest expenses 8 n.a. 8
EBT 40 n.a. 64
Taxes (50%) 20 n.a. 32
Net Income 20 n.a. 32
Dividend (payout 40%) 8 n.a. 8
Addition to retained earnings 12 n.a. 24
Table 3 Balance Sheet 2006 Percent of 2006 Sales 2007 Projection Pro forma Cash $ 10 2.00% $ 15 ---à $ 15 Receivables 85 17.00 128 ---à 128 Inventories 100 20.00 150 ---à 150
Total current assets 195 39.00 293 ---à 293
Net fixed assets 150 30.00 225 ---à 225
Total assets 345 69.00 518 --à 518
Account payables 40 8.00 60 ---à 60
Notes payables (8%) 10 n.a. 10 + 9 19
Accrued wages and taxes 25 5.00 38 ---à 38
Total current liabilities 75 n.a. 108 117
Mortgage bonds (10%) 72 n.a. 72 + 70 142
Common stock 150 n.a. 150 +37 187
Retained earnings 48 n.a. 48 + 24 = 72 ---à 72
Total claims 345 n.a. 402 518
External funds needed = 518 – 402 = 116
Constraints facing the company to raise external financing:
The company has a contractual agreement with its bondholders to keep total debt at or below 50% of total assets, and to keep the current ratio at a level of 2.5 x or greater:
Thus:
Maximum debt permitted = 50% x total assets = 50% x 518 = 259
Debt already projected for Dec 31, 2007 = Current Liab + Bonds = 108 + 72 = 180 Maximum additional debt = 259 – 180 = 79
Maximum current liabilities = Projected current assets / 2.5 = 293/2.5 = 117
Current liabilities already projected = 108. Thus, maximum additional current liabilities = 117 – 108 = 9 Common equity requirements = External funds needed – maximum debt permitted
Contoh Proyeksi Laporan Keuangan
Table 4
Projected Balance Sheet 1997
(1+Sales growth)
1998 Forecast
Projected AFN Pro Forma
Cash $ 10 x 1.10 $ 11 ----à $ 11
Receivables 375 x 1.10 412 ---à 412
Inventories 615 x 1.10 677 ----à 677
Total current assets 1000 1100 1100
Net fixed assets 1000 x 1.10 1100 ----à 1100
Total assets 2000 2200 2200
Account payables 60 x 1.10 66 ----à 66
Notes payables (8%) 110 ---à 110 + 28 138
Accrued wages and taxes 140 x 1.10 154 ----à 154
Total current liabilities 310 330 358
Long-term bonds 754 ---à 754 + 28 782
Total debt 1064 1084 1140
Preferred stock 40 ---à 40 ----à 40
Common stock 130 ---à 130 +56 186
Retained earnings 766 +$ 68 834 ----à 834
Total common equity 896 964 1020
Total claims 2000 2088 + 112 2200
Table 5
Projected Income Statement Actual
1997
Forecast Basis 1998 Forecast
Net sales $ 3000 x 1.10 $ 3300
Costs except depreciation 2616 x 1.10 2878
Depreciation 100 x 110 110
Total operating costs 2716 2988
EBIT 284 312
Less interest expenses 88 ---à 88
EBT 196 224
Tax 40% 78 89
Net Income before preferred dividend 118 135
Dividend to preferred 4 ---à 4
Net income available to common 114 131
Dividend to common 58 63
Additional to retained earnings 56 68
Table 6
Projected AFN and Key Ratios
Actual 1997 1998 Forecast Industry Average
AFN (Additional Funds Needed) $ 112
Current ratio 3.2 3.1 4.2
Inventory turn over 4.9 4.9 9.0
Receivable Collection period 45.0 45.0 36.0
Total assets turnover 1.5 1.5 1.8
Debt ratio 53.2% 51.8% 40.0%
Profit margin 3.8% 4.0% 5.0%
Return on assets 5.7% 6.0% 9.0%
More About Financial Planning Model Dengan Percentage of Sales
Dalam model ini sales tumbuh sebesar 20% per tahun selama 5 tahun.
