The majority of 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 expenses. However the financial management of businesses is more extensive than that. It involves tracking and monitoring the flow of money into and leaves a company. It also includes making strategic decisions to make the business as secure and profitable as possible.
The first thing that every business needs to accomplish is to set objectives for themselves, including goals that can be measured, such as profitability maximization and growth. Then, they have to determine how they will get there. This means creating financial reports in addition to setting up accounting systems and determining the best method to grow their money. Even small changes to the management of finances in a business can have a big impact on its short-term and long-term success.
The finance department is accountable for the money that comes into and out of a company. They are responsible for setting up and implementing all banking procedures in the company. They supervise the issuance and management of bonds and shares as well as debts. They also make investment decisions. They must be able to balance the books, and ensure that there is always money available to cover all operating expenses.
If your business is growing rapidly, but you’re not yet ready to bring on a full-time financial controller or CFO, Zeni can handle all of your bookkeeping as well as financial and accounting reporting requirements remotely and at startup prices.