When most people think of financial management, they are thinking of managing their own bank accounts: paying bills or budgeting, saving for a rainy day and monitoring their spending. However the financial management of businesses is more extensive than that. It involves monitoring and regulating every penny that enters and leaves a company. It also involves making strategic choices to make the company as financially secure and profitable as is feasible.
The first thing all companies need to set objectives for themselves, including specific targets for things like maximization of profits and business growth. Then, they have to establish how they will reach those goals. That means setting up accounting systems, preparing financial reports, and determining how they will increase their earnings. Even the smallest improvements to the management of finances in a business can have a big impact on its short-term and long-term success.
The finance team is responsible for the money that enters and exits a company. They are the ones who establish and implement all of a company’s banking procedures. They also supervise the issue of bonds and shares, manage debts and loans, and make all investment decisions. They must be able balance the books and ensure there is always cash available for all operating costs.
Zeni can help you with your bookkeeping and accounting requirements and even provide financial reporting should your business be expanding rapidly and you are not yet ready to hire a full-time CFO, or financial controller. Zeni offers startup-friendly pricing and can manage your financial reporting, accounting and bookkeeping remotely.