Total sources of funds = Operating cashflow + New issues of debt + New issues of equity Total Uses of funds = Investment in NWC + Investment in FA + Dividends paid
External Financing Required = Operating CashFlow – Investment in NWC – Investment in Fixed Assets – Dividends paid
Tabel 7. Neraca
2001 2002 2001 2002
Current Assets Currrent Liabilities
Cash & Securities 75.0 110.0 Accounts payable 349.9 360.0 Receivables 433.1 440.0 Debt due within 1 yr 96.6 100.0 Inventory 339.9 350.0 Total current liab. 446.5 460.0 Total current assets 848.0 900.0
Fixed Assets Long-term debt 425 450
Property, Plant, and Equip 929.5 1000.0
Less: Acc Depr 396.7 450.0 Shareholders’ equity 509.3 540
Net Fixed Assets 532.8 550.0 --- ---
Total Assets 1380.8 1450.0 Total Liab. & Equity 1380.8 1450.0
Tabel 8. Laporan Rugi/Laba
The 2002 Income Statement Sources and Uses of Funds (millions)
Sales $ 2200 Sources
Costs 1980 Net Income $ 74.5
Depreciation 53.3 Depreciation 53.3
EBIT 166.7 Operating cash inflows 127.8
Interest 42.5 Issues of long-term debt 25.0
Tax 49.7 Issues of equity 00.0
Net Income 74.5 Total sources 152.8
Dividends 43.8 Uses
Retained Earnings 30.7 Invest in NWC (848 – 4465.) 38.5
EPS 5.26 Invest in FA (1000 – 929.5) 70.5
Dividend per share 3.09 Dividends 43.8
Total uses 152.8
Tabel 9. Proyeksi Operating Cash Flows
2002 2003 2004 2005 2006 2007
Revenues (20% increase) 2,200 2,640 5,474
Costs (90% of revenues) 1,980 2,376 4,927
Depr (10% of starting FA) 53.3 55.0 114.0
EBIT 166.7 209.0 433.4
Interest (10% of starting Debt) 42.5 45.0 131.3
Pretax profit
Tax (40% of pretax profit) 49.7 65.6 120.8
Net Income 74.5 98.4 181.2
Operating Cash Flows 127.8 153.4 295.3
Tabel 10. Proyeksi NWC dan Fixed Assets
2002 2003 2004 2005 2006 2007
Net working cap (20%of Rev) 440 528 1,095
Net Fixed Assets (25%ofRev) 550 660 1,369
Total Net Assets 990 1,188 2,463
Long-term debt 450 609 1,651
Equity 540 579 812
Tabel 11. Proyeksi External Financing Required
2002 2003 2004 2005 2006 2007
Increase in Net Working Cap 38.5 88.0 182.5
Investment in Fixed Assets 70.5 165.0 342.1
Dividend(60% of Net Income) 43.8 59.0 108.7
Total uses of funds 152.8 312.0 633.4
External Capital Required = Total Uses of Funds – Operating Cash Flow
25.0 158.6 338.1
Internal growth rate = (Add to retained earnings/NI) x (NI/Equity) x (Equity/Net Assets) = 0.40 x 0.1822 x 0.5455 = 0.0398 or 3.98%
Sustainable growth rate = retention rate x ROE = 0.0729 or 7.29%
External Financing and Growth
Internal growth rate = the maximum growth rate a firm can achieve without external financing of any kind Internal growth rate = (Addition to retained earnings) / (Beginning assets)
= (Addition to RE)/NI x NI/E x E/Assets = retention rate x ROE x Equity/Assets
Contoh: Beginning total assets (awal tahun) = $1000 ; Beginning equity (awal tahun) = $600; Net income tahun berjalan = $96, retention rate = 1/3
ROE = 96/600 = 0.16 ; Rasio equity to assets = 600/1000 = 0.6; Internal growth rate = 1/3 x 0.16 x 0.60 = 0.032 atau 3.2%
Bila perusahaan ingin tumbuh lebih cepat dari 3.2% tanpa external capital maka perusahaan harus: • Menanam kembali laba dengan proporsi yang lebih besar
• Menghasilkan ROE yang lebih tinggi
• Mempunyai debt to equity ratio yang lebih rendah
Sustainable growth rate
Sustainable growth rate = the maximum growth rate a firm can achieve without external equity financing (tanpa saham baru) while maintaining a constant debt-equity ratio (without changing leverage).
