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Financial Management System

Financial Management System. Lindsay Wallace, Kyle Wilson, Joe Soukup. What is Financial Management?. The process you use to put your numbers to work, to make your business more successful. . A Good Financial Managemenet System. Tells you how your business is doing and why

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Financial Management System

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  1. Financial Management System Lindsay Wallace, Kyle Wilson, Joe Soukup

  2. What is Financial Management? The process you use to put your numbers to work, to make your business more successful.

  3. A Good Financial Managemenet System • Tells you how your business is doing and why • Bookkeeping: Body of Car • Financial Management System: Engine

  4. Why is Financial Management Important? • Accomplish Big Picture & Daily Objectives • You become a better Micromanager by enabling you to…

  5. Advantages of Good Financial Management • Manage proactively v. reactively • Borrow $ more easily • Provide financial planning info. for investors • Make your operation more profitable and efficient • Access a great decision making tool for key financial considerations

  6. Avoid investing too much money fixed assets • Maintain short-term working capital needs to support accounts receivable and inventory more efficiently • Set sales goals • Improve gross profit margin by pricing your services more effectively or by reducing supplier prices, direct labor, etc.

  7. Operate your business more effectively by keeping, selling, and general and administrative expenses down more effectively. • Perform Tax Planning • Plan ahead for employee benefits • Perform sensitivity analysis with the different financial variables involved

  8. Financial Statements • 1st Step: Plan to generate a statement on a monthly basis • 2nd Step: Include… • Income Statement • Balance Statement • Cash Flow Statement

  9. Automated Accounting Software: • Most Companies Use the following to make accounting for finances easier to manage: • ExpenseWatch: Budget Control System • NterGlobal: Merchant Accounts • Clarity Systems: Performance Management • Manual Bookkeeping Systems

  10. Sources • Retailing: Chapter 8 • “Financial Management: A Good Financial Management System” http://www.entrepreneur.com/article/0,4621,265219,00.html

  11. Questions about Norah Jones or Thailand? Elton Will you Marry Me in Thailand?

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