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Annual Financial Statements - Instrument Used In The Management Of Economic Entities

Author

Listed:
  • Liliana Puican
  • Greti Daniela Togoe

    (University of Craiova Faculty of Economics and Business Administration)

Abstract

One of the main functions incumbent on economic and financial analysis is of enterprise’s managerial instrument since the competent management of a company means to meet the economic realities in which we operate, be aware of the ups and downs of the entity you run, and this is not possible without relevant and timely analysis. Efficient resources management is to achieve the desired results with as little resources as possible. One of the major goals of enterprise’s management is the sound and efficient management of its available resources, due to their limits, in order to ensure a higher level of efficiency and profitability. The management team is interested in all aspects of financial analysis, because the company it leads has to be able to honor and pay both short-term and long-term and debts and it must equally make a profit for shareholders. A variety of indicators (profitability, liquidity, solvency, working capital etc.) can be calculated based on the company's financial statements, and their result will help the management team for decision-making. Company’s management necessarily includes the management of its resources, economic management and particularly financial management, as well as decisions on the purchase and distribution of resources, both human and material, as well as the financial and informational. Thus, because of its importance, financial control system can be considered as an indispensable managerial instrument for monitoring the regular activity of company’s activity in order to make timely decisions regarding each function, but also the entire company.

Suggested Citation

  • Liliana Puican & Greti Daniela Togoe, 2012. "Annual Financial Statements - Instrument Used In The Management Of Economic Entities," Annals of University of Craiova - Economic Sciences Series, University of Craiova, Faculty of Economics and Business Administration, vol. 2(40), pages 175-180.
  • Handle: RePEc:aio:aucsse:v:2:y:2012:i:40:p:175-180
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    File URL: http://feaa.ucv.ro/AUCSSE/0040v2-020.pdf
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    Citations

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    Cited by:

    1. Puican Liliana, 2015. "The Importance Of Accounting In National Economy," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 2, pages 222-225, April.
    2. Miron Vasile Cristian Ioachim & Focsan Eleonora Ionela & Bota Cristian Florin, 2016. "Financial Resources Management And The Impact On The Financial Position Of The Entities In The Romanian Energy Sector," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 3, pages 306-311, June.

    More about this item

    Keywords

    annual financial statements; financial management; economic entity; financial resources; financial position; efficient resources management;
    All these keywords.

    JEL classification:

    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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