Sustainable growth rate = retention rate x ROE Retention rate = 1 – payout ratio.
Pertumbuhan assets = Retained earnings + New equity issue + New debt issue Karena perusahaan tidak melakukan new equity issue maka new equity issue = 0 Growth rate x Assets = Retained earnings + new debt issue
Sustainable growth rate = (Retained earnings + new debt issue) / Assets
Karena Debt/Equity constant maka new debt issue harus sama dengan retained earnings dikalikan D/E. Sustainable growth rate = (Retained earnings + Retained earnings (D/E) / ( E + D)
= Retained earnings (1 + D/E) / ( E + E(D/E)) = Retained earnings (1+D/E) / Equity (1+D/E) = Retained earnings / Equity
= (Retained earnings / Net Income) x (Net Income) / Equity = Retention rate x ROE
Contoh: Bila perusahaan ingin mempertahankan ratio debt to total assets konstan, maka perusahaan dapan menerbitkan 40 cents of debt untuk setiap 60 cents of retained earnings, dalam hal ini, maksimum (sustainable growth rate) menjadi:
Sustainable growth rate = retention rate x ROE = 1/3 x 0.16 = 0.0533 atau 5.3%
Problems with the percentage of sales approach Kelebihan dari the percent of sales method: it is simple and inexpensive to use Keterbatasannya adalah:
Pertama: Dalam praktek many variables will not be proportional to the forecasted level of sales. Adanya economies of scale dalam penggunaan assets akan menyebabkan ratio antara total assets terhadap sales tidak constant dari waktu ke waktu.
Adanya safety stock untuk inventory sekalipun tingkat penjualan rendah. Dalam hal ini growth rate of sales tidak sama dengan growth rate of inventory. Contoh lain apabila perusahaan menggunakan EOQ model untuk inventory maka ‘inventory will rise with the square root of sales’ (tidak linear).
Lumpy assets, yaitu assets yang hanya dapat dibeli dalam jumlah yang utuh dan besar, tidak sedikit-sedikit (in small increments). Lumpy assets mempengaruhi fixed assets / sales ratio dan berdampak pada financial requirements.
The firm is assumed to be operating at full capacity. Dalam praktek banyak perusahaan beroperasi tidak dalam full capacity.
