Managing financial operations, business transactions and budgeting is managing all aspects of reporting, budgeting and forecasting. This includes recording and analyzing daily transactions in order to conduct the financial close each month and compare actual expenses to budgeted amounts, and ensure compliance with tax and auditing requirements. It also requires the development of policies to assess creditworthiness. bill customers frequently and collect payments on time in order to manage accounts payable. At a higher level financial management can help leaders gain insight into the current performance of their business to help them plan for future investments and build more resilient companies.
The aim of the financial operations management process is to move cash efficiently through a company starting with the acquisition of raw materials and other goods to manufacture the final product to customers, and then reconciling accounts receivables by paying vendors and settling outstanding invoices. It’s a complex process that requires the right systems to manage. Tom dispels technical terminology to help businesses understand how technology can be used to boost profits and productivity. He has previously worked as an independent film critic and freelance writer in Melbourne and Berlin.