Managing business and financial operations means handling all aspects of budgeting, accounting reporting and forecasting. This includes everything from the daily transactions which are logged and analysed for the monthly financial close, comparing actual expenditure with budgeted amounts and ensure compliance with tax and audit requirements. It also involves developing policies to assess creditworthiness. invoice customers regularly and collect payments on time to manage accounts payable. Financial management is a means for managers to assess their current performance and make plans for future investment plans.
Financial operations management is designed to efficiently move cash through a business, from purchasing raw materials and products that are sold to customers to reconciling accounts payable by paying vendors and paying outstanding invoices. It’s a complicated process that requires the right system to manage effectively. Tom clarifies technical terminology to assist businesses to understand how technology can be utilized to increase efficiency and profit. He previously worked as an independent film critic and freelance writer in Melbourne and Berlin.