ACCA/CAT

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5. Managing working capital

Having discussed what comprises working capital, let us now consider some of the methods that can be employed to assist in its management. We will review each of the key elements that comprise working capital in turn.

(a) Stock

The cost of holding stock is relatively easy to measure and will include:

· storage;

· security;

· losses due to theft, obsolescence, and goods perishing.

For example, consider a retail outlet selling home computers. Three years ago it acquired fifty state of the art PCs at a cost of £1,000 each. At the time each computer could be sold for £1,300 resulting in a profit of £300 per machine. Unfortunately today fifteen of these models remain in stock. Not only are they taking up valuable space, but due to rapid advances in technology they can only be sold for £300 each. If this outdated stock is sold, the overall position on this transaction is:

£

Sales of 35 computers at £1,300 each45,500

Sale of 15 computers at £300 each4,500

Total sales revenue50,000

Cost of sales (50 computers at £1,000 each)(50,000)

Profit�

-

When we take into account administration and storage costs this transaction will actually result in a loss to the organisation.

We can therefore see the importance of not holding excessive levels of stock.

What is less easy to quantify is the cost of not holding sufficient levels of stock to meet the demand from customers. For example, if an organisation has insufficient stock to meet demand, it will initially result in lost sales. In the longer term it may also damage a business�s goodwill, with long-standing customers turning to other, more reliable suppliers.

For most organisations the difficulty is determining the optimum level of stock.This will depend upon a number of factors including:

· the average level of daily sales (adjusted for seasonal variations);

· the lead time between ordering goods and their delivery;

· the reliability of suppliers;

· the type of good and the danger of their perishing or becoming obsolete;

· the cost of re-ordering stock;

· storage and security costs;

· other factors such as rumours of a shortage or an increase in price.

It is essential that systems are in place to ensure that stock levels are reviewed regularly and where necessary appropriate action taken.

(b) Debtors

Too often, especially during their start-up period, businesses concentrate on generating sales and pay little attention to the collection of money from debtors. As a result although sales exist on paper, the cash generated by these sales takes too long to materialise and cash flow problems occur (as our William Miller example illustrates). Additionally, the longer a debt is outstanding the greater the likelihood it will become bad.

With this in mind an effective credit control policy is necessary. This should include the following:

· Before allowing credit, an organisation should check the credit rating of potential customers, where necessary seeking references from a third party. Often this will involve using the services of a credit agency such as Dunn and Bradstreet.

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