When most people think of financial management, they are thinking of managing their own bank accounts, paying bills and budgeting, putting aside money for a rainy day, and keeping track of their spending. But the management of finances for businesses is more extensive than that. It involves controlling and tracking all the money that comes into and goes out of an organization. It also involves making strategic decisions in order to make the company as secure financially and profitable as possible.
All businesses should first set themselves goals, including measurable goals such as maximizing profits and expansion of the business. They should then determine the best way to achieve their goals. This includes setting up accounting systems, preparing financial reports, and determining how they will increase their earnings. Even the smallest improvements to a company’s financial management can have a significant impact on its short-term and longer-term success.
Finance teams are accountable for all of the cash that flows into and out of a company. They are responsible for establishing and the implementation of all banking procedures within a company. They also supervise the issuance of shares and bonds and manage loans and debts, and make all investment decisions. They must be in a position to balance the books and ensure that there is always enough cash in the bank for all operating expenses, while also ensuring that new investments will provide a healthy return.
If your company is growing quickly and you’re not yet ready to hire an all-time financial controller or CFO, Zeni can handle all of your bookkeeping accounting, financial reporting, and accounting requirements remotely and at startup-friendly costs.