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 keeping track of their spending. Financial management goes beyond just that. It involves tracking and monitoring every penny that enters and leaves a company. It also involves making strategic choices to make the company as profitable and financially secure as is feasible.
The first thing that all companies need to set goals for themselves, including goals that can be measured, such as maximization of profits and business growth. Then, they must determine how they will reach their goals. This involves setting up accounting systems, making financial reports and determining how they can increase their profits. It’s crucial to remember that even minor improvements in the financial management of a company could have a significant impact on both the short- and long-term performance of a business.
The finance department is responsible for the money that comes into and leaves a business. They are responsible for setting up and the implementation of all banking procedures within an organization. They oversee the issuance and management of bonds and shares, manage debts, and make investment decisions. They must be able balance the books, and make sure that there is always cash on hand for all operating costs.
Zeni can assist you with your bookkeeping and accounting requirements and even provide financial reporting in the event that your business personal finance plan is growing rapidly and you’re not ready to employ a full-time CFO or financial controller. Zeni offers startup-friendly pricing and can manage your financial reporting, accounting and bookkeeping remotely.