Money Cares Investment Corporation
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Looking at Money Cares Investment Corporation to outline problematic or risk areas in the company's financial procedures. Upon reviewing the budget, you notice that there is overspending in marketing supplies, transportation, and workshop items that include hospitality items such as food and drink for the customers. Each investment specialist is given a company credit card for the above expenses but there are no policies established for monitoring. Money Cares is a small business of 8 employees: CEO, financier, a manager, 3 investment specialists, and 2 clerical assistants.
Identify possible risks for the Money Cares Investment Corporation. In establishing an investment company, you must answer the following:
What could go wrong? What are three possible risks?
What must happen in order for the company to succeed?
What are the company's most vulnerable areas?
Identify the company's assets.
Where is the most money spent?
How should the budget activities be regulated?
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Solution Summary
Budgeting is explained in a structured manner in this response. The answer includes over 300 words and a reference.
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What could go wrong? What are three possible risks?
The first possible risk is that there can be misappropriation of funds when purchasing marketing supplies. There can be over-billing. The second possible risk is that transportation charges might be over-billed. Excessive amounts may be charged to transportation. The third possible risk is that there may be unbridled spending on workshop items. The hospitality bills may be inflated.
What must happen in order for the company to succeed?
For the company to succeed, the company must make profits. For this, the company must make ...
Education
- BSc , University of Calcutta
- MBA, Eastern Institute for Integrated Learning in Management
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