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Finance for Managers

Finance for Managers: Sainsbury's Supermarket Ltd, UK

Finance for Managers

Table of Contents
INTRODUCTION..................................................................................................1
PART 1: THE SOURCES OF LONG TERM FINANCE OF SAINSBURY'S SUPERMARKET
LTD, UK............................................................................................................. 4
PART 2: THE ROLE OF THE MANAGEMENT ACCOUNTANT OF SAINSBURY'S SUPERMARKET
LTD, UK............................................................................................................ 10
PART 3: ANALYTICAL TECHNIQUE USED BY SAINSBURY'S SUPERMARKET LTD, UK. 14
PERFORMANCE MANAGEMENT FRAMEWORK AT SAINSBURY'S SUPERMARKET LTD17
FORMAL FEEDBACK PROCESS AT SAINSBURY'S SUPERMARKET LTD...................................................17
INFORMAL FEEDBACK PROCESS AT SAINSBURY'S SUPERMARKET LTD.................................................18
STEPS SAINSBURY'S SUPERMARKET LTD TAKES TO PROTECT ITSELF FROM LITIGATIONS...................................18
CONCLUSION.................................................................................................... 19

Finance for Managers

Introduction
The purpose of this paper is to assess the source language and use financial information
and assess the role of accountants in different organisations. In this paper we are going to analyse
the source language and practice the financial information, in addition this paper will also
examine the accountants roles in diversified issues in organisations. This paper is mainly
focused on a selected organisation, namely the Sainsbury Supermarket Co., Ltd., UK. Method of
valuation and cost is practiced by the design, planning and control, financial management and
performance management and evaluation. Management accounting information is usually
collected is a breakdown of the performance of different companies can be measured separately,
in order to ensure that they work best to their ability.
Enterprise sells a variety of products; the financial meltdown should be generated for
each of them. This will allow us to ensure that the very profitable product does not have to
subsidize those who do not sell. It is obvious that diverse companies have dissimilar accounting
management needs will depend on the business of the region found, that is primarily important.
Management accounting information collected is likely to be broken down, a separate part of the
business so that productivity can be monitored (Holly and Duchaine, 2011).
This research study sets out to clear the basic concepts of financial management,
assessment of finance of the company with the basic sets of accounts prepared while moving up
to the end of financial year.

The financial manager plays a dynamic role in Sainsbury

Supermarket development. This paper is divided in to three parts to investigate the major
management issues related to financial and accounting at Sainsbury's Supermarket Ltd. The part
will examine the long term sources of in relation to finance of Sainsbury's Supermarket Ltd, UK;
this includes analysing the profit and loss in the fiscal years, to judge the long term competitors
market share. It also includes evaluate the long term government bodies and taxation, planning

Finance for Managers

long term strategies and assess growth and market competences. The second part investigates
the role of the Management Accountant of Sainsbury's Supermarket Ltd, UK.
This contains assessment, including comprehensive financial manager and the official
explanation of compare and contrast. This shows that both textbook Management Accountants
analysis furthermore describes how to effectively use the financial information of the source of
information organisation. Till the conclusion of financial year At Sainsbury's also make its final
account (Holly and Duchaine, 2011). Sainsbury's at the end of financial year prepares its
financial account to be aware of its financial position. Like to be aware of the assets in hands of
the company and the liabilities company needs to pay. The final account consists of two major
accounts profit and loss account and second is balance sheet. The third and the final part
elaborate the analytical Technique used by Sainsbury's Supermarket Ltd, UK. This part includes
the to assist in strategic planning and control, performance management and appraisal, decisionmaking process, and the techniques audit including a discussion of a suitable substitute (Holly
and Duchaine, 2011).

Part 1: the sources of long term finance of Sainsbury's


Supermarket Ltd, UK
J Sainsbury plc, United Kingdom's leading food retailers in the UK, mainly in financial
services, including Sainsbury supermarket Sainsbury's Local, Bell store, shops in Jackson and JB
Beaumont, Sainsbury's online and Sainsbury's Bank with 153,000 employees around the world.
The company supplies over 20 million customers in every week and at the ending months
of the 2012; it had almost 1000 stores across the United Kingdom. Sainsburys Supermarket

