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Working Capital Management - Strategic Techniques & Choices (Hardcover)
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Working Capital Management - Strategic Techniques & Choices (Hardcover)
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Financial needs of a modern enterprise may be classified into two
categories: (a) fixed capital, and (b) working capital. Fixed
capital includes land and buildings, plant and machinery, and tools
and implements. The requirement of finance to purchase fixed
capital is essentially long-term in nature. Working capital,
short-term in nature, is required to purchase raw materials and
meet day-to-day administrative and other such expenses. Management
of working capital is important because efficient handling of
working capital plays a crucial role in the successful functioning
of a business enterprise. Working capital facilitates the
utilisation of capacities created by fixed capital. Excessive
working capital leads to unremunerative use of scarce funds while
inadequate working capital interrupts the smooth run of business
activity. Hence, both the situations impair profitability. Sound
working capital management, by optimising the use of funds,
enhances profitability. It improves liquidity by focusing attention
on flow of funds through proper management of cash, receivables,
inventories and short-term sources of funds. While efficient
working capital management can do much to ensure the success of a
business, its inefficient management can lead not only to loss of
profits but also to ultimate downfall of what otherwise might be
considered as a promising concern. This book provides a
comprehensive account of different aspects of working capital
management, including, inter alia, size and adequacy of working
capital, structure and efficient utilisation of working capital,
financing pattern of working capital and factors influencing
investment in working capital.
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