Jomary C.

Brequillo
MBA107- FINMAN
NARRATIVE REPORT

CHAPTER 15 MANAGING WORKING CAPITAL

Importance of Working Capital

What is Working Capital?

Working capital is a firm’s current assets and consists of cash, marketable
securities, accounts receivable, and inventories. Fixed capital is a firm’s fixed assets, which
include plant, equipment, and property.
Working capital is calculated by subtracting current liabilities from current assets, as
listed on the company’s balance sheet. Current assets include cash, accounts receivable, and
inventory. Current liabilities include accounts payable, taxes, wages, and interest owed.
Working capital is a financial metric that is the difference between a company's current
assets and current liabilities. As a financial metric, working capital helps plan for future needs
and ensure the company has enough cash and cash equivalents to meet short-term obligations,
such as unpaid taxes and short-term debt.
Working capital is used to fund operations and meet short-term obligations. If a
company has enough working capital, it can continue to pay its employees and suppliers and
meet other obligations, such as interest payments and taxes, even if it runs into cash flow
challenges.
Working capital can also be used to fund business growth without incurring debt. If the
company does need to borrow money, demonstrating positive working capital can make it
easier to qualify for loans or other forms of credit.
For finance teams, the goal is twofold: Have a clear view of how much cash is on hand at
any given time, and work with the business to maintain sufficient working capital to cover
liabilities, plus some leeway for growth and contingencies.

Operating and Cash Conversion Cycle

Operating Cycle
The operating cycle measures the time between receiving raw materials and collecting
cash from receivables.
An Operating Cycle (OC) refers to the days required for a business to receive inventory,
sell the inventory, and collect cash from the sale of the inventory. This cycle plays a major role
in determining the efficiency of a business.
Formula
The OC formula is as follows:
Operating Cycle = Inventory Period + Accounts Receivable Period

Where:

Inventory Period is the amount of time inventory sits in storage until sold.
Accounts Receivable Period is the time it takes to collect cash from the sale of the inventory.

Uses of the Operating Cycle Formula

Using the Operating Cycle formula above:

The Inventory Period is calculated as follows:

Inventory Period = 365 / Inventory Turnover

Where the formula for Inventory Turnover is:

Inventory Turnover = Cost of Goods Sold / Average Inventory

The Accounts Receivable Period is calculated as follows:

Accounts Receivable Period = 365 / Receivables Turnover

Where the formula for Receivables Turnover is:

Receivables Turnover = Credit Sales / Average Accounts Receivable

Cash Conversion Cycle:

The cash conversion cycle (CCC) – also known as the cash cycle – is a metric expressing
how many days it takes a company to convert the cash it spends on inventory back into cash by
selling its product. The shorter a company’s CCC, the less time it has money tied up in accounts
receivable and inventory.
The cash cycle is an important working capital metric for all companies that buy and
manage inventory. It’s an indicator of operational efficiency, liquidity risk, and overall financial
health. That said, it should not be looked at in isolation, but in conjunction with other financial
metrics such as return on equity. It is also important to note that the cash cycle is not a
significant consideration for companies that don’t hold physical inventory.

Calculating the cash conversion cycle

The cash conversion cycle encapsulates three key stages of a company’s sales activity:
 Selling current inventory
 Collecting cash from current sales
 Paying vendors for goods and services purchased
 Average Payment Period: The Average Payment Period (APP) is the average time
period taken by a company to pay off their dues against the purchases made on a credit basis
from the supplier.
The formula for calculating the average payment period is Average Accounts Payable
multiplied by Days in Period and divided by Total Credit Purchases:
Average Payment Period=AP/ COGS/365

CASH CONVERSION CYCLE =Operating cycle – Average payment period.