Finance for Managers

offers a large number around 40,000 products and the company owns 60% of own brand. The J
Sainsburys was founded by John James and his wife Mary Ann Sainsbury in 1869.
The company was started from a small business of dairy shop at 173 Drury Lane, London
and the place where the shop was first opened was one of Londons poorest areas. The shop
managed to attract a lot of customers and became popular for offering high-quality products at
low prices over the short period of time. In 1882, after 13 years of interval, John James
Sainsbury owned four shops. He had so success in his business and he kept on expanding his
business improving its product qualities and facilities. Sainsbury is wholly owned by its original
family. Only in 100 years in 1970s this company has reached the influential size and status in
order to ensure the public's position. The public flotation of the company 45 times oversubscription of the shares on the Stock Exchange in 1973, the largest ever flotation (Geoffrey
and Andrew, 2011).
Over the last century, the company might have direct or indirect influence of external
factors and the impacts might have contributed towards the current or present shape that exists
today. The purpose of the financial statements of changes in an organisation's financial
performance provides the strength and financial condition, which is to make economic decisions,
many users useful information. The statement needs to be relevant, understandable to all, contain
reliable information and comparable.

The organisations liabilities, equity, reported assets,

income and expenses are reported in a financial statement. Potential investors, banking
institutions, government agencies and employee/employers are the audiences or target users of
financial statements (Lars, Gulbrandsen, 2010).
Financial Statements are formal records of an organisations financial activity. It is a part
of the process of financial reporting. The financial statement gives a summary of a company or

Finance for Managers

organisations yearly or short and long-term financial position. There are four fundamental
categories of financial statements:

Balance Sheet: This is the financial condition of a company's financial assets,

liability and net assets at a given point in time and report form
Income Statement: a companys profit and loss statement that the company's
operating results have been reported for a specific time constraint.
Retained earnings Statements: this overview provides the reporting period the
retained earnings change of the company.
Statement of cash flows: The company's cash flow reports and cash flow
activities, mainly in operations, investment and financing activities:
In the past year 2012 the Sainsbury's Supermarket have achieved the savings in operating
costs over 100 million pounds. Taking nearly $ 6 million pounds cost save over the five years
(reviews.money.co.uk). This is due to the increase in productivity, savings of procurement and
simplifies ongoing in-store processes. For instance, Sainsbury's Supermarket will continue in
logistics in the efficient use of the vehicle, the load and fuel efficiency, improved route
optimization. In addition, the Sainsbury supermarket recently launched a new data warehouse
technology, Sainsbury staff, staff and employees of the organisation work are more effectively
help to recover product accessibility and reduce wastage material.
The performance of the firm in long term is analysed with the help of gearing ratio, a
comparison of total debt on the company from external sources with the capital available from
shareholders with in the company. This ratio needs to be low that shows that the firm is financed
more by equity, otherwise more financing by debt resulted in high gearing ratios. In UK, gearing
ratios less than 50% are more acceptable as the companies show more solvencies with low
gearing ratios.

Finance for Managers

The gearing ratio of Sainsbury plc. In the year 2011 and 2012 were 55% and 49.03%
respectively. Following calculations represent these gearing levels:
Gearing level in 2011 = long term debt shareholders capital x 100 = 1814 5424 x 100 =
33.44%
Gross Gearing level in 2012 = long term debt shareholders capital x 100 = 1980 5629 x 100
= 35.17%
The above figures concluded that the gearing ratio of Sainsbury has been slightly increased from
33.44% to 35.17 in a period of one year from 2011 to 2012. This level has shown that the
dependence on external debt is increased but the solvency of the firm is well under acceptable
limit or under 50% standards in UK.
This final account of Sainsbury's Supermarket gives the image of the company to the
stake owners of the company about, how the company is going on in its financial terms. This is
the major account and is very important to be considerable for lending money to Sainsbury's
Supermarket, or while purchasing shares, giving goods on credit, etc. A measure of both a
company's efficiency and its short-term financial health, the working capital ratio is calculated as
to assess these two elements; balance sheet is prepared along with profit and loss account. In
balance sheet to give the accurate statements, assets are always equal to liabilities of the
company.
The Sainsbury's Supermarket Ltd, UK continue to manage the cost of inflation pressure
strict control to achieve a savings of over one million U.S. dollars GBP in the year of 2012
(reviews.money.co.uk). Sainsbury's Supermarket Ltd, UK basic raise in operational profit is
6.9% to 789 million (2010/11: 738 million), and in operating margin improved by 4 basis

