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There is a considerable difference found among the values and workability of Accounting and Finance, as accounting is the name of recording and interpreting the day to day transactions of a company, while finance is the name of utilizing the money and funds of a company at a perfect place particularly. The concept and field of finance is extremely broad and worthwhile because of its utilization and core implementation in different aspects of life.
Planning is the most crucial activity of the organizations as well as for an individual to accomplish a goal, and it is very effective to apply the same concept in the day to day life to accomplish specific goals at specified period of time.
Planning can be associated with almost every second activity of the world like operational planning, human resources planning and others. However, the planning that specifically associated with the core financial aspects of a company is known as Financial Planning.
Financial planning is the name of planning the financials that it can give more and more benefits to the individuals as well as the companies in a long span of time. There were numerous authors who have identified the specification and effectiveness of financial planning for the individuals by exaggerating its core benefits and effectiveness.
The main objective of this assignment is to select a book related to the field of Financial Planning, and then recommend the book to other readers. There are number of questions that needed to answer accordingly in this particular analysis that should have been taken into account for the same. The book which has been selected for the same assignment is Personal Financial Planning Guide, which has been written and issued by Ernst and Young. The book is known as the complete guide of financial planning.
Discussion & Analysis
Ernst & Young Global Limited which is known as EY is a multinational professional based services company that has its headquartering located in the United Kingdom (UK). EY is known as the one of the big four audit firms in the world. EY is known as the third largest professional service company of the world in terms of revenue. In the year 2014, the company managed to generate net revenue amounting to US$ 27.4 billion with around 190,000 employees working in the entire world.
EY already launched number of books and magazines for the education of the individuals. The books which the company launched are organized and perfect and can become a started in the financial planning process and management. “Personal Financial Planning Guide” is one of the most important and versatile book ever launched by EY in terms of having the stance of financial planning.
Review of the Book
The core mantra of this book is to have a perfect and organized financial future in the hands. According to the book, proper and appropriate financial planning is more than essential and effective for the organizations and individuals for their management and the success stories. The book has valuable information and effective methods and techniques that can use to create the things to personalize the financial planning stance.
After a critical evaluation of the book, it is found that the book has been managed and maintained with powerful, in-depth and strong content which deem extremely essential and effective for the companies to plan the things accordingly.
There are number of chapters which have been involved and included in the book, and every chapter has its own significance and importance. The book has a connection with the individual assessment and investment rather than organizational based assistance of financial planning.
The first chapter of the book is about Setting of Goals of the investment of the individuals. According to the review of this chapter, setting of goals prior than the implementation is more than essential and important for the individuals in all over the world because it is the only thing that gives the advantage to them accordingly.
Setting of Goals is also essential for the organizational officials for analyzing the things in an effective manner for them. The second and third chapter of the book relates specifically with the management of wealth and the finance with core emphasize over the planning and the techniques that can be used for the same purpose particularly. Managing the finance is a difficult ask, however with the help of proper communication, interaction and effectiveness this particular aspect can be overcome accordingly in the market (Amazon.com, p.34).
The fourth chapter of the report is the most important chapter in terms of its execution as it relates specifically with the protecting of the assets of the company or the individuals.
According to the core crux of this chapter, assets are some of the provisions that give long run effectiveness and sustainability to the organizations in all phases and protection of assets are very much essential for the sake of an entity. Apart from the enterprises, it is also important for the individuals to protect their operational assets from which they can maintain the level of significance and effectiveness within their investment and mediums.
The book revealed that management of assets and investment is very important for the individuals and every investor has a detailed idea about the basics and pre-requisites of investment, however they lacks in implementing the most important methods and techniques that can be used specifically for the purpose of planning the things.
The fourth chapter introduces powerful tactics and techniques that can be used by the individuals as well as the organizations to apply these techniques for the long run efficacy and effectiveness of an entity. All of these techniques are essential in terms of planning the estate and investment of the individuals in an organized and powerful manner. Apart from planning the finances of the individuality of a person, the plan of finance has also defined in congestion to starting up a new venture capital and business particularly.
EY introduced that it is important for the individuals to have some fund management stance in terms of starting their own business with a strong emphasize over completing their basic rights such as marriage and education. One of the best things that associated with the core review of this particular book is that it introduced many concepts for diversifying the level of risk from the investment.
According to the book, investment function have risk factors in it as well which should be decrease with the passage of time, however proper planning should have been used by the individuals. Apart from the diversification, the also introduced number of methods that can be used in the retirement planning, which has now emerged as a significant aspect with every other individual.
Who the Book is it for?
You have probably heard about the Target Market, a concept that specifically undertakes by the companies to value their target audience in a prescribed and effective manner. Target market means the individuals who have the ability and the tendency to buy and consume the products of a company. In the same way, target market is also for the management of books as well.
Every book has a target market itself, which about to target the audience with full of their action and zeal. Likewise other books, this book of EY also has specific target audience at their end that become exclusively dominating for them to maintain the level of efficacy among their operations and significance for a certainly marketplace (Amazon.com, p.45).
The book is actually made for the investors, especially for the individual investors who want to plan their life while having limited amount of finance. This particular book has a special emphasize over the implications of financial planning and its core importance for the individuals as well as for the companies during their operations.
The book found that after clear planning of finance, it is easy for the individuals to plan their entire life and have detailed information related to their cash inflow and outflow decision. Cash Flow is basically the flow of cash from inwards or outwards to an organization. Cash Inflow is the one that actually used to increase the cash in hand of the individuals while cash outflow is the term that specifically associated with the utilization of cash at some place. Flow of cash is very effective and essential for the individuals in every part of the world because proper cash inflow is the only thing that can assist them to manage different aspects with a positive set of mind.