Investments in Receivables, Inventory, and Payable Budgeting

Cash Budgets
A cash budget is a tool the treasurer uses to forecast future cash flows and to estimate
future short-term borrowing need. A budget is a financial forecast of spending, income, or both.
A cash budget details the periodic cash inflows and cash outflows of a firm over some time
frame. Small and medium-size firms may prepare monthly cash budgets, whereas larger firms
will forecast cash flows weekly or daily. If cash surpluses are forecast, the treasurer can plan
how the firm’s excess cash can be invested to earn interest.
A cash budget is an estimation of the cash flows of a business over a specific period of
time. This could be for a weekly, monthly, quarterly, or annual budget. This budget is used to
assess whether the entity has sufficient cash to continue operating over the given time frame.
The cash budget provides a company insight into its cash needs (and any surplus) and helps to
determine an efficient allocation of cash.
The minimum desired cash balance: An important type of "outflow" is the firm's desired
monthly minimum cash balance. The size of this balance is discretionary and is a function of the
uncertainty surrounding cash inflows and outflows and the availability of ready short-term
credit.
Estimated Cash Inflows: The estimates of cash inflows are driven by two main factors:
the sales forecast and customer payment patterns. Over any period, the main sources of cash
inflows for the firm will be cash sales and collections of receivables. If we know the proportion
of cash sales and the percentage of customers who pay their bills every month, we can use
sales forecasts to estimate future cash inflows.
Estimated Cash Outflows: Cash outflow is the total amount of cash that flows out of a
company. It is calculated by adding up the cash outflows from operating activities, investing
activities, and financing activities.
Constructing the Cash Budget:
A cash budget is an estimation of the cash flows of a business over a specific period of
time. It is used to assess whether the entity has sufficient cash to continue operating over the
given time frame.
To create a cash budget, you will need to estimate the cash inflows and outflows for the
period you are budgeting for. This could be for a weekly, monthly, quarterly, or annual budget .
 You can start by forecasting your sales and production, along with assumptions about
necessary spending and accounts receivable collections.
Short-term cash budgets usually focus on the cash requirements needed for the next
week or months, whereas long-term cash budgets focus on cash needs for the next year to
several years.
At the end of each budgetary term, the ending balance of the cash budget is carried
forward to the next term’s cash budget.

Management of Current Assets

Current asset management is the handling of the current assets of a company. Any
assets that a company or business has that is the equivalent of cash or can be liquidated into
cash in the period of a year is considered a current asset.
Cash Management:
Cash management is the process of collecting and managing cash flows for individuals
and businesses. It involves the use of cash flow statement, internal controls, working capital,
and solvency ratios.
Cash management is important for both individuals and companies. It is a key
component of a company’s financial stability in business. Cash is also essential for people’s
financial stability while also usually considered as part of a total wealth portfolio.
Proper cash management can improve an entity’s financial situation and liquidity
problems. In business, companies have cash inflows and outflows that must be prudently
managed in order to meet payment obligations, plan for future payments, and maintain
adequate business stability.
Corporate cash management involves the use of business managers, corporate
treasurers, and chief financial officers (CFOs). These professionals are mainly responsible to
implement and oversee cash management strategies and stability analysis. Many companies
may outsource part or all of their cash management responsibilities to different service
providers.
Marketable Securities:
Marketable securities are financial instruments that can be easily converted into cash at
a reasonable price. They include common stock, Treasury bills, and money market instruments,
among others 1. Marketable securities are short-term liquid securities that tend to mature in a
year or less and can be either debt or equity.