Finance for Managers

points and , in constant prices of fuel its 10 basis points. Related Pre-tax profit increased 7.1% to
712 million pounds (2010/11: 665 million).
The Sainsbury's Supermarket Ltd, UK continues to take profit from the cash generated
from its operation, enhance of 13.4% from the last year part to promote an on the whole
development and perfection in operational capital. This money continues to invest in continuing
returns, and enhance economic development prospects. During the year of 2012, the main capital
expenditures amounted to raised 12.4 million (2010/11: 1.138 billion). The Sainsbury's
Supermarket Ltd, UK is pleased that the investment in the past few years is stronger and
continues to provide more than the company expected its minimum rate of return
(reviews.money.co.uk). In the year of 2009, Sainsburys Supermarket Ltd, UK has planned to
increase speed in the investment sector to capture the benefits of cheap land prices relatively and
higher availability (Alessandro and Douglas 2010).
Sainsbury's Supermarket Ltd, have since its inception strong pipeline of properties for the
future has in store for sales where Sainsbury's Supermarket Ltd, UK can bring high returns,
including growth in the region at Sainsbury's Supermarket Ltd, UK are based on the market.
Sainsbury's Supermarket Ltd, investment has been increased in recent years, the space to help
Sainsbury sales and property growth, but the new space, with an initial dilutive effect due to
opening of the costs and profits of the sales curve. Delivery of the commitment to accelerate
growth in space now, Sainsbury's Supermarket Ltd, UK will return to space growth rate of about
5% Years. This will decrease Sainsbury expenditure of capital and increase its progress of cash
flow from these new sales; Sainsbury's Supermarket overall return stores mature (Andy, 2011).

Finance for Managers

Sainsbury design management financing, diversification of sources of funding, in order to


reduce the risk of refinancing, and maintain sufficient liquidity. Sainsbury's to develop the debt
financing of 2.7 Billion and undrawn committed credit lines of $ 070 million at its disposal.
In the case of Sainsbury's core capital, it consists of two long-term loans of 1.036
billion due in 2018 and 843 million due to in 2031, the assets of the mortgaged property. In
addition, the Sainsbury unsecured loan of 499 million pounds in 2012 and 2017, public offering
of convertible bonds 748,000 pounds, 190 million, is due in July 2014, finance leases of 143
million (reviews.money.co.uk). The Sainsbury's group maintained a sterling $ 69 billion
syndicated revolving credit. The purpose of the standby liquidity facilities will expire in October
2015.
For Sainsbury, the available profit before tax and interest has been increased sufficiently
in last five years that has increased the interest cover for the borrowing from external sources.
Interest cover payable for year 2011 and 2012 is calculated below:
-

Interest cover for 2011 = profit before interest and tax Interest expense =

738 97 = 7.9 times


Interest cover for 2012 = profit before interest and tax Interest expense=
789 109 = 7.5times

Hence, Sainsbury plc favoured debt capital as compared to equity capital due to high tax benefits
as the UK government is always deducted tax from the payable interest for the due loan on the
company and in result decreased the tax commitment of Sainsbury.

To consider the Sainsbury core capital expenditure, it is estimated at 1, 02 million to


1,240 (2010/11: 11.38 billion), due to Sainsbury's expansion and convenient opening program,
28 expansions (2010/11: 24 extensions) and 73 new convenience stores (2010/11: 47 new

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convenience stores). Core capital spending as a percentage of sales (including fuel, excluding
VAT) was estimated at 5.6% (2010/11: 5.4%).
Sainsbury's advantage, to continue to maintain a good property yields at mature stores to
increase sales and leaseback activities no further real estate development potential to produce
proceeds of 303 million (2010/11: 275 million), disposal of property total profit contribution
of 8300 million (2010/11: 108 million). Net capital expenditure of 962 million (2010/11:
880 million).

Part 2: The Role of the Management Accountant of Sainsbury's Supermarket Ltd, UK


Management accounting records to help manage business activities, planning and control,
and to assist in the decision-making process. Any period of time (for example, many of the
retailer's sales, profits, and inventory levels) to prepare the day-to-day management of
information, they can prepare.