Komplikasi: Feedback effects
Proforma laporan keuangan yang dibuat diatas masih harus dikoreksi karena belum memperhitungkan bunga pinjaman tambahan untuk memenuhi kebutuhan external financinf needed. Dividend seharusnya juga dibayar untuk saham tambahan. Pembayaran bunga dan dividend ini akan mengurangi net income dan retained earnings. Financing feedback effects ini harus dimasukkan dalam penentuan proforma financial statement. Pertama, tambahan hutang akan menambah biaya bunga. Kedua, penambahan modal saham akan menambah dividend yang dibayarkan
Table 12
Hutang yang ada Hutang tambahan
Proyeksi biaya bunga
Notes payable bunga 8% New notes payable bunga 10%
Biaya bunga = 8% x 10 = 0.8 Biaya bunga = 10% x 9 = 0.9 1.7
Bonds bunga 10% New Bonds bunga 12%
Biaya bunga = 10% x 72 = 7.2 Biaya bunga = 12% x 70 = 8.4 15.6 Total proyeksi biaya bunga 2007: 17.3 ≈ 17
Table 13 Dividend sebelum saham baru Saham baru
Shares outstanding = 10 juta Equity baru = $ 37 juta Dividend total = $ 8 juta Harga saham per lembar $ 30
Dividend per shares = $ 0.8 Tambahan saham 37 jt / $ 30 = 1,233,333 lembar Tambahan dividend = 1,233,333 @ $0.8
Atau $ 986,667 ≈ $ 1 juta Total proyeksi dividend 2007 = $ 9 juta
Including Feedback Effect (First Iteration) Table 14 2006 Percent of 2006 Sales 2007 Projection 2007 Pro forma Net sales $ 500 100.00 % $ 750 $ 750
Cost of goods sold 400 80.00 600 600
Selling and Adm expenses 52 10.40 78 78
EBIT 48 9.60 72 72
Interest expenses 8 n.a. 8 17
EBT 40 n.a. 64 55
Taxes (50%) 20 n.a. 32 28
Net Income 20 n.a. 32 27
Dividend (payout 40%) 8 n.a. 8 9
Addition to retained earnings 12 n.a. 24 18
Table 15 Balance Sheet 2006 Percent of 2006 Sales 2007 Projection 2007 Pro forma Cash 10 2.00% 15 15 Receivables 85 17.00 128 128 Inventories 100 20.00 150 150
Total current assets 195 39.00 293 293
Net fixed assets 150 30.00 225 225
Total assets 345 69.00 518 518
Account payables 40 8.00 60 60
Notes payables (8%) 10 n.a. 10 19
Accrued wages and taxes 25 5.00 38 38
Total current liabilities 75 n.a. 108 117
Mortgage bonds (10%) 72 n.a. 72 142
Common stock 150 n.a. 150 187
Retained earnings 48 n.a. 72 66
Total claims 345 n.a. 402 512
External financing needed = 518 – 512 = $ 6 juta Key ratios projected for December 31, 2007:
Current ratio = 2.5 times; Total debt / total assets = 50%; ROE = 10.4 %
Faktor-faktor yang mempengaruhi besarnya external financing
Sales growth: Increases in sales normally require increases in assets, Some of financing needed to support asset increases comes from spontaneously generated liabilities (misalnya accounts payable) dan laba ditahan (retained earnings). If sales growth is low enough, accounts payable dan laba ditahan ini akan cukup untuk membiayai the asset growth. If the asset growth rate exceeds a certain level, external funds will be needed.
Output/capacity relationship. Percent of sales method mengasumsikan bahwa fixed assets telah
dioperasikan secara penuh (fully utilized). Jika perusahaan hanya beroperasi 70% dari kapasitas penuh , fixed assets mungkin tidak harus ditambah sampai level penjualan mencapai titik tertentu.
Bila sales sebesar $500 juta dicapai perusahaan hanya dengan 70% kapasitas, maka full capacity sales adalah $ 714 juta. Full capacity sales = Current sales / 0.70 = 500 / 0.70 = $714 juta. Fixed asset sebesar $150 juta bisa menopang sales maksimum $714 juta. Atau fixed asset yang dibutuhkan adalah 150/714 = 21% dari sales. Dengan proyeksi penjualan sebesar $ 750 juta maka kebutuhan assets = (150/714) x 750 = $ 158 juta.
Capital Intensity atau jumlah assets yang diperlukan per dollar of sales = Assets / Sales
Bila ratio ini rendah maka kenaikan sales hanya membutuhkan sedikit tambahan fixed assets dan selanjutnya makin sedikit membutuhkan external financing.
Profit margin: Higher profit margin ---- higher net income ---- higher retained earnings. Dividend policy: Lowering payout ratio --- increasing retained earnings
Metode lain untuk forecasting pos-pos neraca dan rugi laba:
Metode lainnya meliputi: Simple linear regression, Multiple regression, Specific model untuk setiap variable (item), dan lain-lain.