Businesses typically hold cash in their reserves to prepare them for situations in which they may
need to act swiftly, such as taking advantage of an acquisition opportunity that comes up or
making contingent payments. However, instead of holding on to all the cash in its coffers which
presents no opportunity to earn interest, a business will invest a portion of the cash in short-
term liquid securities. This way, instead of having cash sit idly, the company can earn returns on
it. If a sudden need for cash emerges, the company can easily liquidate these securities.
 Treasury Bills:
A Treasury bill (T-Bill) is a short-term U.S. government debt obligation backed by the
Treasury Department with a maturity of one year or less. T-bills are usually sold in
denominations of $1,000 and have interest rates that depend on interest rate expectations.
The U.S. government issues T-bills to fund various public projects, such as the
construction of schools and highways. When an investor purchases a T-bill, the U.S.
government effectively writes an IOU to the investor. Thus, T-bills are considered a safe and
conservative investment since the U.S. government backs them.
T-bills are generally held until the maturity date. However, some holders may wish to
cash out before maturity and realize the short-term interest gains by reselling the investment in
the secondary market.
Federal Funds
Federal funds are excess reserves that commercial banks and other financial institutions
deposit at regional Federal Reserve banks. They can be lent to other market participants with
insufficient cash on hand. The federal funds rate is a target set by the central bank, but the
actual market rate is determined by the overnight inter-bank lending market
Commercial Paper
Commercial paper is a short-term debt instrument issued by corporations to finance
their payrolls, payables, inventories, and other short-term liabilities. It is usually issued at a
discount from face value and has a maturity of one to 270 days. The minimum denomination of
commercial paper is $100,000 and it pays a fixed rate of interest that fluctuates with the
market.
Commercial paper is a form of unsecured, short-term debt. It’s commonly issued by
companies to finance their payrolls, payables, inventories, and other short-term liabilities.
Maturities on commercial paper range from one to 270 days, with an average of around 30
days. Commercial paper is issued at a discount and matures at its face value.
Negotiable Certificates of Deposit
Negotiable Certificates of Deposit (NCDs) are short-term to medium-term investments
that are issued by banks and other financial institutions. They are bearer instruments and are
also negotiable securities. NCDs are guaranteed by the issuing bank and can be sold in a highly
liquid secondary market, but they cannot be cashed in before maturity.
NCDs are typically issued with a term to maturity that is up to one year. They are usually
bought by large institutional investors that typically use them as a way to invest in a low-risk,
low-interest security.
Municipal Securities
Municipal securities are financial instruments issued by state and local governments to
raise funds for public works such as parks, libraries, bridges, roads, and other infrastructure
projects. Municipal securities can be divided into two categories: municipal bonds and
municipal fund securities.
Municipal bonds are debt securities issued by states, cities, counties, and other
governmental entities to raise money for public projects. They are commonly offered to pay for
capital expenditures, including the construction of highways, bridges, or schools. Municipal
bonds act like loans, with bondholders becoming creditors. In exchange for borrowed capital,
bondholders/investors are promised interest on their principal balance, which is repaid by the
maturity date. Municipal bonds are often exempt from most taxes, which makes them
attractive to people in higher income tax brackets.
Municipal fund securities are investment companies that invest in municipal securities.
They are similar to mutual funds, but they invest only in municipal securities.
Short term Investment Policy Statement
A short-term investment policy statement is a document that outlines the general rules
for managing an organization’s working capital on a short to medium-term basis. Short-term
investments are defined as those having a maturity of five years or less.
The policy statement should include strategies for short-term investments, such as
identifying the right trade, diversification, hedging, exhausted selling, and real-time forex
trading. It should also focus on safety since short-term investments will have lower potential
returns than long-term investments.
Getting and keeping the cash
In addition to prudent investment of excess cash, there is another aspect of cash
management: managing the cash conversion cycle by speeding up cash collections to receive
cash
as quickly as possible from customers (reducing the accounts receivable period) and keeping
cash as long as possible (lengthening the accounts payable period).
Collection float is the time between when a company receives payment from its
customers and when the funds are available for use in the company’s bank account. It is the
amount of all checks in transition.
Collection float is one of the components of the total float, which is the difference
between the balance shown in the company’s bank account and the balance shown in the
company’s books.
Float, whether we are dealing with collections or disbursements, has three components.
First is delivery or transmission float. This is the delay in transferring the means of payment
from the payer (customer) to the payee (the provider of the goods or services). A payment
placed in the mail may take several days before it reaches its destination; payments via couriers
such as Federal Express or DHL may be presented overnight and electronic transmission of
payments occur with virtually no delivery float. The second component is processing float,
which are delays in processing incoming payments from customers by the receiving firm. Once
a payment reaches its destination, “in-house” delays can arise since an envelope must be
opened by the firm’s accounts receivable staff (or banking partner) and its contents processed,
deposited, and entered into the firm’s financial processing system. Electronic payments do not
come in an envelope, but they must be routed correctly and any differences corrected between
invoices and payments. The third component is clearing float. This is the delay in transferring
funds between payer and payee because of the banking system check-clearing processes. You
have probably seen this in your bank statements or in your bank’s check availability policy;
funds from a check deposited in your account may be unavailable to you for one to three days.
This is the time needed for the check to be routed back to the payer’s bank and for the payer’s
bank to transfer funds to your bank.

Accounts Receivable Management

Accounts receivable management is the process of managing and monitoring the
amounts owed to a company by its customers for goods or services sold on credit. It includes
essential functions like invoice management, collecting payments, assessing credit risks, and
resolving disputes. The overarching goal of A/R management is to help businesses monitor their
financial health so they can correct themselves if they’ve gone off course. By managing your AR
process effectively, you can improve your cash flow, increase revenue, and build better
customer relationships.

Here are some best practices that can help improve your accounts receivable management:

1. Use electronic billing and online payments to reduce the time and effort required to
track payments.
2. Use the right key performance indicators (KPIs) to track your progress, such as days
sales outstanding (DSO).
3. Outline clear billing procedures to ensure that customers understand what they owe
and when payments are due.
4. Set credit and collection policies and stick to them.
5. Collect payments proactively by sending reminders and following up with customers
who are late on payments
6. Set up automations to streamline your AR process and reduce manual errors.
7. Make payments easy for customers by offering multiple payment options.
8. Involve all teams in the process to ensure that everyone is aware of the importance of
accounts receivable management.

Inventory Management
Inventory management is the process of managing and monitoring a company’s
inventory levels, ordering, storage, and distribution of goods. It is a critical aspect of supply
chain management that helps businesses optimize their inventory levels, reduce costs, and
improve efficiency. Effective inventory management can help businesses avoid stockouts,
reduce carrying costs, and improve cash flow.

