Financial Processes

Financial processes are the backbone of a business, such processes are the basis of decision making and the direction the business is taking. It can be challenging to manage a business without them. Having financial processes is an important aspect of a business, as it allows to manage and monitor transactions and cash flow. This allows entrepreneurs to determine what, where and when to spend.

Financial processes may include planning in the areas of: income statement, balance sheet, human resources, capital, special projects, production, capacity, sales, operations, and financial strategy.

Re-evaluating financial processes may include:

• Cleaning your financial house and staying away from rubbish in / rubbish out data

• Data collection, such as setting up an accounting software

• Having a Pricing Structure

• Automating payment and invoices

• Having a month-end close process

• Setting an aging report

• Measuring personnel attraction, development, and retention

Do you have financial processes in place for your business?