Contoh penggunaan simple linear regression: Misal Inventory = a + b*Sales
Misalkan hubungan antara key variables dengan sales disajikan pada tabel berikut:
Table 16: Hubungan Beberapa Variabel Terhadap Sales
Variabel Hubungan dengan Sales
Cost of goods sold 0.80*Sales
Administrative and selling expenses $27 + 0.05*Sales
Cash 0.02*Sales
Receivables $7 + 0.15*Sales
Inventories $20 + 0.16*Sales
Net fixed assets $38 +0.23*Sales
Accounts payable 0.08*Sales
Accrued wages and taxes 0.05*Sales
Assumsi:
• Sales tumbuh sebesar 50% pada tahun 2 dan 3, sebesar 25% pada tahun 4, dan sebesar masing-masing 15% pada tahun 5 dan 6
• Pertumbuhan dividend sebesar 10% per tahun • Kenaikan harga saham sebesar 20% per tahun • Tarip pajak sebesar 50%
• Distribusi external financing sebesar 4% dari short-term notes, 26% dari bonds, dan 70% dari equity • Dana dari external financing diterima pada setiap 1 Januari
• Bunga short-term debt yang baru adalah 10%, dan long-term debt baru berbunga 12%. Sedangkan flotation cost diabaikan.
Table 17 Proyeksi Income Statement
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
Net sales $500.00 $750.00 $1,125.00 $1,406.00 $1,616.00 $1,860.00 Cost of goods sold 400.00 600.00 900.00 1,125.00 1,294.00 1,488.00
Operating expenses 52.00 64.50 83.25 97.31 107.90 120.00 EBIT 48.00 85.50 141.50 183.90 215.60 252.00 Interest expense 8.00 10.83 14.72 16.56 16.84 17.02 EBT 40.00 74.67 127.00 167.40 198.70 234.90 Taxes (50%) 20.00 37.34 63.51 83.69 99.37 117.50 Net Income 20.00 37.34 63.51 83.69 99.37 117.50 Dividends paid 8.00 10.17 12.93 14.97 16.57 18.29 Addition to Ret.Earnings 12.00 27.16 50.59 68.72 82.80 99.18 EPS 2.00 3.23 4.76 5.95 7.02 8.27
Table 18 Proyeksi Balance Sheet
Balance Sheet Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
Assets
Cash $ 10.00 $ 15.00 $ 22.50 $ 28.13 $ 32.34 $ 37.20
Receivables 82.00 119.50 175.80 217.90 249.60 286.00
Inventories 100.00 140.00 200.00 245.00 278.80 317.60
Total current assets 192.00 274.50 398.30 491.10 560.70 640.70
Net fixed assets 153.00 210.50 396.80 361.40 410.00 465.70
Total assets 345.00 485.00 695.00 852.50 970.60 1,106.00
Liabilities
Accounts payable $ 40.00 $ 60.00 $ 90.00 $ 112.50 $ 129.40 $ 148.80
Notes payable 10.00 13.21 17.64 19.73 20.05 20.25
Accrued wages & taxes 25.00 37.50 56.25 70.31 80.86 92.99
Total current liabilities 75.00 110.70 163.90 202.50 230.30 262.00
Bonds 72.00 92.89 121.70 125.20 137.30 138.60
Common stock 150.00 206.20 283.70 320.30 325.80 329.40
Retained earnings 48.00 75.16 125.70 194.50 277.30 376.40
Total Claims 345.00 485.00 695.00 852.50 970.60 1,106.00
Table 19 External Financing
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
Funding requirements
External funding -- $ 80.34 $ 110.70 $ 52.22 $ 7.91 $ 5.13
Surplus cash -- 0 0 0 0 0
New notes payable -- 3.21 4.43 2.09 0.35 0.21
New bonds -- 20.89 28.77 13.58 2.06 1.33
New stock -- 56.24 77.47 36.55 5.54 3.59
New shares sold -- 1.56 1.79 0.71 0.09 0.05
Total shares outstanding 10.00 11.56 13.36 14.06 14.15 14.20
Table 20 Financial Ratios
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
Current ratio 2.56 2.48 2.43 2.43 2.44 2.45
Total asset turn-over 1.45 1.55 1.62 1.65 1.67 1.68
Times interest earned 6 7.90 9.63 11.11 12.80 14.80
ROA 6% 8% 9% 10% 10% 11%
ROE 10% 13% 16% 16% 16% 17%
Table 20 Financial Ratios
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
Stock price $30.00 36.00 43.20 51.84 62.21 74.65
Dividend per share $ 0.80 0.88 0.97 1.07 1.17 1.29
BUDGET
To obtain a more precise projection of future financing needs: the preparation of cash budget is required.