There are several methods of inventory management, including:

 Just-in-time (JIT): A method that involves ordering inventory only when it is needed,
reducing the need for storage space and minimizing the risk of inventory obsolescence.
  Material requirements planning (MRP): A method that uses computer software to
manage inventory levels and ensure that materials are available when needed.
 Economic order quantity (EOQ): A method that calculates the optimal order quantity to
minimize the total cost of inventory.
 Days sales of inventory (DSI): A method that measures the average number of days it
takes a company to sell its inventory.
Here are some best practices that can help improve your inventory management:

 Forecast demand: Use historical data and market trends to forecast demand and adjust
inventory levels accordingly.
 Track inventory levels: Use inventory management software to track inventory levels
and monitor stock levels in real-time.
 Optimize storage: Use storage space efficiently by organizing inventory based on
demand and using vertical storage solutions.
 Implement quality control: Implement quality control measures to ensure that inventory
is not damaged or lost.
 Automate processes: Automate inventory management processes to reduce manual
errors and improve efficiency.
Technology and Working Capital Management
Role of Automation in Cash Management
Automation is transforming the way organizations manage their cash flow. By automating
various cash management processes, organizations can improve their accuracy, efficiency, and
overall financial performance.
The Technologies Driving Automation:
There are a range of technologies driving automation in cash management, including:
APIs: APIs enable organizations to connect to their financial data sources more easily, allowing
for more streamlined and automated cash management processes.
Real-time reporting: Real-time reporting technologies enable organizations to access up-to-the-
minute data on their cash flow, enabling more informed decision-making.
Cloud computing: Cloud computing technologies can enable organizations to access their cash
management data from anywhere, at any time, while also providing enhanced security and
reliability.
With technology in place, the cash management process can be significantly streamlined and
automated. For example, an organization might use APIs to connect to its bank accounts and
other financial data sources, automatically importing data into its cash management system.
Real-time reporting dashboards can provide up-to-the-minute insights into cash flow, while
automated reconciliation processes ensure that all transactions are accurately accounted for.
Overall, the process of cash management with technology in place is faster, more efficient, and
more accurate.
Overcoming Inefficiencies and Challenges with Technology:
The future of cash management is driven by technology, with a range of new developments and
innovations on the horizon. Automation is transforming cash management by enabling
organizations to perform tasks more quickly and efficiently, reducing the risk of errors, and
providing real-time data and insights. Some of the key benefits of automation in cash
management include:

 Continuous Global Cash Visibility: Automated cash flow management helps

organizations with real time, comprehensive global cash visibility. With just a quick
glance, they can monitor their cash balances, outstanding debts, and receivables. This
real-time information is invaluable for generating cash positioning reports, as well as for
making well-informed choices about investments, borrowing, and day-to-day operations
management.
 Centralized Cash Flow Administration: By automating data flow and centralizing it ,
organizations can reduce the risk of errors and ensure that their data is accurate and up-
to-date streamlining the process and makes it more efficient. This can help to reduce
costs, increase productivity, and improve overall financial performance.
 Reconciliation of Bank Statements: Automation can enable organizations to reconcile
their bank statements more quickly and accurately, ensuring that all transactions are
accurately recorded and accounted for. This helps to prevent errors, identify fraudulent
activity, and ensure that all financial information is up-to-date and accurate.
 Planning Investments and Borrowing: Intelligent cash flow management empowers
organizations to optimize their investment and borrowing strategies. By gaining a deep
understanding of their cash position, organizations can make well-informed decisions
about how much to borrow and when, as well as when to invest in new projects or
initiatives. This level of insight enables organizations to create more accurate and
effective financial plans, which can ultimately lead to improved profitability and
sustained growth. With intelligent cash flow management, organizations can confidently
navigate the complex financial landscape and stay ahead of the competition.
In summary, having effective cash flow management is critical for organizations because
it provides continuous global cash visibility, enables effective planning of investments and
borrowing, ensures accurate reconciliation and allocation of bank statements, and allows for
centralized cash flow administration. By managing their cash flow effectively, organizations can
improve their financial performance, mitigate risks, and achieve their goals.
Processing Invoices and Float
Processing invoices and float through technology can be achieved by using cash flow
management software and electronic payment systems. Cash flow management software can
help businesses track incoming and outgoing funds, forecast future cash flow, and manage
payments and receipts. Electronic payment systems can streamline the payment process and
reduce the risk of fraud. Additionally, AI and machine learning can be used to automate the
processing of financial documents such as invoices and receipts. By leveraging these
technologies, businesses can improve their cash flow management and reduce the risk of
financial distress.
Inventory Tracking
Inventory tracking technology is any software or system that lets businesses monitor the
real-time levels and movements of their products. There are different types of inventory
tracking technology, such as barcodes and radio frequency identification (RFID). Barcodes are
images that assign a unique value to each item and can be scanned quickly. RFID uses active or
passive technology to record inventory data when tags pass fixed or handheld readers. Active
RFID is best for situations where real-time tracking or security is needed, while passive RFID is
more flexible and portable. By using inventory tracking technology, businesses can improve
their inventory management, reduce errors, and increase efficiency.
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