No legal requirements is required for the preparation of

management accounts, although very few (if any), well-run enterprise to survive. There is no predetermined format management account. We hope that they can be detailed or brief management.
Management account can focus on the specific areas of business activities (Vago, 2004).
Application of management accounting records is to help manage business activities,
planning and control, and to assist in the decision-making process. Any period of time (for
example, many of the retailer's sales, profits, and inventory levels) to prepare the day-to-day
management of information, they can prepare. On the other hand, concentration in the financial
accounting business as a whole, rather than analyze the business part. For example, sales
summary figures for total sales, rather than selling a product, released a detailed analysis, market

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and financial accounting information is a monetary nature. The financial accounts presented a
historical perspective on the financial performance of the business. For instance, the total sales,
rather than selling a product sales summary data released a detailed analysis of the natural
currency markets and financial accounting information. The financial accounts offered a
chronological perspective based on the businesss financial performance.

In the world of

retailing, many stores managers and owners are overly concerned about the overall image and
marketing strategies of their stores and underestimating the demographic, socioeconomic and site
specific factors of the store. Location factors considered by some store managers and owners
search for their store's Web site, most of them did not enter enough depth in their search and
store managers and owners choose the site, it is very common, just as it is available, and not
because its task is the most appropriate site. Having a good understanding of demographic,
socioeconomic and site specific factors may help store managers gain the competitive edge over
their competitions.
The financial statements are practised to organise to submit annual reports to
shareholders after the statement of financial analysis to a more detailed consideration of it.
Shareholders use usually with financial professional analysts to help them make decisions,
Investment Company or financial statements. Banks and lending institutions use financial
statements to make decisions about providing a company with fresh capital, extending a debt or
to finance an expansion venture or other capital pertaining to a companys growth plans.
Government agencies use financial statements to analyze the propriety and correctness of taxes
or duties declared and paid by an organisation. An employee of a company use financial
statements to get information about the stability and profitability of their employer. The financial
statement also gives an employee insight into how a company will provide retirement benefits

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and employment opportunities that allows an employee to climb the company ladder of success.
The financial statements is also beneficial to the consumers or customers of the company,
scalability, sustainability, contribution to the local economy through the provision of information
to patronize local suppliers and the organisation's long-term as well as short-term trends.
Although a financial statement cannot provide users with all the information they might
need, it is still a good point of origin for ascertaining information that is common to all users.
Financial accounting reports are easy to insider trading, securities fraud, creative accounting,
financial analysis misleading, bribery and kickbacks. The truthfulness and consistency of an
organisation's financial and accounting information is very important, because it uses the internal
and external entities. Many of the variables are practised to make sure that the accounting
information, such as the ethical behaviour of individual accountants, the integrity of the
accounting standards, internal audit and corporate structure.
The purpose of Sainsbury's Supermarket Ltd management accounting is to maintain
collecting, processing and transmission of information, support competitive decision-making to
help manage the planning, control and evaluation of business processes and the company's
strategy. Management accounting of the interesting things is that it is difficult to find the title of
the individuals in the company's management accountant. "Are often people in many
organisations is an accountant, but these people are usually financial accounting, cost accounting,
tax accounting, internal audit department.
Management Accountant of Sainsbury's Supermarket Ltd, UK concerning to provide
information manager people inside the company to command and control its operation.
Management Accountant of Sainsbury's Supermarket prepares a large number of different
reports. Some reports compare actual results with plans and benchmarks focus on managers or

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business units. Some reports provide a timely and frequent updates of key indicators, such as the
receipt of orders, backlog of orders, capacity utilization and sales.
Some reports gives on time as well as regular updates of important indicators, like the
orders receipt, orders backlog, sales and capacity utilisation. Other analytical report writing,
decline in profitability of specific product lines, and other issues need to be investigated. Other
reports analyze the business situation or opportunity. The report analyzes the business situation
or opportunity, contrasting for the production of restricted set of stipulation in the financial
statements of annual and quarterly in accordance thorough the financial accounting of GAAP.
The Sainsbury Supermarket Co., Ltd., rationale the management accounting information
is needed to provide an accurate and sound economic decision-making. The Accounting
Information provided external parties, such as investors, creditors, financial reporting or tax
authorities. Management accounting financial accounting is different, because the former is for
internal decision-making and the need to follow the rules, the standard-setting agencies to issue.
Financial accounts follow the guidelines according to the Generally Accepted Accounting
Principles (GAAP). The occurrences of unethical practices in businesses and companies have
become more frequent and common. An unethical action in a company can have a negative
effect on the company as a whole that could lead to its downfall. Many companies strive for
good ethics to build credibility and a good reputation with consumers, suppliers and other
organisations.
The focus of Sainsbury's Supermarket Ltd management accounting shows on issues such
as planning, control and decision-making of the strategic and operational management of the
environment that is the truth of the conditional. Information economy transition to problematical
the Sainsbury Supermarket Co., Ltd. Management originally designed to solve the labour

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deviant, but between now and the control method of the monitoring and control system of the
decision. Therefore, the text of the mainstream of modern management accounting is mainly in
the context of participation and support internal decision-making, in order to achieve
organisational goals envisaged senior management technologies and processes. Sainsbury's
Supermarket Ltd must adhere to the Corporate Social Responsibility (CSR) guidelines. It is the
understanding that a business has a social obligation beyond making a profit. Many companies
incorporate an internal corporate code of ethics to their mission statement that sets guidelines
to help in the CSR process (Yolande 2005).