Operating budgets
1. Sales budget, including a computation of expected cash receipts 2. Production budget
3. Ending inventory budget
4. Direct material budget, including a computation of expected cash disbursements for materials 5. Direct labor budget
6. Factory overhead budget
7. Selling and administrative expenses budget 8. Proforma income statement
The financial budget consists of cash budget and proforma balance sheet. Steps needed in preparing the budget:
1. Prepare a sales forecast 2. Determine production volume
3. Estimate manufacturing costs and operating expenses 4. Determine cash flow and other financial effects 5. Formulate projected financial statement
Table 16 Contoh Cash budget
Month 1 Month 2 Month 3 Month 4
Beginning Receivables 120 100 150 125
Sales 200 300 250 400
Cash collection = Beg Receivable + ½ Sales 220 250 275 325
Ending Receivable 100 150 125 200
Cash disbursements
Payments of accounts (60% of sales) 120 180 150 240
Wages, taxes, and other expenses 40 60 50 80
Capital expenditures 0 100 0 0
Financing expenses (Interest and Dividend) 20 20 20 20
Total Cash Disbursement 180 360 220 340
Net Cash Inflow 40 -110 55 -15
Beginning Cash balance 20 60 -50 5
Net Cash Inflow 40 -110 55 -15
Ending cash balance 60 -50 5 -10
Minimum cash balance 10 10 10 10
Short-term Financial Plan Table 17
Month 1 Month 2 Month 3 Month 4
Beginning Cash balance 20 60 10 10
Net Cash Inflow 40 -110 55 -15
Pinjaman baru jangka pendek --- 60 --- 15.4
Bunga pinjamannya --- -- -3 -0.4
Pelunasan Pinjaman jangka pendek --- --- -52 ---
Ending cash balance 60 10 10 -10
Minimum cash balance 10 10 10 10
Cumulative Surplus (Deficit) 50 0 0 0
Table 18 Lain-lain
Sources of External Financing Short-term financing
• Trade credit, dicatat di neraca sebagai Accounts Payable
• Short-term loans dari bank misalnya notes payable
• Commercial papers • Banker’s Acceptance
• Accounts receivable financing
(pinjaman dengan jaminan piutang, dan factoring)
• Inventory financing
Long-term external funds
• Private sources (direct financing) – dana diperoleh secara langsung dari
individuals atau lembaga-lembaga keuangan (banks, pension funds, life insurance, dll)
• Public markets – dengan menggunakan jasa underwriter untuk menjual
securities kepada public (individuals dan institutions)
Financial Control
Untuk terealisirnya financial planning perusahaan harus mempunyai control system sehingga semua rencana bisa diimplementasikan disamping dapat memberikan feedback yang memungkinkan penyesuaian segera bila kondisi pasar berobah.
Budgets dan proforma financial statements menetapkan expected performance yang merupakan target yang dibuat management. Target ini harus dibandingkan dengan actual performance sehingga dapat dilihat seberapa jauh variance nya. Fokus harus diarahkan kepada variables (items) dengan variance yang besar (apakah kondisi pasar yang berubah, manager tidak bekerja dengan baik, atau targetnya yang tidak realistic).
