Financial Management supports businesses with major activity cycles and large financial operations. Financial Management suits businesses in need of a financial specialist within their organization: CFO, Economic Department Manager or a part-time economist, in addition to the services of their accountant. The economist expert reviews and analyzes the business every month, and presents the results to the owner. His results are being presentend in an inclusive report of the business and the monthly activity, which focuses on the business cash-flow – an aspect not fully inspected or even planned in most businesses, and considered to be a major point of weakness.
Financial Management has become in recent years a burden for business owners, as it demands time and knowledge and requires to keep up-to-date with frequently changing data. Added to this is the dependence on financial and economic tools.
Here are some examples of actions where the involvement of a financial manager or an economist is mandatory:
- Financial reports analysis.
- Revenue inspection.
- Streamlining procedures.
- Expenses cuts.
- Budget planning.
- Additional tasks unrelated to the accountant commitments.
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More Info on Financial Management
Business earnings are the “oxygen” of every business: They are what keeps the business operational and more important, profitable.
Many business owners succeed in managing their finances by themselves, however as the business grows – so does provider expenses, salaries, business credit card expenses and other expenses and revenue. As those increase, they require more investment from the owners who usually choose to focus on the business itself – with managing production, marketing, sales, etc – and try to avoid the unpleasant business needs such as debt collection, providers checks, payroll check or continuous contact with the bank in all matters related to line of credit.
Those cases give the owner a false impression about his income – allowing him to think he increased his sales and earn more money than he is, while earning as much as he would have made when he was operating as a small business. Only sometimes this impression corresponded with reality.