In the hard-hitting industry scenario, effective and profitable running of a business is quite challenging. There are a number of variable factors require due consideration that help the commercial operation run smoothly. The employer or senior management of a company hires managers to perform in its leadership roles and help things run in order and get necessary jobs completed. Business management refers to series of activities including planning, supervision, organizing, directing people and controlling events that take place during the operations within the enterprise.
So long it concerns financial management; it is a very delicate and vital section of a business house. Those who play in the key roles of this department are required to keep good control on finance to make sure that invested money is being well utilized, correctly monitored and used in the right order. Responsible financial managers like Anouk Govil considers that financial planning and its proper management is crucial that involves assurance of necessary availability of funds in all sections that make a business run without any hassle.
Right from procurement of materials to purchase of machinery, production process, execution of materials, collections or paying employees and all other activities are somehow related with financial department. Inventory, accounting section and finance department should keep perfect harmonization in their functioning so that, at any given time, the financial department can have the details in its fingertips. That is called effective financial management.
This is a continual process and thus, every event that takes place should be well planned and must be assessed all through the year to ascertain that all operations are being done in the approved manner that eventually supports in business growth. Without correct planning, the funds available likely not to meet the requisites of the working capital which will surely lead to unproductive business activities, delayed payments, excess inventory, insufficient funds. These are extremely intimidating and spoil healthy business environment as well its operation. Investment is a major part of planning whereas a business enterprise decides investing its money in upgraded machinery, stocks, public bonds that expands its business effectively, enhance resources and minimize risk. The task of fiscal monitoring in business involves generating and analyzing different financial reports regularly.
The senior level financial managers like Anouk Govil emphasizes monitoring of cash flow, working capital, revenue position, accounts payable/ accounts receivable and current assets, debt and bank position on regular basis as well, in intervals. The efficient financial expert considers that close monitoring of these statements and double-checking of each entry ensure accuracy and help produce flawless, logical database to management. Importantly, controlling of finance is an essential job a financial management and policy makers like the management or departmental heads.
Finance control can be well implemented with proper drafting of different policy decisions that help prevent misuse or mismanagement of resources and funds. The course of action include the method of documenting income/expenditure, methods applied in adoption of financial reporting and the measures already decided by the company for efficient management of business funds. Anouk Govil is an avid music lover and water games passionate.