Many people think of financial planning when they think of their own bank account paying their bills, budgeting, setting money aside for rainy days and tracking their expenditure. Financial management goes beyond just that. It involves coordinating and tracking all the money that flows into and goes out of the company. It also involves making strategic choices to make the company as secure and profitable as is feasible.
The first thing all companies need to accomplish is to set goals for themselves, including tangible targets for things such as profit maximization and business growth. They must then determine how they will reach their goals. This includes preparing financial reports and establishing accounting systems, and determining the best method to grow their money. It’s crucial to remember that even small changes to the management of finances of a company can have a significant impact on both short-term and long-term success.
The finance team is accountable for the money that comes into and out of a company. They are responsible for establishing and managing all banking procedures in the company. They oversee the issuance and management of bonds and shares as well as debts. They also make investment decisions. They must be capable of balancing the books and ensure that there is always enough cash on hand to cover operating expenses while also ensuring that any new investments will provide an appropriate return.
Zeni can help you with your bookkeeping and accounting requirements and even provide financial reporting, when your business is growing rapidly and you’re not ready to employ a full-time CFO or financial controller. Zeni offers startup-friendly pricing and can handle your financial reporting, accounting and bookkeeping from a distance.