When most people think of financial management, they think about managing their personal bank accounts: paying bills, budgeting, saving for a rainy day and monitoring their spending. Financial management goes beyond just that. It involves controlling and tracking every penny that flows into and goes out of an organization. It also involves making strategic decisions to make the company as profitable and financially secure as is possible.
All companies should first set their own goals, which include measurable goals such as maximization of profits and expansion of the business. They must then decide how they can achieve their goals. That means setting up accounting systems, making financial reports and determining ways they can increase their profits. Even the smallest improvements to a company’s financial management could have a major impact on its short-term as well as longer-term success.
The finance team is accountable for the money that comes into and exits a company. They are the ones who create and implement the company’s banking procedures. They oversee the issuance and management of shares and bonds 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 to cover all operating expenses.
Zeni can help you with your bookkeeping and accounting needs and even provide financial reporting, if your company is growing quickly and you are not 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.