The majority of people think of financial planning when they think of their own bank account: paying their bills, budgeting, putting money aside for rainy days and tracking their expenditure. However the management of finances for businesses is much more than that. It involves monitoring and regulating every penny that enters and leaves a company. It also involves making strategic decisions to make the business as secure and profitable as possible.
The first thing every business needs to do is set objectives for themselves, including specific targets for things like the maximization of profits and growth in business. Then, they have to establish how they will reach those goals. This includes preparing financial reports as well as setting up accounting systems, and determining the best method to increase their earnings. It is important to keep in mind that even small changes to the financial management of a company could have big impacts on both long-term and short-term results.
The finance department is accountable for the money that comes into and exits a company. They are accountable for establishing and setting up all banking procedures in a company. They also supervise the bond and share issuance as well as the management of loans and debts, and make all investment decisions. They must be competent to balance the books and ensure there is always enough cash available for all operating costs, while also ensuring that new investments will yield an appropriate return.
Zeni can help you with your bookkeeping and accounting needs and even provide financial reports should your business be 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 from a distance.