The management of business and financial operations means handling every aspect of accounting, budgeting forecasting and reporting. This includes analyzing and recording daily transactions to perform the monthly financial close and compare the actual expenditures with budgeted figures, and ensuring compliance with auditing and tax requirements. It also involves developing policies to evaluate creditworthiness, bill customers frequently and collect payments on time in order to manage accounts payable. Financial management is a way for leaders to understand their current performance and plan their future investments.
The purpose of the financial operations management process is to move cash efficiently through a business by acquiring raw materials and goods for production to selling the finished product to customers, then reconciling accounts receivables by paying vendors and collecting on outstanding invoices. It is a complicated cycle that requires the right system to manage. Tom works to simplify technical jargon to help businesses learn how to harness technology to boost profits and productivity. He was an independent writer and film critic in Melbourne and Berlin.