When people think of financial management, they typically think of managing their own accounts in the bank: paying bills and budgeting, saving for a rainy day and tracking their spending. However the financial management of businesses is much more than that. It involves coordinating and tracking every penny that flows into and leaves the company. It also involves making strategic decisions to make the company as financially secure and profitable as is possible.
The first thing that every company must set objectives for themselves, including specific targets for things like profit maximization and business growth. They must then establish how they will achieve their goals. That means setting up accounting systems, making financial reports, and determining the best way they will grow their money. It’s important to consider that even minor improvements in the management of finances of a business could be significant for the long-term and short-term success of the business.
The finance team is accountable for the money that enters and leaves a company. They are the ones who establish and implement the company’s banking procedures. They oversee the issuance and management of bonds and shares as well as manage debts and make investment decisions. They must be able to balance the books and ensure that there is always cash on hand for all operating costs.
If your business is growing rapidly, but you’re not quite ready to hire a full-time financial controller or CFO, Zeni can handle all of your bookkeeping accounting, financial reporting, and accounting needs remotely and at startup-friendly prices.