Part 3: Analytical Technique used by Sainsbury's


Supermarket Ltd, UK
Michael, (2011), describes the UKs retain industry as a sector which is very dynamic,
diverge and large. The large food retailers of UK offer greatest employment in the region, and
according to Lars, Gulbrandsen, (2010), a total of 326,000 people are employed by Tesco, while
J. Sainsburys employs 147,500, ASDA employs 128,000 and Somerfield employs 54,000.
Sources such as Julian, (2011) and Sainsburys website inform us that there is high
commitment by these food retailers towards recruiting and sustaining a socially as well as
culturally diverse workforce. Data collection has been made from J.Sainsbury for the purpose of
this research which comes at second in terms of size of retail companies in UK. According to
Geoffrey and Andrew, (2011), the company is a key player in the retail industry with operation of
785 stores holding a market share of 14.7 %.
For operational control, Sainsburys has adopted a strategy of centralized one business
(Holly and Duchaine, 2011). Vibrant transformation has been seen in Sainsburys management
since the current CEO, Justin King, was appointed in 2004 and the slogan of recovering

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Sainsburys greatness was raised. To make each level of the organisation more efficient, they are
in the process of reshaping their culture of management and strategies. Personal Interviews were
used for collection of data for the purpose of this research from the organisation. Performance
Management System is amongst the critical tools for management control. Performance
management in the current context is constantly changing due to impact of new technology
introduction and differences in terms of culture; it is also become more complex as team
members are more likely to have different viewpoints due to the above mentioned factors
(Alessandro and Douglas, 2010).
Recently, a performance culture is being created by many organisations which consist of
many strategies so that contributions at an individual level can be developed for an overall
business success (Erik and Hutchinson, 2011). As mentioned in Michael, (2011), performance
management is the name given for this process (IPM, 1992).
It is believed by managers that when it is understood by employees how their work
contributes to attainment of the goals and written objectives of the organisation (Holly and
Duchaine, 2011). The introduction of systems of performance management is done for
improvement of quantity as well as quality of work being done and also to bring in line the
objectives of organisation with all the activity (Alessandro and Douglas 2010).
Performance management has the aim of establishing a culture of high performance in
which responsibility is taken by teams as well as individuals for hysterically business growth, as
well as their own skillfulness and technical contribution under a framework with provision of
effective leadership (Armstrong, 2006). After studies of performance management systems in
various organisations, on the other hand, revealed that many of the systems of performance
management consisted of multiple contents and objectives (Andy, 2011).

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The systems, as said by the authors, might have a link with objectives of business and
also in developing competences and skills of employees. It could be included in the system, at
the same time, training, development, succession planning, planning, reviewing and setting of
objectives and competencies also. On the contrary, for making the system more effective, such an
integrated system should include various tools of a large numbers.
The process of performance management is a management structure to ensure that the
organisation and the collective efforts of all of its resources in order to optimise the
organisational aims and objectives. Performance management provides a wide spectrum of
understanding about performance drivers enabling an organisation to compel for highest
performance and better decision making. It highlights the importance of integration of human
resource, process and information to the organisations goals and objectives (Zorn & Taylor,
2004).
At Sainsbury's Supermarket Ltd, it is firmly believed that the process of performance
management has to be in collaboration, where managers and employees share in the
responsibility for goal setting, accountability, financial performance and the results of its
performance. Sainsbury's Supermarket Ltd is one of the organisations, which is not only famous
for its business intelligence but also for its management processes. It understands the importance
of management decisions, which is distinctly proved with its outstanding performance. A leader
like Sainsbury's Supermarket Ltd has always given importance to strong and rigorous planning,
which had made it analyze the need of the holistic approach towards performance management.

