When most people think of financial management, they are thinking of managing their own bank accounts: paying bills and budgeting, saving for rainy days and keeping track of their spending. Financial management is more than just that. It involves controlling and tracking every single penny that goes out and enters the business. It also involves making strategic decisions to make the company as profitable and financially secure as possible.
The first thing that all businesses must accomplish is to set objectives for themselves, including tangible targets for things such as profitability maximization and growth. Then, they have to decide how they can reach those goals. This means preparing financial statements in addition to setting up accounting systems, and determining the best method to grow their money. Even small improvements to the management of finances in a business can have a huge impact on its short-term and long-term success.
Finance teams are accountable for all of the money that flows into and out of a business. They are responsible for establishing and the implementation of all banking procedures within the company. They oversee the issuance as well as management of bonds and shares, manage debts, and make investment decisions. They must be able to balance the books, and make sure that there is always money available for all operating costs.
Zeni can assist you with your bookkeeping and accounting requirements, and even provide financial reports, when your business is growing rapidly and you’re 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 from a distance.