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The process would always depend on the complexity of the finances to be talked/planned about. For simple set-up like in a family which is usually done by a mother, she has a list of expenses categorized into importance or necessity and extras. Then she has the amount of family income where she could balance the income and expenses.
In a broader view like corporations, this is usually done by auditors with financial planners which can exist in two different persons or just one (with CFP certification). They usually start a meeting where all the expenses and revenue from the previous period (year/month/quarter) are showed to the management. These would give them idea how to budget for their future projects like hiring additional employees, new products, etc. This is done usually every quarter, semi-annual and annually to monitor the cash flow of the business.
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∙ 12y ago
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What is the first step in the financial planning process?
The first step in the financial planning process is to determine your current financial situation.
The key aspects of the financial planning process are?
Cash planning and profile planning
Why is goal setting such an important part of the financial planning process?
The goal setting is an important part of the financial planning process because it will minimize the wastage and misuse of financial resources.
Which step in the personal financial planning process uses brainstorming financial strategies?
3
What is financial planning and control?
Financial planning and control is money management. It is the process of appropriating money and ensuring that one remains within a budget.
Where can one learn more about the financial planning process?
Financial planning is a very complex industry and this requires specialist knowledge. To learn more about an overview of financial planning, one would be best to look in a business textbook.
What stage of audit process comes before planning?
The stage of the audit process that comes before planning is the quality control for an audit of the financial statements. The financial statements are a document that shows credits and debits.
Which step in the financial planning process involves developing goals?
STEP 2 "developing financial goals"
The planning process of human resources management begins with?
hiring people or (B)
Preparing personal financial statements is part of which of the five steps of the financial planning process?
B. Analyse your current financial position
The process of creating a detailed plan to meet your financial needs and prepare for the future is called?
personal financial planning
What is the purpose of goal setting in the financial planning process?
To know what you want to do in life