As mentioned earlier that the book introduced number of methods and techniques from which they can plan all of their finance in an impeccable manner, along with a strong emphasize over the actions from which they can diversify their ineffectiveness in the market. Apart from the individuals, organizational officials which are having a detailed information about the risk factors and investment can also use the information found in the analysis to be implicated on different scenarios pertains to them.
The thing which introduced positively after the current economic downturn related to finance and financial management is management of risk. However, the planning of risk is referred as Risk Planning; however it is an important element in the entire Financial Management structure and operations. Nevertheless, proper financial planning is an important measure that can also enable an investor to manage the level of risk as well from their operations or investment.
How Effective is for Audience?
The importance of financial planning can never be ignored both in the organizational level and individual level as well, because it is the only thing from which one can execute powerful things for their core significance in the market. Financial planning is the name of plan the management of funds and makes the funds available to the organizational levels with a positive mindset.
After the current economic downturn, the thing which reflected on the main screen is the appropriate level of financial planning in which the individuals as well as the companies are in the fact of providing strong financial based knowledge from which they can maintain the level of efficacy. Financial planning is essential for organizations as well as for the individuals because it has a direct linkage with their style of living and living standards particularly. From the aforementioned discussion, it is clear that the audience that introduced in the discussion can take remarkable and powerful advantages form proper and powerful financial planning at their end.
The audience which is trying to locate the things in an effective manner have a definite advantage with this book, as the book number of major concepts that are very essential for the investors to consider during the investment purpose. Apart from that, the concepts of diversifying the risk are also very essential for the audience which has been duly introduced in the discussion. Therefore, every pertaining discussion would be worthwhile for the individuals in a broad and significant manner, and individuals should use such planning to maintain the level of their cash inflow in a perfect manner with a strong emphasize over managing the funds of the company in a perfect manner.
Apart from the individuals, organizational officials can also take major advantages through the utilization of proper financial planning by applying and implicating different measures which will be diverting in the manner of effectiveness for the company. The effectiveness of the target audience can never be degraded with any aspect, as the book is powerful in terms of targeting them and directing them the best path for their long run existence in the marketplace.
Comparison of Material
There were number of books and materials have been previously introduced on the same topic, and every topic has something extra and detailed discussion as well. Apart from this book of financial planning, written specifically by EY, there are numerous books which have been introduced in the same aspect as well.
Most of the authors found interactive in the way to have effectiveness in the planning to earn long run monetary benefits and positive cash flow. Even the material studied in the classroom were also in the favor of introducing and having different ways from which the shareholder’s equity can be increased, however there were very less amount of professionals who introduced the concept of management of risk factors in the investment.
There is a clear relationship always found among the investment and the risk factors, and the real effectiveness of a person can be found with the fact of providing the basic necessity and efficacy from their core aspect.
The book introduced by EY related to Financial Planning is somewhat different than that of the current and traditional financial and investment planning books, as it highlighted some of the major issues along with the major causes behind the ineffective financial planning. The thing that makes this book eminent than other books is its introduction of such concepts and techniques that can eventually be used to diversify the level of riskiness of the investment of the company.
This particular thing is more than enough to compare the material of this particular book with the material of other books having somewhat similar concepts. This particular concept will certainly makes the things in the right manner for the investors by getting a firm command over management of marketing risk pertaining to the investment stance of a security or investment. It will be worthwhile for the readers to get a complete idea about the core concepts introduced in this particular book for the execution and the effectiveness in the market.
Recommendation of the Book
The concept of investment management has now emerged as one of the toughest and most important concepts in the entire financial management aspect which has the tendency to introduce new things and techniques for the investors to manage their level of investment.
It is common that without introducing the concept of risk management it is not possible for an investor to maintain their significance in the market, and this particular thing can only have with the help of proper financial planning.
There are numerous reasons to recommend this book to read by the investors, both individuals and the organizations, and all of these reasons are as follows
This book has introduced the basic concept of investment for individual as well as organizations as well
The book has introduced the fact that how investors can manage the market risk to accelerate the pace of their investment in the marketplace
This book introduces many concepts and techniques through which the level of cash inflow will be higher than cash outflow
The book has introduced many concept of diversification from which risk can be manage completely along with increment in the net worth of the company
The book has been written in simple English with very low amount of Jargons which is one of the most important things for the interpretations and analysis
The table and charts introduced in the book are powerful and effective through which the level of understanding of the researchers and the investors can be increased with a positive mindset
Apart from these recommendations, the most effective recommendation to read this book is that the book has the same concept underlies for this book is made off, without describing any sort of hanky and illogical things.
The core synergy of planning, leading, controlling and organizing will form the Management and Managerial Actions. There are numerous types of planning are there and among them, there is a need of Financial Planning as well. For Organizations financial planning is all about increasing the level of cash inflow and manages the cash of the company on their cash outflow. Likewise the same, management of cash flow is also effective and powerful for the individuals as well.
Most of the authors who written the books on Financial Planning often forget to introduce the concept of diversification and risk management. But, Ernst and Young (EY) have written a complete book on Financial Planning in which they introduced the risk management factors through the utilization of different techniques and methods will become effective and essential at the same time.
In this analysis, it is required to introduce the book with a solid review, along with recommending it for the future study in the market. The core analysis is revealing that the book had introduced a solid concept of Financial Planning which can be used by the investors for their improvement and betterment by implicating them on their real practical life.
Amazon.com,. 'Ernst & Young's Personal Financial Planning Guide (Ernst And Young's Personal Financial Planning Guide): Ernst & Young, Martin Nissenbaum, Barbara J. Raasch, Charles L. Ratner: 9780471687245: Amazon.Com: Books'. N.p., 2015. Web. 13 Mar. 2015.
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