Table 2 shows that the cooperatives almost implemented WCM along current
asset management. Although they were not able to fully implement, this
seems to manifest that the cooperatives are giving importance on
managing the resources being used in their business operation.
As shown in Table 3, the cooperatives almost implemented cash
management. The cooperatives have fully implemented a good internal
control system for their cash in which they have recording systems such
as using record books, ledgers and documents for them to monitor the
flow of their cash. These also serve as reliable basis for audit and as
a reference for their past transactions. The cooperative primarily give
importance on maintaining accurate documents and records and it also
reveals that the management have sufficient knowledge, education and
training in terms of recording and accounting. The result further
reveals that the cooperatives ensure that they maintain sufficient
amount of funds for their day-to-day operation. They focus mostly on
extending credit to their members, provision of consumer goods, and
meeting their disbursal needs that arise in the normal course of
business. It is noteworthy also that they fully implement activities
such as: depositing their cash to the bank; maintaining cash for their
obligations; maintaining petty cash fund for daily disbursements;
segregating duties; maintain a positive cash position; conducting
internal audits; reconciling bank balances; establishing accountability
for cash; and planning for the cash budget.
In Table 4, the result shows that the cooperatives almost implement
receivables management. It is noteworthy that the cooperatives
established credit policies that are relevant to the issuance and
collection of credit or loans issued. It can be observed that they fully
implement policies related to granting of credit such as screening,
selection, level of credit to be granted, and approval of credit. In
terms of credit collection, they fully implement collection policies
such as sending reminder letter or demand letters, and imposing penalty
for delinquent borrowers.
In Table 5, the result shows that the cooperatives almost implement
inventory management. Primarily, they prioritize observing the internal
control of their inventories such as conduct of physical inventory
count, keeping inventory records, and maintaining audit inventory
controls. In addition, they give importance on keeping optimal level of
inventory and on monitoring their inventory purchases, systems and
turnover.