The management of financial operations and business deals means handling every aspect of budgeting, accounting, reporting and forecasting. This includes everything from daily transactions that are recorded and analysed to make the monthly financial close, which enables you to compare actual expenditure with budgeted amounts and ensure compliance with tax and audit requirements. Additionally, it involves establishing policies to assess creditworthiness. invoice customers regularly and collect payment on time to manage accounts payable. At a higher level the financial management process helps leaders gain insights into current performance, allowing them to make plans for future investments and build resilient businesses.
The goal of a financial operations manager is to move cash efficiently through a company by acquiring raw materials and other goods for production, to selling the finished product to customers, after which the balance of accounts receivables is achieved by paying vendors and settling outstanding invoices. It is a complex cycle that requires the right system to effectively manage. Tom demystifies technical terms to assist businesses to understand how technology can be utilized to boost profits and productivity. He has previously worked as a film critic and freelance writer in Melbourne and Berlin.
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