Business Finance Essay
Posted by admin as Free papers
Free Essay on Business Finance and Policy
I would like to start by saying that Business Finance and Business policy class had been a very instructive and effective attempt by the university to equip me and other students with the general understanding of business policies, finances and procedures as applicable to American companies.
The course covered various topics including financial road map, uniform accounting codes and procurement process. I learnt about the PO process, payment process, FMS reports and cash receipts. All the information in the course was presented in a succinct manner that was easily understood by me.
I learnt that business policies as applied to any organization are sets of various rules followed by that organization and define a given business process. The policies define the industry practices and affect the characteristics of the company’s personnel, business, market and stakeholders. Policies together with finances are a central source for all practices that take place within a given company.
From the professor and the course I learnt about business policies that are enforced with commands and rules pertinent to that business policy. Each business policy affects all levels of organization and affects corporate level, business level and operations level planning as employed by that company. Business policies make the planning and operations process rather simple and routine, thus drastically lowering expenses associated with these processes.
I have learnt various parameters and areas that business policies cover and understood in what areas they can be of greatest or least use and help. For instance I had developed a good understanding of how o create a catalog of business policies within an organization that would easily define the scope and characteristics of the corporate product lines and prices of products in a catalogs.
The payment business policies closely relate to business finance since they are all about invoicing, payments and refunds that accompany any business practice. The course allowed me to understand how a company can make the payment process more efficient and error-proof, while the invoices and refunds quick and efficient. This is where I understood how business policies shape accounting practices in an organization and impact the financial decisions of the company.
The Return business policies as I learnt in the class go into play as soon as the refunds are accepted by the company and the product undergoes the restocking or repairs process.
The class had also commented on the shipping and referral interface business policies that allow me as a future business professional to quickly define shipping providers that my future company will use and the changes that will take place with the shipment of goods. I will also be capable of developing sound relationship with other branches or franchises of my company with the help of the referral interface business policies that I also learned in this course.
Finally I got a good understanding of and an ability to analyze consumer behavior, marketing research, product policy, pricing policy and marketing management used by any company for better operations on the market. I understood the importance of business policies in fighting fraudulent behavior and potential errors, in promoting the production and engaging in sound relations with my suppliers and distributors. Knowledge obtained in class certainly equipped me with the skill necessary to understand the major corporate processes and develop a critical thinking regarding the way to constantly improve the company. I have to admit that the course is very useful for those who want to become managers in the future since it allowed people to understand and look at the company as at one unique thing rather than as a combination of various departments that other classes like marketing, management, finance, and accounting teach.
Business policies allowed me to unite these departments in one corporate mechanism that any company represents and start to personally better understand the processes and the logic behind the processes that permeate any business organization. Still I believe that business policies should be taught only after general classes like business, management, finance, statistics or accounting were already passed satisfactorily. Otherwise, it would be hard for a student to fully benefit form the knowledge and information provided in this course.