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Add to Cart. It reflects the principals and practices used by corporate finance and treasury professionals to optimize cash resources, maintain liquidity, ensure access to short-term and long-term financing, judge capital investment decisions and control exposure to financial risk. Mastery of the functions, processes and best practices defined in this work ensures that professionals are prepared to meet the demands of corporate treasury job responsibilities. This newly reorganized text updates the fourth edition to reflect the many changes that have taken place in the last three years to the responsibilities of treasury management professionals. As with any publication there are errors found after printing.
Regulatory and Legal Environment I. Regulatory Environment V. Tax Considerations VI. Bankruptcy Laws VII.
Summary Appendix 2. Chapter 3: Banks and Financial Institutions I.
Financial Institutions: Functions and Services III. Summary Chapter 4: Payment Systems I. Cash Payments IV. Check-Based Payments V. Summary Appendix 4. Chapter 5: Money Markets I. Chapter 6: Capital Markets I. Debt Market IV.
Essentials of Treasury Management, 5th Edition
Equity Stock Securities V. Summary Appendix 6. Chapter 7: Relationship Management III. Bank Compensation Practices V. Summary Appendix 7. Chapter 8: Financial Accounting and Reporting I.
Financial Reporting Statements IV. Accounting for U. Chapter 9: Financial Planning and Analysis I. Capital Budgeting IV. Budgeting V. Cost Behavior VI. Chapter Introduction to Working Capital Management I. Working Capital Metrics I. Calculations for Trade Credit Decisions V. Disbursements, Collections, and Concentration I. Concentration of Funds V.
Summary Appendix Short-Term Investing and Borrowing I. Managing Short-Term Borrowing V. Debt Financing VI.
Cash Flow Forecasting I. Types of Forecasts V. The Forecasting Process VI. Forecasting Methods VII. Technology in Treasury I. E-Commerce V. Enterprise Risk Management I. Enterprise Risk Management IV.
Budgeting V. Cost Behavior VI. Chapter Introduction to Working Capital Management I. Working Capital Metrics I. Calculations for Trade Credit Decisions V. Disbursements, Collections, and Concentration I. Concentration of Funds V. Summary Appendix Short-Term Investing and Borrowing I.
Essentials of Treasury Management, 5th Edition
Managing Short-Term Borrowing V. Debt Financing VI. Cash Flow Forecasting I. Types of Forecasts V.
The Forecasting Process VI. Forecasting Methods VII. Technology in Treasury I. E-Commerce V. Enterprise Risk Management I. Enterprise Risk Management IV. Operational Risk Management V. Financial Risk Management I. Managing Financial Risk IV. Commodity Risk Exposure IX. Treasury Policies and Procedures I.
Policy Development Example: Short Term Investment Policy V. Long-Term Investments I. Capital Structure III. Lease Financing VI. Essentials of Treasury Management , 5th edition, Chapter Working Capital Metrics. This section of the chapter presents fundamental metrics used to assess the efficiency of working capital management.
These include the current ratio, quick ratio, and net working capital. Working capital metrics are also used internally to assess performance, adjust payment terms, forecast cash flows, and manage liquid resources. A number of working capital surveys are published annually.
These survey results include metrics by industry and region, as well as trends in working capital. When interpreting these metrics, it is important to realize that there is no right or wrong number for a particular metric. Instead, it is important to:. The current ratio is defined as total current assets divided by total current liabilities. This measure is intended to represent the ratio of liquid or current assets that are expected to become cash in one year or less to short-term or current liabilities that are due in one year or less.
Using the financial statements from Chapter 8, Financial Accounting and Reporting, the current ratio is calculated as:. A higher current ratio generally indicates less default risk for creditors.
For example, suppose that sales drop due to either increased competition or a decline in overall economic activity. Under these conditions a firm with a larger current asset base is better positioned to meet its current liabilities.
The quick ratio i. As with the current ratio, a higher value for the quick ratio implies less risk for creditors. The quick ratio also excludes prepaid expenses, which have little to no likelihood of converting to cash. The quick ratio is calculated as follows:. By definition, the quick ratio will not exceed the current ratio. You may also be interested in:. Essentials of Treasury Management, 5th Edition.