What is financial management, and how can it help your business?

The correct administration of a business’s finances – financial management – is crucial to its success. If things in your business aren’t adding up (no pun intended) or something’s not quite right but you just can’t nail it down, it might be time to sit down with your finance team to review your current financial management strategies. 

Long gone are the days when the finance team operated from some forgotten, dusty corner of the building, visible only when it was report season or there was a problem. In the modern, complex business world, strategic financial management is the bedrock upon which a strong, stable and solvent business is built. When a company manages its finances and associated activities well, it’s setting itself up for long term success and unlimited growth potential. 

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The finance team is one of the essential aspects supporting a business’s financial growth, strategy and performance. The Chief Financial Officer (CFO) is at the heart of this financial engine, tasked with supporting and enabling the business with critical information and insights to inform decisions that will impact short and long-term performance. 

A highly effective finance team drives the business’s strategy by providing management information and data to support the decisions underpinning business growth, financial success, and ultimately setting a clear business direction. 

However, building and running an effective finance team takes a lot of time and concerted effort. In this article, we will discuss the challenges facing the finance teams of today, and the key people, processes and platforms needed to build a high performing and effective finance team. 

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Thank goodness the days when business finance was conducted using handwritten ledgers and impressive mental arithmetic have long since passed. Now, having the skills to use technology effectively is an integral part of the modern Chief Financial Officer (CFO) role.  

But with so many options available, which solutions provide the most practical benefits? In this article, we summarise the software tools which are of most use to the modern CFO, as well as the latest technology trends to look out for. 

Whilst it’s clear that technology can make finance more efficient, streamlined, accurate and strategic – it is important to ensure that solutions are chosen for the right reasons, rather than simply opting for tech for its own sake. Modern software tools can (and do) make life easier for CFOs and their finance team in a variety of ways, and it makes sense to periodically review what is in place and check that it is delivering the expected benefits. 

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Ensuring finance departments – and the subject matter experts within – are being leveraged to the best of their ability is key to good financial management. And the systems that are being used underpin this whole business function. 

According to Accenture, in February 2021, 79% of CFOs surveyed said that the effects of COVID-19 have compelled them to ramp up their finance transformation efforts.  

So, what does finance best practice look like in 2022 and into the future? In this blog, we discuss the best practices a top finance team should follow, what makes a good finance team and why switching your financial management software could empower and enable your team to make a more significant contribution to overall business goals. 

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Before answering the question, “how do I switch an accounting system?” It’s wise to first ask, “Why?” Whether your aim is to go paper-free with a document management system, or you want to integrate your software across key functions so that you have one source of the truth, there are a number of questions to ask up front. Let us take you through the key considerations when deciding if a switch is right for you. 

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Starting a role as a new Chief Financial Officer (CFO) can be a daunting task with a lot to get your head around. There will be several key areas to get up to speed on – including getting to know your new team members and key stakeholders, to understanding the expectations of your role. 

Most importantly, you’ll want to set the tone for your time in the role, take a strategic approach, and make a real impact within your first 90 days. 

So, where do you start?

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Sick of wasting time fixing errors and chasing invoices? Wish there was a better, faster, more accurate way to invoice? Enter eInvoicing... 

eInvoicing allows you to manage your cash flow better and reduce business admin thanks to electronic invoicing. You can send and receive invoices with suppliers and customers, quickly, safely and easily – even if they don’t use Access software. It means less time chasing payments and manual data entry for you, and a more secure and reliable way for your customers, partners and clients to pay. 

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The future of finance will see technology continue to improve and support professionals working in the sector. Their experience and knowledge, paired with a wealth of data from all corners of a business and processed by ever-evolving financial management software, will enable better decision making and, ultimately, stronger business performance.

So why is digital transformation key to the future of finance in particular?

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When Covid-19 struck, organisations across the world quickly adapted to new ways of working. They introduced new technologies and leaned heavily on their finance team to help steer them through the crisis.

But that sense of ‘no going back’ seems to have been forgotten quickly. A survey by the ACCA revealed that just 34% of business owners felt the changes they needed to make in response to the pandemic were long-term. They’re missing a trick, of course.

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For almost two years, the pandemic has driven change in business.

According to a report by the ACCA, many leaders are pushing for businesses to ‘get back to normal’, with a desire to revert back to how things were pre-pandemic.

In fact, a mere 36% of business leaders felt the changes they’d put in place during the pandemic were for the long-term.

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