Controlling business and financial transactions involves managing all aspects of budgeting, accounting, reporting and forecasting. This includes everything from daily transactions that are recorded and analysed for the monthly financial close, which enables you to compare the actual expenses to budgeted figures and ensure the compliance with audit and tax requirements. Additionally, it involves developing policies for evaluating the creditworthiness of customers, invoicing them on a regular basis and collecting payments on time to manage accounts receivable. On a higher level financial management, it helps executives gain insight into their the company’s performance in order to make plans for future investments and build strong companies.
The goal of a financial operations manager is to move cash efficiently through a company from the acquisition of raw materials and other goods for production to selling the finished product to customers, after which reconciling accounts receivables by paying vendors and manage financial operations and business deals settling outstanding invoices. It’s a complicated process that requires the correct systems to manage. Tom demystifies technical language to help businesses understand how technology can be utilized to boost productivity and increase profits. He was a freelance writer and film critic in Melbourne and Berlin.