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Performance Management Framework at Sainsbury's Supermarket


Ltd
The performance management framework adopted by Sainsbury's Supermarket Ltd
focuses on three fundamental principles, which are, adapting a forward looking view to business,
ensuring integration among plans and department and effective decision making at all levels of
organisation. These simple principles enable an organisation to take sound decisions, discover
their ineffectiveness and make more balanced use of resources in planning and controlling
activities. Furthermore, employees performance management is always at the heart of the of
human resource management processes of Sainsbury's Supermarket Ltd. Establishing and
implementing a complete and reliable performance management of the HR department managers
and employees of the company's goals.
The starting point of this plan is the evaluation of each employee, which can now easily be
conducted with the help of performance management software (Perkins, and White, 2008).

Formal Feedback Process at Sainsbury's Supermarket Ltd


The software of performance management can greatly reduce it takes time to collect the
paper form, automatic reminders, status report and upgrading processes contribute to the
implementation of the tasks and their business goals, and to improve efficiency. This
advancement also provides the objectives and performance of the Sainsbury supermarket
employees aligned throughout the year; it should always be the cornerstone of the overall talent
management strategy, the visibility of any organisation. Furthermore, Sainsbury's Supermarket
Ltd also gives exceptional value to its customers feedback; it maintains a separate suggestion

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box website for its customers and even offers rewards to its customers for providing their
valuable feedbacks (O'Brien, 2002).

Informal Feedback Process at Sainsbury's Supermarket Ltd


Even though the assessment is based on annual or biannual events, the feedback should
not be imperfect to an official performance appraisal conference. Feedback from employees and
customers, continuous improvement is essential; therefore, it is the height of the Sainsbury
supermarket weighted. Regular and consistent management performance can be a powerful tool
for employee engagement (Chase, 2008). Officials and staff to create an opportunity to review
the performance of the share of positive and negative feedback to determine the goals and
development planning.
Staff rating, follow-up is also essential. In many cases, such monitoring is ignored, this
will only add to the frustration of the staff and to reduce the importance of a comprehensive
evaluation system. If a company set goals, it is necessary, it should always be re-evaluated. The
company ignored the development of its employees, may lose their talent pool, and damage its
commercial success. Eventually, a critical evaluation of the process of the company may be a
waste of money. Sainsbury's Supermarket Ltd believes in investing in training and development,
to help its employees to improve their ability for long term collaboration (Chase, 2008).

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Steps Sainsbury's Supermarket Ltd takes to protect itself from Litigations


Wal-mart highly emphasizes on its customer services. The task of Sainsbury's
Supermarket Ltd is to minimize delivery time of its products (Lars, Gulbrandsen, 2010)
, , ,
.It has employed multi channel retailing system that provides
enhanced customer experiences. The management of Sainsbury's Supermarket Ltd analyzes the
customer data to personalize the promotion offers. Typical cross channel logistics capabilities
required for better customer service are cross channel returns authorization, integrated pricing
and promotion across channels. The firm manages the multi channel customer loyalty that is
calculating points for the customer across channels and redemption across channels. They target
the customer emails based on their shopping history, preferences and products ordered (O'Brien,
2002). High correspondence with customers enables them to address customers issues
effectively, which reduces the chances of litigations.
It gives importance to manage disagreements and conflicts with grace. Disagreements
and conflicts are normal in almost all relationships in which both parties have a common
interest. In fact, the absence of these indicates the lack of interest in the work by the employee.
Furthermore, it always believes in identifying the real cause of the problem in order to cut the
issue from its roots.

Conclusion
To conclude, the whole concept of financial management, finance is the main backbone
of the Steps Sainsbury's, without finance Steps Sainsbury cannot predicts its future. It is not
necessary that company having excessive finance will lead. Finance need to be managed

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efficiently through carefully study and its interpretation at its best. Financial decisions are
necessary for any organisations, but it should also satisfy the logic of financial accounts and in
relation to stake owners of the company. So the financial manager of Steps Sainsbury plays a
crucial role in performing all the back stage activity of the successful show which is hardly
recognised but is inevitable and very important. Sometimes Steps Sainsbury's is barely surviving
in hard times of recession so that does not mean to shut the company down at that time. There is
need to explore new financing channels, the company running without any obstacles, and will
touch the sky most competitive spirit.

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Retrieved on 31st March 2013 from
http://reviews.money.co.uk/Sainsburys.htm
Retrieved on 31st March 2013 from
http://annualreport2012.j-sainsbury.co.uk/financial-review/